And I've been asked to introduce your speaker today, Mr. Parker Lewis. Parker's a well-known figure in the Bitcoin community. After graduating from Duke University in 2006, he went to work for Deutsche Bank and later FTI consulting.
Eventually landing at the hedge fund Hayman Capital here in Dallas, he developed the thesis that Bitcoin will become the global reserve currency. In 2017, he left Hayman to work full time on Bitcoin and help grow unchained capital from a very early stage to a Bitcoin financial services firm with multiple billion in Bitcoin secured on their platform. He's also the author of a book on Bitcoin called Gradually Then Suddenly.
MicroStrategy CEO, Michael Sailor, Sites Parker's work in his decision to hold Bitcoin as a Treasury asset. Currently, MicroStrategy holds roughly 160,000 BTC worth about $4.5 billion. And currently, Parker's working on a startup, focusing on enabling merchant adoption of Bitcoin and businesses, accepting Bitcoin as payment. Please welcome Parker Lewis.
Jimmy, thank you for that kind introduction. I want to thank the guys at Unchained for helping organize this and I want to thank you all for being here. I feel like I recognize about half of you. But tonight I'm going to walk through a presentation that is geared toward both people who are new to Bitcoin as well as people who have a baseline of understanding and are more interested in understanding where we're at in terms of the market and where we think we're going from here. So there will be something for everybody.
The name of the presentation is Bitcoin is not a hedge. And one of the most common questions that I've gotten over the last 12 to 18 months is I've heard that Bitcoin is supposed to be a hedge to inflation. Bitcoin's a hedge to inflation. Why is Bitcoin quote going down?
when inflation is running rampant. So the theme of this talk will be able to help people ground in understanding those dynamics, why Bitcoin is not a hedge to inflation, why it's actually the solution to inflation, and why everything happening in the market is perfectly rational.
To start, I like to give these presentations and really reinforce where I'm coming from, not to be insulting to anybody else or to, you know, be disrespect of other people's opinions, but it's oftentimes not clear to people when I say the word Bitcoin, oftentimes people hear the word crypto.
They assume that the word Bitcoin could be synonymous with crypto. So I just like to clarify that when I say Bitcoin and when I express views about Bitcoin, it's really only about Bitcoin. I have a view as to why Bitcoin will go from a nascent volatile store of value to the global reserve currency. But it is really only about Bitcoin. And sometimes people will hedge when they say, I believe that 95% of everything else won't work out.
But the 5% to do will win. My perspective is a little bit different than that, and I'll help everybody understand why tonight. And it is really that everything else that isn't Bitcoin, I view as not being a fundamental value, and would go so far as to say that
It's the modern equivalent of snake oil, not because I think a lot of people realize that, but ultimately because there's a few fundamental things that are baked into my view of the world, and a lot of it has very little to do with Bitcoin and everything to do with money. And so the core of the thesis of why Bitcoin is being adopted as money is that all value and Bitcoin derives from the fact that there will only ever be 21 million.
that the real ingenuity, innovation, and Bitcoin is its fixed supply. What it represents is a money that simply can't be printed. And there's a key principle baked into that, which is that economic systems converge on a single form of money. The reason why 100% of everything else is ultimately not valuable is for the reason that we only need one form of money.
I've been saving in Bitcoin since 2016 since it was about $500. I've never sold a Bitcoin. I've never bought anything else. I take my personal wealth very seriously and I'm here to help you guys understand why I do what I do both of my personal wealth as well as how I spend my time.
Ultimately, to kind of jump to the end point so you guys know where I'm coming from. It is that where I see Bitcoin going is from something that people think of as a stock that trades on a screen and they look at it on CNBC to a fully functioning form of money that's both the unit of account as well as
facilitating trade and direct commerce. That's gas of this gas station being denominated in Bitcoin. Groceries at the grocery store being denominated in Bitcoin, everything that you buy will be priced and ultimately bought in Bitcoin. And that too, I will help people understand. So now this idea of why Bitcoin is not a hedge, because I'm not just being pedantic.
Bitcoin is ultimately the permanent solution to inflation, and that is very different than something hedging inflation. And it's getting back to this idea of why it's so important is connecting this fundamental idea, why people have heard Bitcoin is a hedge, but then while there's inflation in the market that's very observable and becoming worse,
Why is Bitcoin not doing the thing that I was told to do? And there's a misunderstanding there. So first, I would say, has Bitcoin really becoming down when inflation has been going up? And I say, not on a long enough time horizon. And if you zoom out, Bitcoin is simply corrected. And where we're currently at in the market is at the inception of a new adoption wave where Bitcoin will go up from multiples from here.
And then second, it really is not a hedge to inflation. And there is a big difference between being a hedge to inflation and a solution to inflation. And it starts from this idea, and this is where it comes down to you guys in this room, is that there's this fundamental idea that people cannot flee to the safety of something that they do not understand.
