Wow, thanks for taking the time to explain this.

1. One question I had about this. What drove banks to make this shift? Was it government policy, real estate is less risky than business loans, something else?

2. Why doesn’t supply increase to meet demand? (I suppose many factors could lead to this. I know that many localities have restrictions or red tape or outright bans on new constructions. And I suppose, given what you’ve laid out, those that have property are not going to be interested in increasing the supply, which would drive down prices. What do you see as the main factor?)

3. Absolutely fascinating. I never knew that.

4. I remember when we were first looking to buy a house and I looked at the amortization on a 30 year mortgage… I thought to myself “I should’ve gone into banking…”

5. Makes sense to me.

6. I think I remember having this light bulb moment when I was listening to Saylor talk about how simple buying bitcoin is compared to other investments.