I remember spending 10 minutes waiting for a picture to load
pixel by pixel, we're not going to talk about what kind of pictures those were
and now we're seeing more money flow into the crypto markets than in the stock market
hey you know what you have this cryptocurrency and nobody else does
she asked you to start so I do believe that bitcoin will be the only globally relevant
cryptocurrency, I believe that satoshi invented something incredible he found a way to create
digital scarcity and you can only have one set of digital scarcity multiple digital scarcities
infinite number of digital scarcities is not digital scarcity all this other stuff to me
seems more like interesting companies google apple netflix yes they're important but they're
not as important as the internet itself i see bitcoin more important than the internet itself
and all these other cryptocurrencies NFTs and DeFi projects whatever you want to call them to me
they are not on that level they are more like companies that fluctuate based on the leaders
of those projects more than a decentralized global network like the internet I disagree with that
I have lots of digital assets as it is as in our current financial system for example stocks, bonds
are separate digital assets we don't have a bond do you have a bond certificate
from the I mean they used to used to have physical bond certificates but not anymore
you actually have to have them digital also you have stocks that are digital so there's
room for other digital assets that are important to our society and we're going to be using them
in in the future what do you think already seeing huge money in d5 some protocols having 20 billion
dollars of value bitcoin is special and it's changing the world but so a lot of the other
all coins cryptocurrencies [ __ ] coins that people call them but they're just businesses
startups that are growing really quickly and now it's like three trillion dollars I agree
with their businesses startups but just like in the dot com days those businesses startups
needed the internet itself in order to function and while right now people are still playing
around with this DeFi stuff on top of ethereum and they're building their own ethereum competitors
but eventually all of this is going to be migrated over to be anchored into bitcoin
and yes the days of 10 000 x returns are over in bitcoin can they still exist in this defy space
yes they can but eventually as projects like ethereum prove themselves to be not scalable
prove themselves to be not decentralized prove themselves to be not secure all of
the stuff you're talking about will eventually over time migrate on top of bitcoin so while
the returns will be there the importance of any other individual project will continue to get
less and less relevant to bitcoin like you can if a new company comes out today that crushes google
and amazon and apple combined that company will still be not as important as the internet itself
and that's how i see bitcoin as that underlying layer as the price of bitcoin will continue to
grow but not at the same rate as some new project well while i agree with you that bitcoin is the
most important cryptocurrency out there i still think that you'll see a lot of value being made
coming from other people making different cryptocurrencies for different
reasons for example when you're a kid didn't you like try to make play money like and play
with other your friends yes as a kid i wanted to print money too but as a responsible adult
i have chosen not to print my own money which is something most people in this space have not
followed the same standard no but you're not seeing the value of that that being able to create
something and innovate right with with the with the fact that we now have the system where we know
that the approvable system of hey you know what you have this cryptocurrency and nobody else does
right you can repeat that over and over again on the different systems that are not specifically
tied to bitcoin so that you can now um you know if there's ever a mistake it doesn't really matter
because it's just for either for practice or for other things in other innovations that we could
come up with what do you think this space is like we've seen it grow from a few hundred million to
now three trillion and the stock market's there 100 trillion almost and now we're seeing more
money flow into the crypto markets than in the stock market so i'm seeing like imagine when
these markets go from 3 trillion to 100 trillion there's so much money flooding into this space
there's gonna be so much innovation and things being built in this that we don't know what's
coming we can't say bitcoin is going to be the own it's very special bitcoin's amazing
but to say that that's the last amazing thing that comes from this space is like you can't predict
that we could see crazy stuff that dwarfs anything that we've ever seen before come from this space
so much money so many innovation the best developers in the world are all working in this
space now every billionaire is coming into this space we're seeing like something that's never
happened before financial revolution which was started by bitcoin but i don't think it ends with
bitcoin i don't think it's the only thing that comes from this i agree all right well we will see
the free market will solve this problem i do believe that bitcoin will be the underlying layer
for all future decentralization can a new alternative come in and solve bitcoin's problems
there was an awesome meme where it's a superhero that says i just heard
about bitcoin i'm here to fix it the thing is revolutionary generational technologies don't
come around every quarter no they are single generation technologies and um in the first
half of the 20th century we had several of them we had electricity we had the telephone system
we had like running water like like there were several like revolutionary changing technologies
since the 1950s there was just one the internet since the year 2000 so far there has been just
one also like airplanes and flight so many innovations came in the first half of 20th century
second half of 20th century we had the internet there's been one revolutionary innovation in
the current century and that's been bitcoin it will take one more generation to build something
that we have not yet thought of so i don't see it because the longer bitcoin continues to function
the more confidence it gets that's the lindy effect the longer something has
existed the longer it will exist so something coming in and fixing bitcoin's flaws getting
that network effect is almost impossible it has to be a 10x technological increase to do it
i i would say it would be after a thousand x because right now i would say bitcoin is
