Read_930 - Stablecoins: Evolution, Not A Revolution

[00:00:00] Speaker A: If stablecoins are minting hundreds of billions of fiat equivalents and moving trillions in value each month, the state is going to take a very close interest in what they're doing and how you can't. [00:00:13] Speaker B: Open your own private mint moving that. [00:00:16] Speaker A: Kind of liquidity and hope to stay under the regulatory radar. The best in Bitcoin made Audible. I am Guy Swan and this is Bitcoin Audible. What is up, guys? [00:00:45] Speaker B: Welcome back to Bitcoin Audible. I am Guy Swung, the guy who has read more about bitcoin than anybody else you know. This show is brought to you by the HRF and the Oslo Freedom Forum they are putting on this year. Tickets are on sale. This is a fantastic conference that I have only had the pleasure to go to once. I am still considering going this year. It would just be really, really awesome to go back and if you're looking for the stories and the tools, basically everything around the people who are fighting back against this, against the financial tyranny and how they are doing it, and you've literally. You want to be inspired, this is the place. And I have got links down in the show notes to that, as well as the Financial Freedom Report, which is their weekly newsletter detailing out all of this stuff. I highly recommend it. It's very easy to find the links. It's in every description of every podcast. So we have Roy back. [00:01:48] Speaker A: A read from Roy. [00:01:50] Speaker B: Roy Scheinfeld today from Breeze. And this was one that mirrored a lot of my thoughts on stablecoins. And we mentioned it in the episode that we had with Roy. If you haven't listened to that chat, definitely go back and check that one out. We had a really good conversation about everything that's going on with Breeze and the SDK and how they've made a shift over to Spark and how easy it is to implement or integrate their tools to the point that I may very well be using this with paradrive. And I'm super excited to kind of get into that stage of this. Um, we're not quite there yet, but. [00:02:26] Speaker A: We'Re actually getting pretty close now. [00:02:28] Speaker B: Um, and just really, really exciting stuff. And I thought that was a fantastic conversation. And it leads into a little bit of what we talk about in this article and then in the take to follow. Um, but it's about the idea that stablecoins are. The Stablecoins cannot possibly replace Bitcoin, but they are very likely to get an enormous amount of dot adoption and practical application before Bitcoin, which kind of in since we have actually seen, aside from the pure investment case of, you know, its future potential. Because Bitcoin is obviously bigger than the stablecoin market. But I think this article does a really good job of explaining and breaking down the idea that this is a that stable coins are and this is the way that I've framed it is that stable coins are a technological shift, whereas Bitcoin is a monetary and much more foundational shift. [00:03:26] Speaker A: And because of that, these two things. [00:03:27] Speaker B: Will occur at different paces and in different ways. And to understand the limitations of both and where they where each has a quote unquote cap on their potential market. So that's all the lead in we need. And we will go ahead and turn this over to Roy with his article again from Breeze the Breeze technology blog. [00:03:52] Speaker A: And it is titled stablecoins Evolution Not a Revolution by Roy Scheinfeld Technologies tend to have a natural ceiling built into their utility and popularity. Once they've solved all the problems they can solve, their growth is effectively capped. As soon as all potato fans own a potato peeler, the peeler's market growth potential is largely tapped out. Indeed, the big question around AI at the moment is how many problems it will be able to solve. The market could already be overblown, or it could be practically limitless. What about stablecoins? They've grown from practically nothing at the turn of the decade to a market cap in the mid 12 digits and monthly transaction volumes in excess of $1 trillion. Citigroup expects the aggregate stablecoin market cap to hit around 2 trillion by the end of the decade. If we're talking trillions, it sounds much more like AI than potato peelers. But do stablecoins have a natural limit? Is their utility restricted to a certain range of problems? How far can stablecoins grow and what might stop them? In order to find answers to these questions, let's recall why stablecoins have come so far already, what