Justin Drake

The Bitcoin day where there's some sort of a reckoning that's going to happen because the issuance will be way too low to secure it.

In two years time, we're going to have one halving.

And then in six years time, in 2022, we're going to have this other halving.

And

The security story for Bitcoin over the last 15, 16 years has been that transaction fees are going to replace issuance.

I invite you to look at the data.

It's just not happening.

Transaction fees today are 0.6% of issuance.

Forget about transaction fees.

We're going to have basically an exponential decay of Bitcoin security.

And today, Bitcoin is secured, roughly speaking, by 10 gigawatts.

And here's an absolutely crazy, mind-blowing statistic.

Every single day, China deploys one gigawatt.

Every single day, China deploys one gigawatt, mostly of solar.

And so 10 days worth of deployment in China is sufficient to 51% attack Bitcoin.

So in terms of the power draw, so Bitcoin is drawing 10 gigawatts.

And gigawatts is, let's say, a nuclear plant.

So it's 10 nuclear plants.

And China is deploying the equivalent of a nuclear plant.

every single day.