Ray Dalio

Yeah.

Okay, and that there's a great deal of appeal because of the fact that it's easy and so on.

And I think it'll be done.

A lot happens.

Yeah, I think it's, but what happens in the digital currency, of course, it's easy to transact and so on, and it'll be like money market funds, I think.

The question will be first, will they be able to offer interest?

So there's a debate now as to whether they will be interest.

If they're not able to offer interest,

And there will be a debate, probably they won't be, but then they're not an effective vehicle to hold it in because you'll have the depreciation.

You'd rather hold it in a money market fund or a bond, but that's the debate.

There will be no privacy and it's a very effective controlling mechanism by the government.

What I mean is all the transactions will be known.

All transactions done with digital currencies will be known, which is good for illegal activities, getting control of illegal activities.

But it also means that the government has a great deal of control.

For example, they can tax that way.

They can take your money.

They can establish foreign exchange controls and the like.

and that'll um so that's something that uh will be an increasing issue particularly for international holders of that currency because they might feel let's say if you're a frenchman and they wanted to have sanctions they could take your money of course you know and and so on so there's the privacy issue uh of that um so uh and if you're politically disfavored you could be

Politically disliked, you could be shut off, yes.

So those kinds of issues enter into it.