00:05I think there's a couple of different things, right?
00:06One is Bitcoin is a resilient asset that is really serving as global insurance.
00:10And so anytime that there's chaos in the world, there's going to be people who run to Bitcoin.
00:14Gold also serves as that use case, but I think that more and more people,
00:17especially as young people get a little bit older, they get a little bit more money,
00:19they start to go and they buy Bitcoin in times of uncertainty.
00:22And I think institutions also, what is misunderstood is that in the institutions,
00:25the young people 10 years ago, they're now rising to the role of the portfolio manager or the CIO.
00:31And so they also will start to continue to add Bitcoin into their portfolios as well.
00:34And I think you see Bitcoin performing pretty well, given what's happening right now.
00:37And yet gold has not performed particularly well over the past call it week.
00:41Well, if you think about what's gone on over the last year or so,
00:43pretty much everyone who's going to sell Bitcoin off of the highs has pretty much already sold, right?
00:47Everyone who's going to buy gold has pretty much bought.
00:50And so I think that you saw two assets that diverged.
00:52And these two assets, they serve as a store of value.
00:56And I know that the gold bugs have been doing their victory lap for the last year.
00:58I like gold. I don't hate gold in any way.
01:01But I do think that Bitcoin is a 10x better asset in terms of it is more divisible.
01:05It is more mobile. It is much more resilient than gold.
01:08And so I think that over time, what you're going to see is you're going to see more and more
01:10capital flow into Bitcoin.
01:12And look at the ETFs.
01:13What took gold's ETF 15 years to do, Bitcoin has done in less than two.
01:17And so I think that just naturally you're seeing the rapid adoption of an asset.
01:21Now, it is going to be volatile, and I think people love to celebrate when Bitcoin falls down 50%.
01:25Well, if that was the bottom of the bear market is just a 50% drawdown,
01:29then it's the best performing bear market of all time in Bitcoin's history.
01:33And so let's see what happens.
01:35We'll be right back.
01:37We'll be right back.
01:38We'll be right back.
01:39We'll be right back.
01:39We'll be right back.
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