Samir Chaudry

I think the thing that's kind of kept me in the space or kept me excited about the space is I was always kind of fundamentally in this because of something I called the doom thesis, which is that, you know, AI might not cause productivity to accelerate.

It might actually accelerate, you

you know, the kind of onset of surveillance state or, you know, basically a type of world where capital is going to flee the system.

And I think that thesis is very much intact.

I think that's why you're seeing a lot of crypto like Zcash run very, very aggressively.

And I think that's going to continue to be a story.

You know, I think that's why Teal moved to Argentina.

I think it's sort of like, you know, it's in motion.

The Bitcoin thesis is getting weaker by the day.

You have privacy coins accelerating in terms of their adoption.

I think it's notable.

The European Union and other countries tried to kill Monero, and we're not successful at that.

The Tornado Cash rulings in the United States have given clarity to coins like Railgun, which are smaller, but are good tech.

Vitalik uses it, and there are big privacy summits.

Bitcoin is fundamentally not

private technology.

It also has the unfortunate leverage concentration from Michael Saylor, who has issued a lot of preferred and complex convertible financial instruments on top of it, which have concentrated the ownership and the liquidity profile and now is driving a market downturn.

Today's STRC drop as well as MicroStrategy's equity situation are driving down moves in Bitcoin.

And unfortunately, it's hard to see that structurally reversing.

Yeah, I mean, it's interesting.