Michael Roberts

I mean, this is the same industry that tries to reduce latency to its smallest possible amount.

So I do think technology does bring a substantial edge.

That I don't know.

I mean, I think there'll always be humans involved, but I think it'll help traders quite a lot.

And I think it'll change really the way traders think about it.

Because when you have that much compute power and you could really use it, I think today, you know, we use a lot AI, as you said, through algorithmic trading.

This will just be one more substantial boost to the power of algorithmic trading that we see today.

So will there be less traders?

Don't know.

But are they going to have powerful machines?

Definitely so.

Yeah, it's a great question.

So I happened to be traveling to Asia right after Liberation Day.

And I would say that was probably the number one conversation that I was having by very big, very sophisticated, large holders of dollars.

And they were quite focused on this idea of de-dollarization or debasement of the dollars of reserve currency.

And the mere fact that they're talking about it in the terms they were tells you something is different.

Now, if you look at where the dollar is today, trade flows, reserves, the primary currency of invoicing for most commercial flows, the markets flows, it's all well north of 50%.

It's 60, 70, 80% in all those various metrics.

It will take a long time to find another reserve currency.

And the other biggest question is, if you're going to go away from dollars, what are you going to do?