will limit their future growth, and what that means for their overall utility, that is the range of problems they can solve. Why stablecoins Gained Market Traction Three reasons for stablecoins current popularity stand out Stable prices Low volatility the first reason is price stability. Many cryptocurrencies are volatile, which makes them valuable for speculation but awkward to use as everyday currencies. The value of stablecoins is, well, stable by definition. Price stability is their fundamental value proposition. Price stability is also arguably an advantage relative to other cryptocurrencies whose value is perpetually expected to rise. If your coins value will double in five years, you might be reluctant to spend them now. But if your coins will be worth the same or even a little less in five years, you better spend them before they burn a hole in your pocket. Greater portability the second is portability. Exchanging fiat for crypto can be arduous, but exchanging one crypto for another is usually much easier. So many users find it more efficient to convert fiat into stablecoins in bulk, then easily shift value between various cryptocurrencies as needed. USDT is the most traded coin overall because it works so well on the other side of any crypto trade in many markets, these first two factors reinforce each other. Many countries national currencies depreciate more rapidly than stablecoins pegged currencies. So stablecoins give people in those countries a way to protect their wealth from depreciation. And those same countries often use currency controls to prevent capital flight, but their citizens can often access stablecoins to circumvent those artificial barriers. Tax Optimization the third reason is simply taxes. Many jurisdictions, including the United States, Canada, the United Kingdom, Japan and Australia, classify cryptocurrencies as commodities rather than currencies. As a result, capital gains taxes apply to cryptocurrency price appreciation, so each transaction can be a taxable event. But many users and businesses might want to use crypto for its portability like payment rails, so stablecoin's price stability helps them avoid taxable events during routine payments. You can't copy state money without state rules. Fiat currency is the modern state's crown jewel. Beyond a national currency's symbolic value, controlling the source of everyone's money is a very advantageous position for an impression of. [00:08:12] Speaker B: What a big deal this could be. [00:08:14] Speaker A: Rewatch Ridley Scott's Black Rain It's a great rewatch for any reason, not least of which is Michael Douglas rockin a killer mullet? If stablecoins are minting hundreds of billions of fiat equivalents and moving trillions in value each month, the state is going to take a very close interest in what they're doing and how. You can't open your own private mint. [00:08:36] Speaker B: Moving that kind of liquidity and hope. [00:08:38] Speaker A: To stay under the regulatory radar. Besides, history shows that states will regulate whatever they can. They have to. And any activity they cannot regulate implicitly threatens their claim to authority. And they don't actually produce anything besides perhaps regulation. So they need to acquire resources in order to take their cut from any activity. States have to first quantify and control, that is regulate that activity. This is the kind of argument that led Charles Tilley, one of the last century's most respected historical sociologists to call states protection rackets and organized crime. Centralized activity is also why states preferred tariffs over taxes until pretty recently. Back when bureaucracies were small and populations were spread out, states found it very hard to tax income. They didn't have the data to quantify it, nor the technology to control it. So they preferred tariffs because there are far fewer ports and bridges than there are households and shops. In other words, the more centralized an activity is, the easier it is to quantify and control and skim. Of course, more concisely, centralization attracts regulation. And the more central an activity is to state power, the more incentive the state has to regulate it. And printing money is about as centralized as it gets. Stablecoins are no exception. They are centralized both in terms of the source of their value and in their actual operations, which is why regulators have been busy churning out rules lately. While that regulation might even be necessary and wise, it does and will limit stablecoins utility rules, their effects and extrapolating the future. The supply of regulation