Ryan Sean Adams

Because that's not unprecedented.

I mean, we've actually seen that happen with gold in the past and even silver.

I was learning the monetary history of like silver pieces of eight.

And at one time, Spain's, you know, the Spanish Empire's pieces of eight, they kind of like dominated the monetary system.

They were the first global currency, the first global money.

And a whole bunch of that was unlocked because they found...

real cheap mining in the new world and all of these silver deposits.

And so the issuance rate just of silver just flooded the market and really caused all sorts of different effects to silver.

In this case, it allowed silver to kind of like dominate the global market, allowed Spain to kind of export their currency internationally.

But that kind of

onslaught of supply can happen when new territories discovered, some new technology unlock kind of makes that possible.

And that could happen at any time for an asset like gold.

Okay, so that's scarcity.

And it points to Bitcoin and Ether on that over gold.

On fungibility, you actually rate gold higher, as you said.

And part of the reason for that is because there's on-chain... Bitcoin and Ethereum are public ledgers right now.

They don't have max privacy.

So in the tainting scenario, you're imagining, well, let's say some ETH supply or Bitcoin supply gets on an OFAC sanction list because...

You know, a rogue government has had that supply in the books and it's kind of tainted.

It's put in this other category and centralized exchanges don't want to interact with it that much.