So if you might be sitting in this room not understanding, well, why would Bitcoin sort of value over time? If boom inflation starts to run rampant, there's not a direct connection that helps you understand Bitcoin for that reason. It's not a flight to safety for the reason that if everyone can appreciate that no more than 1% of people have an intuitive understanding of Bitcoin,
How could everyone suddenly rush to Bitcoin if very few people own it? First people have to understand Bitcoin. People have to understand why it will store value. And then and only then can they use it as a solution to inflation. And so even though the exact reason why the fundamental reason to own Bitcoin is because it's a solution to inflation and because they're printing money and because there's CPI inflation,
People don't necessarily connect that on the spot of it when they go to the grocery store and goods are more expensive, that, oh, if they had only bought Bitcoin or started to read a book about it a year ago or two years ago, would they know how to act?
The way I think about Bitcoin adoption is Bitcoin adoption happens fundamentally as knowledge distributes. As we get together in this room, as people read books, as people listen to podcasts. So it starts with how Bitcoin works and why it's valuable. So on the fundamental reason, all value derives from the fact that there will only ever be 21 million.
Bitcoin only works because it's resistant to all forms of censorship. It's also permissionless. Everybody can opt into Bitcoin. Everybody can save in Bitcoin without the permission of a financial institution or without the permission of a government.
What problem does Bitcoin solve? It does solve the problem of the dollar, but also the euro, the yen, ultimately the problem of printing money. You have to accept, and this is what we'll talk about today in a bit, but that the printing of money is inevitable, and it will ultimately end very badly for all of us. So how Bitcoin works, what problem it solves, because if people don't understand that they have a problem,
They oftentimes look at Bitcoin as a solution in search of a problem. It is not that. And then there's a third component of it, which is, yes, people do learn about why Bitcoin fundamentally stores value because of time in the market and because of world events. So outside the Bitcoin world and then inside the Bitcoin world and the Bitcoin world, China banned Bitcoin mining in 2021.
Bitcoin did not stop functioning. That is a data point for people. El Salvador adopted Bitcoin as legal tender in 2021. That is something, you know, it doesn't necessarily mean everyone looks up and says, oh, this irrelevant country in Central America is now making Bitcoin legal tender, but certain people figured out that Bitcoin was something different because of that.
The UAE just began mining Bitcoin in Abu Dhabi, I think it's a 500 megawatt project, like, you know, nation states or city states don't just magically do that if there is something there of substance. But really critically, each time Bitcoin rises and falls, it doesn't die.
It doesn't die ever, and that may be the most important market signal to everybody as they engage in Bitcoin and learn on it. Learn about it. The other side of it, though, is there's the dollar side and there's the fiat side. So there's the fundamentals of why Bitcoin works and what it's there to protect against. But when the Fed printed money,
in 2020, $3 trillion from March of 2020 to May of 2025 trillion over 2020 to 2022. That event helps people understand Bitcoin. When Russia got caught off from Swift,
That helps people understand Bitcoin. When Canadian truckers got cut off from their bank accounts and anybody who donated to Canadian truckers, that helped people understand Bitcoin. The bank failures of earlier this year, like things are not okay when two of the largest four bank failures in America can happen virtually overnight, and that too is related to Bitcoin. The federal deficit being $2 trillion a year.
also related to Bitcoin. People connect all these things. And again, it's not to say that people look at each one of them and that helps them understand Bitcoin. It's that the more time in the market, the more people figure out that what precise problem Bitcoin is solving.
So this idea that just because there's inflation in the market, that doesn't help people understand Bitcoin. Bitcoin adoption happens as a function of time and knowledge distribution. This is a log price of the chart of Bitcoin. And it simply helps people understand that when they perceive that there's inflation in the market, the Bitcoin's quote going down and that doesn't jive with their understanding of what Bitcoin's supposed to do, it's really rooted in their own lack of understanding of Bitcoin.
What Bitcoin is really doing is simply correcting after astronomical rise. But there's a reason why it never goes down to levels that it was at in previous markets because more time has passed and more knowledge has distributed.
This is this core idea of Bitcoin not being a hedge to inflation. In my view, it's the permanent solution. So in the knowledge spectrum, you're either at the zero state where you don't understand why Bitcoin stores value over time. And in that world, those people that are speculating in Bitcoin, they're trading Bitcoin to get more dollars. They have no fundamental understanding. Time is not their friend, volatility destroys people.
Weekends are inherent and people panic at the wrong time. So at the same time when there's inflation, at the same time the Bitcoin is the solution to inflation, if you do not understand that and Bitcoin crashes to 16,000 and you panic and sell it, did Bitcoin help you store purchasing power over time? No. So it can't be a hedge if you have inherently limited knowledge of Bitcoin.
But then, if you get to the point of understanding the true fundamental signal in Bitcoin, that it's valuable because of its fixed supply, and that it's valuable because it's a form of money that can't be printed, you start to accumulate Bitcoin because it is replacing the dollar. In that world, you understand the importance of 21 million. Time is your friend.