has increased a lot recently, but maybe it's just meeting demand. In fact, Tether and circle, the two biggest stablecoin issuers, are getting involved in the regulatory process with different strategies. They're aware of their position as private USD mints and companies that take large amounts of private deposits and reinvest them. That is Banks mature stablecoin issuers seem to want regulation. The regulators themselves argue that stablecoin regulation is a good thing because it protects users and gives issuers, quote, more predictable regulatory environments. Not surprisingly, this is the view of the sec, and this reasoning is not without merit. Companies managing hundreds of billions in liabilities should be able to meet those liabilities. And maybe someone should check. But the existing regulations have added some massive obstacles to where and how people can use stablecoins. Let's start with Europe, because regulatory legalese is the EU's official language, the markets in crypto assets regulation, or MICA, is the key stablecoin regulatory measure in Europe. It became law in 2023, but the consequences only really struck in quarter one 2025, since Mica requires stablecoin issuers to obtain an E MONEY license in at least one European state. Major exchanges like Binance and Coinbase delisted nine leading stablecoins, including usdt, the biggest stablecoin of all. Of course, a consortium of nine too. [00:12:14] Speaker B: Big to fail European banks is trying. [00:12:16] Speaker A: To launch their own euro pegged stablecoin. MICA was a regulatory nuke, practically banning leading stablecoins and seeking to replace them with astroturfed European alternatives Somewhat more friendly to experimentation and innovation, the USA has implemented the Guiding and Establishing National Innovation for US stablecoins Act. GENIUS is a little more permissive in that the Treasury Department can determine that foreign stablecoin issuers are subject to sufficient regulation at home, sparing them the need for a local US presence. It also prescribes a few particulars, like reserve requirements and public disclosure. While the GENIUS act formally restricts issuers and protects users, it also makes issuers subject to the Bank Secrecy act to prevent money laundering. As anyone knows who's ever bought crypto on an exchange, AML and KYC are significant friction, and they effectively restrict how holders can use stablecoins. Eliminating exactly that friction was one of the features that made stablecoins attractive in the first place. Greater consumer protection might increase stablecoins utility in the long term aggregate, but a user who wants to buy and trade USDT right now might disagree. And while the EU and the USA are arguably the most important markets for stablecoins, many other markets either have regulations in place, for example Japan, Canada and Chile, or in the pipeline, for example the uk, China, Australia, Brazil and Turkey. Imagine a giant Venn diagram of all these regulatory regimes and stablecoins utility is in the space where they all overlap and the activity remains economical. How big is that space? And given the stablecoins are pegged to national currencies, which national administrations guard jealously, are these already diverse regulatory regimes likely to converge or diverge in the future? The denser the jungle of regulations, the smaller and more isolated the clearings where stablecoins can flourish. They will still have a niche, but some niches are more niche than others. It's unlikely that any stablecoin based on a national or even regional fiat currency will satisfy all the regulators in all the markets necessary to become a global currency. That's probably why real world stablecoin usage ends up being far more geographically constrained than the, quote, global digital dollars that many hope for. Even usdt, the most widely used stablecoin, operates at scale in only a few permissive jurisdictions, with roughly 40% of USDT market cap and an effectively identical product. USDC faces the same structural limits. Good as far as they go, but Bitcoin can go farther. So stablecoins are centralized fiat tokens. Being centralized and tethered to state fiat means that regulators are grasping them tightly, resulting in cost and friction for everyone involved. This process is already well underway and will continue. Does this mean that stablecoins are doomed? Probably not, as tokenized fiat stablecoins are likely to thrive wherever fiat is good enough. In practice, that means conventional payments. I recently defined payments as instructions to clear a debt. Wherever an intermediated