00:00Bitcoin.
00:05Blockchain is real.
00:06Stable coins may have a real use.
00:08We have the JP Morgan coin.
00:10Tokens will be real.
00:12Program of money.
00:13All that will be real.
00:14I'm not going to say that about Bitcoin
00:15because then that's all I'm going to read about in the headlines.
00:18And then I get death threats like that.
00:22So it's not a pet rock, but maybe a pet rock with TBD.
00:26But the underlying technology, you think.
00:28Yeah, but I've always said that.
00:29Blockchain is a technology that we've all been yapping about
00:31for 12 years, and it's not fully deployed
00:35because it's hard to deploy blockchain that we all agree on,
00:39permissions, rules.
00:41We do use it.
00:42We use an intraday repo.
00:43I think it's going to replace certain systems we all use
00:47that are clunky or late or not 24-7.
00:50Those are all legitimate complaints,
00:52and blockchain may be one of the things that fixes that.
00:54Other technologies can fix it too, by the way.
00:56It's not the only thing that can fix it.
00:57And sometimes it's a solution looking for a problem.
01:00We already move money real-time payments.
01:02Most of it moves digitally, in effect.
01:04It runs through AML, KYC, risk systems, what happens.
01:08You can't just replace all that with a blockchain
01:10and think you're doing what regulators and governments want you to do.
01:13So it's a little more complicated than just it's going to replace everything.
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