a thousand x fold better than a current monetary system that we have we've had like five different
monetary systems throughout the human history this is going to be the fifth and the most
most important one um also uh bitcoin is not like a car it's not like an airplane uh it's a protocol
right um and what you're thinking when you think that hey i see that it's going to be replaced very
easily just like you know nobody drives a ford model t today yes that is true however right
a protocol is like for example having the ford model t purchased and then all of a sudden a bunch
of developers change it into a lamborghini i mean you know you don't have that happening i like your
model t example because when people make fun of bitcoin being a model t my answer is the model t
from 100 years ago is virtually the tesla of today the innovation of cars people need to
stop comparing bitcoin to the model t you have to compare bitcoin to the combustion engine which we
are still using a hundred years later later yes exactly that's what bitcoin is exactly and then
also on top of that right i mean you compare it to other protocols like tcp if you don't know
back in the 80s i remember them talking about how they got to replace it it's horrible
it's too slow can't do video can't do voice can't do anything can't we barely send pictures along
with ccpip this is useless yeah t-z-p-i-p yeah we don't remember for what picture
i remember spending 10 minutes waiting for a picture to load exactly pixel by pixel exactly
we're not going to talk about what kind of pictures those were but we were all there
we're old enough to remember exactly you have no idea what it was like to have one of those windows
file manager saying your file will download in two weeks and it was legitimately two weeks
yes i remember that i do remember those days yes but yeah and and yet today tcp can't we're still
on the same protocol which is way back that's scary i know exactly we have an upgrade the v6
and it still won't even push to that cbdc central bank digital currencies or stable
coins the only difference between those coins and bitcoin oh sorry don't understand those coins
and the traditional currencies fiat system that davinci has been raving about for over a decade
is that they don't have a physical paper cash component other than that they are identical
bitcoin is obviously better than any stablecoin stablecoin is just a way for people to move
out of bitcoin out of the all coins into something stable while the market corrects and then back
into bitcoin crypto they're not the same they're not like bitcoins much better but stable coins
they serve a purpose without stable coins it was difficult before you had to try to get out
the markets if the market crashed you had nowhere to go to now it's just a place we can go to while
the market corrects come back into crypto so it's usable people are using it all over the world to
send lots of money so it's working it's something that's usable yeah and then stable coins provide
a decentralized way for you to actually interact with the with the finance with with bitcoin and
cryptocurrencies without having to provide all kinds of kyc information and that's why they're
going to be here to stay i well yes stable coins are going to be here to stay but they're not
decentralized and the government can stop them and that is a risk you need to account for if
you're going to be holding stable coins let's say they took out usdt what do you think what happens
in entire crypto space i think bitcoin price would absolutely skyrocket uh a lot of people think that
if usdt implodes people think that it would crash the price of bitcoin i see it the opposite way
as usdt is about to get shut down or is about to implode people have insider information there is
always insider information in the stock market it's illegal to act on the information
but it only applies to the stock market it is not illegal to act on insider information and
in the derivatives market in the commodities market in the fx market in the currency market
there is no insider trading law there's no concept of insider trading there is no concept of insider
trading in crypto or bitcoin as well somebody will know that someone will not keep their mouth shut
exactly in the days weeks or days or hours leading up to the tether implosion
enough big tether holders will know and what do you think they're gonna do with that tether
they're gonna pile into bitcoin you can see bitcoin go up 10x on a tether implosion yeah
and they can they'll also take they'll also go into other alt coins as well of course so but
bitcoin first because you can always move the bitcoin and the other coins are too illiquid
bitcoin would be the greatest beneficiary of a tether shutdown so true true i agree with that
i agree yeah is bitcoin secure from a 51 attack of course it is don't you agree because i mean it
there's no one who can put together enough mining powers in order to come up with 51
attack and even if they did right uh people like the software developers would work around
that and it wouldn't make a difference because because what are you going to be able to do spend
double spend on an exchange right like that's it we talked about that today in the discussion
so nothing in this world is fully secure is the white house in america secure
is you know a presidential palace secure is the venue here secure there's always holes bitcoin
to me bitcoin is the safest asset i can have my money and it is as secure as anything
in the digital realm that has no physical uh presence and because it has no physical presence
in a way it's more secure bitcoin is more secure than the mona lisa because someone
can attack the louvre and steal the mona lisa with bitcoin it protect because it doesn't have
that attack angle of physical theft you gotta protect it digitally and bitcoin is as secure as
is probably 10 to 100 to a thousand times more secure than anything else in the digital space
so i i don't see how that's possible that any other cryptocurrency can come out and and take
on bitcoin at all that's not gonna happen i think no bitcoin should dominate and be the main kind of
use for financial systems but we can't say never something could happen something could change
governments could try to do something i don't know why bitcoin is most likely going to be the most
used crypto and the most secure one for the next 10 years i agree with that statement that anything
can happen how just like you know an asteroid could uh hit the planet and wipe us all out but
we don't plan for that so so there we go all right hey guys it's been an amazing interview thank
you for coming out to the desert in russell kaima uae for the financial summit it's been a pleasure
and uh thank you so much for the interview jessica coinmarketcap you guys are doing a great job