quid pro quo describes the interaction, stablecoins will probably work as the quid. Indeed, the potential to capture some of the payment business from other fintech solutions or to defend their own is probably why established fintech players like Klarna, PayPal and Stripe have launched their own stablecoins or stablecoin accounts. Stablecoins are turning into normal payment fintech, but maybe just normal payment fintech. Normal means subject to state regulations and the functional and geographic limits they impose. It means juicy fees going to intermediaries. It means friction for users. But there is a whole universe of value that eludes the payment model, either because it requires direct disintermediated transfers, it disregards political geography, there is no debt involved, or all the above. The potential for value transfer is sometimes hard to see because the Balkanized intermediated payment paradigm is so dominant, we've simply lacked the technology to do much else until recently. Still, whenever you toss some coins to a busker or tip a content creator, you're pushing value, not clearing a debt. Whenever cash moves from hand to hand, the transfer is disintermediated. Now imagine the busker is on the. [00:17:23] Speaker B: Other side of the globe and you. [00:17:25] Speaker A: Discovered them through an app. The key to perceiving the rest of that value transfer universe is to bring that directness and borderlessness into our digital world. Value transfer needs less friction than fiat in both a technical and regulatory sense. But to achieve that, you'd need a currency that is detached from national currencies and decentralized. [00:17:51] Speaker B: That's where Bitcoin comes in. [00:17:54] Speaker A: Bitcoin is an open, decentralized, neutral monetary network that works for anyone, anywhere, anytime. If stablecoins have to get by in the clearings of the regulatory jungle, Bitcoin floats breezily and limitlessly in the sky above. Bitcoin was built on and for the Internet, so it is natively programmable in ways that stablecoins can only vaguely approximate. And far from needing third party custodians, Bitcoin transfers are direct and disintermediated between the millions of users everywhere. The future stablecoins promise without much credibility is already the present. For Bitcoin, it's easier to win the race without hurdles. Utility is one of the central concepts in economics because it's the mystic substance of decision making. People choose what they find most useful, and you know what's most useful because it's what people have chosen. People are using stablecoins which proves their utility. That usefulness isn't going to go away, but regulation limits it. Stablecoins growth will stop where their utility is, roughly matched by the friction that regulation induces. And the current state and probable future of regulation suggest that we're getting pretty close to this equilibrium. But since bitcoin is not centralized and does not feed off state based fiat currency, it is inherently harder to regulate and consequently attracts much less regulation. It's also digitally native, which makes it a natural fit for a world of global commerce and value that flows frictionlessly across borders from one app to anywhere to another. If regulation is what limits stablecoins utility and Bitcoin is subject to much less regulation, it's pretty clear who's going to win the utility race. It's hard to overstate how much we can learn from the rest of the world, from people who have lived under tyranny, the people who have been in. [00:20:04] Speaker B: The places and the times where everyone else is saying it can't happen here, it's not going to happen now. And then it does happen, and they. [00:20:12] Speaker A: Have the experience of fighting it, of. [00:20:15] Speaker B: Trying to prevent it, of protecting yourself inside of it. The Oslo Freedom Forum is where the. [00:20:22] Speaker A: World comes together to share the stories. [00:20:26] Speaker B: About the fight for and the protection of freedom. If you haven't been, it is truly a special experience and it is a. [00:20:34] Speaker A: It's a very different kind of conference. [00:20:37] Speaker B: If you go, I have no doubt that you will end up because the same thing happened to me. [00:20:41] Speaker A: You will have a conversation with somebody. [00:20:43] Speaker B: Where you will hear a story, somebody's story that will change your perspective about. [00:20:48] Speaker A: The world and what your responsibility is in it. If you want to be inspired, this. [00:20:54] Speaker B: Is a place where it's almost