Ryan

So first it starts sad, which is in 2021, crypto store values were about $3 trillion in assets, in value, I should say.

Precious metals were $12 trillion.

Now, 2026...

Crypto is still about $3 trillion.

Store of value assets outside of crypto, precious metals, are $40 trillion, okay?

This feels bad.

This feels sad.

But David, on the upside, look at how much we can grow into.

Our TAM just 4X'd.

We were always going to surpass gold, and now gold is so much bigger, so the TAM of crypto has just gotten bigger.

You don't need to, but will you?

I mean, will you?

I mean, okay, so here's another counterpoint I have for you, which is, wait, first of all, let me give you some ETH porn really quick too.

Okay, so if ETH were to catch up to gold, which at one point people on the Bankless podcast said that that might happen at some point in the future.

Do you mean the hosts or guests?

I don't know.

Okay.

We'll let listeners decide who said this on the Bankless podcast.

But at current prices, if ETH were to match gold's market cap, ETH would be worth $298K right now.

If ETH was just a silver, a mere silver, and matched silver's market cap, it would be $50K right now.