Lyn Alden

And so whether it's debts or whether it's other things they owe in the future, whether their paychecks are denominated in dollars or other fiat currencies, there's going to be interest in stablecoins.

I think that market cap is going to keep getting higher for the next five years, and we'll see how that goes.

And also every Bitcoin transaction's taxable, right?

So I think it would go a long way to have kind of a de minimis exemption on Bitcoin capital gains to make it more flow as money.

And then in addition, one of the downsides of stablecoins, of course, is that they can be frozen when they are centralized, but the vast majority of people, especially for their working capital,

they don't lose sleep over that.

So I do think that stablecoins are going to continue to be around for a long time.

And I do think that they somewhat pressure kind of the Bitcoin narrative.

But I think at the end of the day, Bitcoin has that decentralization aspect.

It has that long-term capital aspect.

And I think not until Bitcoin is much larger and less volatile would it really kind of catch on as something that people regularly pay with.

But when you look at, say, River Finance, when they do analysis on Lightning Network and volumes, the volumes are actually pretty decent on Lightning, for example.

There is volume happening.

There are billions of dollars of transactions happening, just not the trillions that many people would have maybe hoped for.

Well, I think it is a I think the biggest factor is it is a productive force.

So over the call it five, 10 year period, as we discussed earlier, it does weigh down on aggregate inflation.

Even if other things go up, for example, if the cost of power goes up or eventually we have another oil bull market and that gives us some inflationary pressure, it is a deflationary force on white collar work.

If you look over the past 25 years, most of the reduction in inflation we've seen is mostly in manufacturing, electronics, textiles, things like that.

And that's where the combination of offshoring and automation has weighed down basically blue collar deflation in a sense.

And what this does is it kind of puts that same sort of force we've seen over the past 25 years