guaranteed. [00:20:57] Speaker A: It will be June 1st to 3rd this year. [00:21:01] Speaker B: Tickets are on sale now and I've. [00:21:02] Speaker A: Got a link right down in the show notes. [00:21:05] Speaker B: You know, I've talked a lot about stablecoins and bitcoin and thinking about this transition and it does make sense. I was just on the why Are We Bullish Podcast actually with Odell and Brandon Quiddam and we were kind of talking about this, especially in the dumpy dumps that we're experiencing right now. But in to think about how the stablecoin transition and the bitcoin transition could take place. Because I see stablecoins as a technological transition and I see this potential benefit to, you know, getting a few steps toward a bitcoin world. [00:21:45] Speaker A: But the best way the such a. [00:21:48] Speaker B: Good example really always has such a good way of putting it in talking. [00:21:53] Speaker A: About if it is centralized, they are. [00:21:56] Speaker B: Going to regulate it. [00:21:58] Speaker A: The friction is going to re create. [00:22:01] Speaker B: Itself on top of stablecoins. It's not, they're not just going to. [00:22:06] Speaker A: Be allowed to run free for the. [00:22:08] Speaker B: Simple fact that they are going to. [00:22:10] Speaker A: Be able to control it. They just are. It is centralized. It is the nature of centralized things. And if it threatens their ability to control capital, if it threatens their ability to limit its movement, if it threatens their ability to surveil and control the people, and it is centralized and easy to control, they will do so to make sure that it does not actually. [00:22:39] Speaker B: Threaten any of those things. [00:22:41] Speaker A: It's not a matter of will they. [00:22:43] Speaker B: Or won't they or what's the optimum. [00:22:46] Speaker A: It is literally a question of can they will it work? And if it does, they will do it. So all those frictions, I highly suspect. [00:22:56] Speaker B: Will slowly creep their way back in. [00:22:59] Speaker A: To all the stablecoin infrastructure and this. [00:23:01] Speaker B: Kind of like Goldilocks zone that we have right now where stablecoins are large and adopted enough to be meaningful and. [00:23:11] Speaker A: You can still very easily just create. [00:23:14] Speaker B: A wallet and receive stablecoin with no KYC and you don't have to worry about anything there. Well, largely, and you know, all KYC and censorship and everything is kind of on the back end, I think a lot of that will slowly start to slip away because it's too powerful of. [00:23:34] Speaker A: A thing for, you know, governments to. [00:23:37] Speaker B: Just let it go, so to speak. [00:23:40] Speaker A: However, just by the nature of how. [00:23:43] Speaker B: They work, I think some of that capacity will remain and the attempt to control it will be very similar to the attempt to, you know, control or censor social media. Like you will be able to VPN your way around this and use it in a way that, you know, is not entirely expected or approved of, so to speak. [00:24:07] Speaker A: But importantly, I think there's one element that they won't be able to do. [00:24:12] Speaker B: And I think this is a pretty. [00:24:14] Speaker A: Powerful one, is they won't be able to do fractional reserve because the stablecoin. [00:24:24] Speaker B: Is already, it's already a consequence of fractional reserves. So it would be fractional reserves on top of fractional reserves on top of fiat. And the stablecoin can be depegged so. [00:24:38] Speaker A: Quickly if there is any capacity to withdraw at all. And I think if they even tried to force this, it would just destroy the stablecoin entirely. [00:24:50] Speaker B: Like if you tried to force them to have to do fractional reserve or. [00:24:55] Speaker A: Not have their full reserve. I think it would literally destroy the stablecoin because we've seen it. The second they depeg just a little bit it cascades to zero. So here's the thing is that I. [00:25:07] Speaker B: Don'T think that is sustainable. I don't think they would be able to do this. And if they did it to any of them I think it would just. [00:25:13] Speaker A: Completely, completely obliterate the stablecoin and then it would, it's. [00:25:18] Speaker B: That's a life and death decision, you know. And if the consequence of enforcing the regulation or following what the quote unquote. [00:25:26] Speaker A: Rules are is death then they will simply not, they will simply go somewhere else. They will figure out any and every way to prevent the, the institution and. [00:25:36] Speaker B: The, the, the profit