Matt Huang

But I think if you step back and think about that, I think it's kind of remarkable that that even happened in a completely new industrial organization. Like Satoshi dropped a nine-page white paper, wrote some initial code, and then the whole ecosystem grew up. around it. It's not just the most valuable startup.

But I think if you step back and think about that, I think it's kind of remarkable that that even happened in a completely new industrial organization. Like Satoshi dropped a nine-page white paper, wrote some initial code, and then the whole ecosystem grew up. around it. It's not just the most valuable startup.

I think if you told us at the startup paradigm 2018 that nation states would be talking and actually adopting Bitcoin. In treasury. We would have thought you were crazy. We thought it was possible someday, maybe 10, 15 years. So honestly, I've been very surprised by growing legitimacy of Bitcoin as a monetary asset. And it's not just at the government level, it's at the institutional level.

I think if you told us at the startup paradigm 2018 that nation states would be talking and actually adopting Bitcoin. In treasury. We would have thought you were crazy. We thought it was possible someday, maybe 10, 15 years. So honestly, I've been very surprised by growing legitimacy of Bitcoin as a monetary asset. And it's not just at the government level, it's at the institutional level.

I think in 2017, Larry Fink called Bitcoin an index of money laundering. And now he's on CNBC once a month talking about how it's the future and it's digital gold. Jerome Powell at a conference the other month, I think was asked whether they would ever adopt Bitcoin or whether it's a threat to the dollar. And he said, no, it's not a threat to the dollar. It's just digital gold.

I think in 2017, Larry Fink called Bitcoin an index of money laundering. And now he's on CNBC once a month talking about how it's the future and it's digital gold. Jerome Powell at a conference the other month, I think was asked whether they would ever adopt Bitcoin or whether it's a threat to the dollar. And he said, no, it's not a threat to the dollar. It's just digital gold.

Even the acknowledgement of digital gold, I think five years ago, again, was deeply contrarian. And if you think about the adoption of any new monetary asset, it is this process of building acceptance and legitimacy. Like that is the actual KPI. Price is an output of that. But the primary input is how many people actually believe that this might be possible.

Even the acknowledgement of digital gold, I think five years ago, again, was deeply contrarian. And if you think about the adoption of any new monetary asset, it is this process of building acceptance and legitimacy. Like that is the actual KPI. Price is an output of that. But the primary input is how many people actually believe that this might be possible.

I think the idea of a money that is non-sovereign is valuable. I'm not someone who believes that crypto or Bitcoin should replace all fiat currency. I think they actually coexist quite nicely. And the rise of stable coins is a great example of that. But I think it's very useful to have an alternative. And we used to have that in the form of gold. And people adopt gold for that purpose.

I think the idea of a money that is non-sovereign is valuable. I'm not someone who believes that crypto or Bitcoin should replace all fiat currency. I think they actually coexist quite nicely. And the rise of stable coins is a great example of that. But I think it's very useful to have an alternative. And we used to have that in the form of gold. And people adopt gold for that purpose.

as a hedge against hyperinflation, fiscally irresponsible spending, etc. But Bitcoin is not just that. It's also something that can help individuals and families preserve wealth in some of the least safe places on Earth. You see, whether it's people escaping Ukraine or Venezuela or other nations in distress, crypto has started to play a much bigger role there.

as a hedge against hyperinflation, fiscally irresponsible spending, etc. But Bitcoin is not just that. It's also something that can help individuals and families preserve wealth in some of the least safe places on Earth. You see, whether it's people escaping Ukraine or Venezuela or other nations in distress, crypto has started to play a much bigger role there.

So I think just from a humanitarian level, it's a tool. That I think is very valuable. And gold solves some of the issue, but it's physical, heavy, inconvenient. Lots of reasons why a digital version is superior.

So I think just from a humanitarian level, it's a tool. That I think is very valuable. And gold solves some of the issue, but it's physical, heavy, inconvenient. Lots of reasons why a digital version is superior.

I think today it's primarily a store of value or maybe more accurately a bet on a future store of value. I think over time it may find some transactional use, but I don't think that's necessary for it to be really useful and interesting.

I think today it's primarily a store of value or maybe more accurately a bet on a future store of value. I think over time it may find some transactional use, but I don't think that's necessary for it to be really useful and interesting.

It has one in a way that's... exceeded what I would have predicted a handful of years ago. But I think we're still early in the degree to which that really is understood, despite some of the commentary around it. And one rough way to think about the adoption of Bitcoin is How many people around the world weighted by dollar amount believe Bitcoin is something they should own?

It has one in a way that's... exceeded what I would have predicted a handful of years ago. But I think we're still early in the degree to which that really is understood, despite some of the commentary around it. And one rough way to think about the adoption of Bitcoin is How many people around the world weighted by dollar amount believe Bitcoin is something they should own?

And then there's the other axis, which is like what percent of their portfolio is in Bitcoin? And I think we're getting to a point where a lot of institutions are starting to think, OK, maybe we should get off zero. Maybe it's one to two to five percent. You don't have fidelity like recommending baskets that have that weighting.

And then there's the other axis, which is like what percent of their portfolio is in Bitcoin? And I think we're getting to a point where a lot of institutions are starting to think, OK, maybe we should get off zero. Maybe it's one to two to five percent. You don't have fidelity like recommending baskets that have that weighting.