That is really disruptive for everybody from Fidelity through to every hedge fund in the world. So that's all going to change.

they don't want to use the, the central bank balance sheet as much if they can avoid it... You're better off to run it through the banking system and let them provide the liquidity because then it goes via lending.

let's go to that software stocks thing. I think it's a false narrative. And the reason being is it's exactly the same chart of Bitcoin. So why would that be? Bitcoin going to get disrupted by AI?

I woke up one morning, I thought, fuck, the TAM of everything has gone to infinity... there's 8.5 billion humans. But there's gonna be 8.5 billion AI agents. Maybe doing microtransactions.

all data becomes a token. We're going to have vast token marketplaces because the agents will need data... that's another gigantic marketplace we don't even think about