and the tool from dying rather than just commit suicide. Because you can just, you can just burn your server. You could just go in and just take a shotgun to all the servers and all the keys and the whole infrastructure and everything if you want and that will kill it. [00:25:52] Speaker A: You could always just rug pull everybody. [00:25:54] Speaker B: And just take all, take as much of the money out as you possibly can, dump it all into Bitcoin and just leave. [00:25:59] Speaker A: You can always just obliterate everything. They are not going to comply their selves into self destruction or suicide. [00:26:06] Speaker B: They'll just scam everybody before they do that. [00:26:10] Speaker A: And then also there's just the nature of the influence as well is that. [00:26:14] Speaker B: If something is successful and growing and becoming adopted, you know people, people want to control it. They don't want it to die. They want it to be useful to them. [00:26:23] Speaker A: The governments that be will want to. [00:26:25] Speaker B: Be able to utilize this to make them more powerful. [00:26:27] Speaker A: And this specifically is also why I think the US regulation will be a little bit user, user, a little bit looser on the user specifically because I think this, this will be seen as. [00:26:42] Speaker B: A legitimate way or a, a way. [00:26:45] Speaker A: That is handed to them to expand the market for the dollar and increase the amount of liquidity for demand for the dollar. At a time where there is a. [00:26:55] Speaker B: Significant amount of monetary turmoil, where there's. [00:26:59] Speaker A: A very chaotic political and monetary environment. [00:27:02] Speaker B: And governments will really want to take advantage of that. They will want to. [00:27:08] Speaker A: They will want anything that will make. [00:27:09] Speaker B: Their currency look like something that they. [00:27:11] Speaker A: Can sell to more people. And the whole CBDC thing seems to. [00:27:15] Speaker B: Be falling flat on its head largely. There are some places where it seems to be making mild moves or it's just being totally just shoved down people's throats. But I think the rise of stablecoins threaten that and also show the people that there's a specific alternative where they don't have to use the cbdc. And I think a lot of the western governments that think they're going to force a CBDC down their, the, their country's throats are going to have a kind of going to have a bad time. It's not going to work out like they think. And you know, I'm not even sure if they think that it's going to work out because like Lagarde and Eu. [00:27:53] Speaker A: Lady. [00:27:54] Speaker B: What's the other one? I can't remember her name right now, but they have seen conversations on them talking like we need to move fast. [00:28:02] Speaker A: And we need to get a CBDC out. And there's this little hint of like. [00:28:06] Speaker B: Panic, like this is not going to work or like we need to move fast so that we can do it before, before our, our market gets taken out from under us by something else. And I think that legitimately is stablecoins and quite possibly the US dollar. [00:28:24] Speaker A: They see the digitization of all of. [00:28:26] Speaker B: This stuff and they are realizing they. [00:28:30] Speaker A: May lose hold, they may lose control over their own market. So when they release a stablecoin, it's gonna basically be a cbdc. [00:28:38] Speaker B: They're gonna want the, that CBDC power. That's the only reason they want anything. [00:28:42] Speaker A: Any of this stuff digitized. [00:28:44] Speaker B: So they can just have a hand around everybody's throats. [00:28:47] Speaker A: Well, because of that, the U.S. the U.S. kind of has a little bit a benefit here is that they can actually let the dollar stablecoin market be a little bit looser and still get enormous amount of the benefit. Well, that's a big question. [00:29:02] Speaker B: That's a big if. And I wouldn't, I wouldn't really bet. [00:29:04] Speaker A: On the fact that US stablecoin regulation. [00:29:06] Speaker B: Is gonna be super, super friendly and that, you know, we'll get rid of a whole bunch of KYC friction and that sort of stuff. [00:29:13] Speaker A: But I think just alone, it's really. [00:29:15] Speaker B: Important to note and to recognize that. [00:29:19] Speaker A: The simple nature of not being able to do fractional reserve with stablecoins that. [00:29:27] Speaker B: We actually go back to something resembling full reserve traditional banking with a payment system, with a payment unit, a currency. [00:29:38] Speaker A: