Omid Malikin

Um,

And let's say the Ukrainian government also had a lot of gold, you know, warehouse somewhere outside of Keith.

Uh, but let's say the, uh, the war had gone really badly, uh, and, uh, Russia had succeeded in toppling the government and the government would have had to flee and go rule in exile.

How would they have taken their gold with them?

No, they probably wouldn't have.

But with the Bitcoin and other crypto assets, all the people in charge at the time when people donated crypto to them would have to do is take a private key.

They could have even memorized the private key that would now give them billions of dollars in purchasing power or millions or however much they had.

This is why I think the plumbing argument is in many ways far more interesting when it comes to monetary insurance than the hard asset argument that gold represents.

When we talk about foreign exchange reserves, we talk about literally how countries save money for rainy days.

And they don't need to save really in their own currency because they can print their own currency whenever they want.

And for many decades now, the US dollar has been the reserve currency of the world.

Something at its peak, like I believe well over 60% of all foreign exchange reserves were dollars.

having to do with the fact that every country does a lot of business with America, having to do with the fact that people generally trust in America's political and legal system.

All of these trends are now going in the opposite direction.

Even in government macro circles, it's recognized that we are in a period of de-dollarization, where for various reasons,

countries want to diversify away from the dollar.

And while many central banks are buying gold, hard to store, hard to verify, hard to transact.

So this is where I think almost by default, once enough time has passed,

More and more countries will say, you know, this Bitcoin thing is very easy to acquire, very easy to transact, and we no longer have to take the risk of some other country's politicians liking us, doing the right thing, or some other country's central bank not printing too much money.

Indeed.