A banknote specific to the bank. I think that alone is a really kind of powerful shift. But stablecoins are much better. The framing to understand them is as. [00:29:54] Speaker B: A technological evolution, whereas Bitcoin is a monetary revolution, is a fundamental changing of the guard. And I talked about this with mechanic. I talked about this in the roundtable at one point. [00:30:07] Speaker A: Is that the. The shift to a new money is a high, is a huge trust problem. [00:30:14] Speaker B: And it's a very slow, very painful, massive movement from one to the next. Monetary shifts take decades and it's because. [00:30:24] Speaker A: It'S a shift in trust. It's not just a technological problem. [00:30:27] Speaker B: It's not how many people can we. [00:30:29] Speaker A: Get to download this app? [00:30:31] Speaker B: It's a how many people can we. [00:30:33] Speaker A: Get to trust our life savings with a new thing that they do not understand? [00:30:39] Speaker B: And that usually comes with something that. [00:30:42] Speaker A: Simply survives long enough that they don't. [00:30:44] Speaker B: Have to care whether or not they. [00:30:46] Speaker A: Don'T have to understand it or not. They just know that it's going to be around. Typically that is solved by time. However, bitcoin is also an incredible new technology with a lot of new potential and capacity to build new networks and new types of tools and environments and everything online to change the way we do commerce. The technological evolution, the technological move will occur before the monetary move. [00:31:16] Speaker B: And I think that's what stablecoins are. [00:31:19] Speaker A: It's that let's use the new technology and the new infrastructure with the old money because we don't yet trust the money. But we want the technological advances that bitcoin brings. [00:31:29] Speaker B: But that is the foot in the door that is the trojan horse, is it's going to be so much easier. [00:31:34] Speaker A: To build systems to move between stablecoins and Bitcoin than it is to move between fiat credit cards and debit cards and Bitcoin. And importantly, everybody who gets comfortable using stablecoins and building out the infrastructure for stablecoins and using the hardware wallets for stablecoins and understanding the cryptography and training their staff on stablecoins. Swapping it out with Bitcoin is practically nothing. [00:32:02] Speaker B: You can use the same keys, the. [00:32:04] Speaker A: Same hardware wallet, the same staff, that same infrastructure, the same wallets. That's. [00:32:11] Speaker B: We're setting the stage for bitcoin to. [00:32:14] Speaker A: Be usable in all of these instances. [00:32:16] Speaker B: And especially now with tether on top of lightning and liquid, I think they're going to build. I think this is kind of the. [00:32:25] Speaker A: It feels like a natural progression to. [00:32:27] Speaker B: Me is that that's how this unfolds. [00:32:31] Speaker A: But I don't know. [00:32:32] Speaker B: We'll see. Shout out to Roy. Great article. It's really fascinating to kind of see how this stuff plays out. I got to. I gotta head out though. I got a lot to do here before the night is out. Some more things to pick up. Thank you guys so much for listening. I'm gonna need some food first. I'm hungry. I don't know about you guys. Don't forget to check out the Oslo Freedom Forum and the hrf their financial freedom report. Amazing resources and I have links down in the show notes as well as a bunch of affiliate links to some really cool things that I like, services that I use, products that I really enjoy in the bitcoin space. Place to buy bitcoin. Holy crap. Bitcoin is dirt cheap right now. I am man I am about to. I'm about to go so hard on earning as much money as I possibly can to put it into bitcoin. [00:33:20] Speaker A: Jesus. [00:33:20] Speaker B: I never thought we would get 60,000. [00:33:23] Speaker A: Range price 58k is is destined. [00:33:27] Speaker B: We're going to touch 58k one time. But Bitcoin is on freaking sale so I'm going to try to stack. I hope you guys have a little bit of dry powder to work your asses off. Stack as much as you can and I will catch you on the next episode of Bitcoin Audible. Until then everybody, I am Guy Swan and that is my two sets. [00:34:05] Speaker A: Before you become too entranced with gorgeous. [00:34:08] Speaker B: Gadgets and mesmerizing video displays, let me. [00:34:12] Speaker A: Remind you that information is not knowledge. Knowledge is not wisdom and wisdom is not foresight. Each grows out of the other and we need them all. Arthur C. Clarke.