Volatility is your friend up and down. If Bitcoin goes up and you want to sell some Bitcoin to buy a house you can, but you also don't panic and sell Bitcoin when it drops, you accumulate more. You ultimately have strong hands, you never panic, you never sell, you buy when it's low rather than selling when it's low. In that world, it's also not a hedge. So it can't be a hedge if you don't have knowledge, and it's way more than a hedge if you've started to figure out the true signal.
So these are some of the fundamentals. So I'm going to go through some of the fundamentals that are happening in the world of Bitcoin. I'm going to talk about what's happening in the world of the dollar, and then I'm going to kind of get to the end state of my economic thesis, the Bitcoin. So when people see that the price of Bitcoin is, quote, crashing or declining in the face of inflation, on the left side, that is the Bitcoin mining hash rate. That chart is going up and to the right. One thing that you might notice is this dip in the middle, and that's when China banned Bitcoin, but
Despite China banning Bitcoin over the last five years, the Bitcoin mining hash rate has increased by nine times. There's about four or five gigawatts of power right here in the state of Texas that are securing the Bitcoin network. That is a fundamental signal that says the Bitcoin network is not just more secure than it's ever been, but that the rate at which capital is being deployed is secure the Bitcoin network is increasing at a rate faster than it ever has been before.
And those projects are multi-billion dollar projects. Those are not people buying and selling Bitcoin and day trading like the generous. On the right side of the page is the growth in the lightning network. The lightning network for those of you who are not familiar is a payments layer that's designed to scale Bitcoin payments.
While someone might look at it and say, well, there are only 7 million transactions in August, this is a new technology that is nascent. Two years ago, that number was in the low 100,000s. So what's happening right now from a fundamental perspective is that people are starting to use Bitcoin not just as a nascent store of value, but as a form of commerce.
And you actually have to build the technology for people to use it. That technology is out of beta and people are using it more and more every day. You know, a 1200% increase in the fundamental usage of small scale transactions like $5, $10 is a signal that Bitcoin is as healthy as it's ever been.
The price of Bitcoin is also stabilizing around 27K, which is three and a half to four times larger than before it dipped from 8K to 4K in March of 2020. A critical stat that we all look at, people who are paying attention to the market, nearly 70% of Bitcoin has not moved in over a year to give context that
After the crash from Bitcoin to like when it first went to 19K to 3K, about 40% of Bitcoin hadn't moved in over a year. So 30% on a base of 19 million is a lot of Bitcoin in terms of nominal units of currency that have turned into long-term holders.
And then importantly, the Bitcoin halving is happening in about six months. In my opinion, this is the most important market event that happens in Bitcoin. So what is the Bitcoin halving? There's this long-running debate in Bitcoin that the Bitcoin halving is priced in or not. My view of it is it's never priced in. Now is the right time to be in this room, to be paying attention, to be doing the work, to figure out whether you'd want to store value because the halving is in six months. So what happens?
How does Bitcoin enforce this fixed supply of 21 million? The rate of issuance gets cut in half every four years. So currently 6.25 Bitcoin are issued every 10 minutes. Approximately on April 24, 2024, that number will be cut to 3.125. Every four years, that happens until no more Bitcoin are issued.
But critically, this drives a scarcity event in Bitcoin, and it's happening in six months. So to give that context, it's basically 900 a day going to 450 a day, 27,000 Bitcoin being issued each month to 13,500.
328,000 a year being cut to 164,000. But critically, what happens is today in order to create that market equilibrium of a price of Bitcoin's kind of roughly stable in the 27,000 to 28,000 is that that translates to about 24 million of natural liquidity that has to be absorbed by the market in order to create an equilibrium. Well, overnight,
The miners who are mining Bitcoin and securing the Bitcoin network, they only have 12 million of new supply after the halving. And this creates this market imbalance between supply and demand. And the market starts to find out just how scarce Bitcoin is. And to give people a perspective, because Bitcoin becomes scarce, more and more scarce every single year, but particularly at the halving event, that posts the halving 164,000
Bitcoin that are issued in the total year translates to 0.02 per person in DFW. And then when you start to think about the world of 8 billion people in the world, what that translates to an inflation rate is 0.8%. So at the same time, the Fed is going to have to be printing more and more money, Bitcoin is getting more and more scarce.
This is the rate of issuance each year that the total number of Bitcoin that were issued kind of dating back to 2012 to give you this perspective so in 2012 2.6 million Bitcoin were issued then 1.6 million then 1.5 then 1.4 then 1 then 700,000 what will happen
In next year, we'll set the run rate to 164,000. And you start to see this asymptotic supply curve of 21 million. Currently, there's 19.5 million in circulation. And that translates to 92.9% of all Bitcoin that will ever be issued. 1.5 million more to be issued from here. And that less than 1% of people in the world on Bitcoin today, if Bitcoin credibly enforces its fixed supply, they're going to have that other 99% are going to have to bid
the 19.5 million from the current holder base. Ultimately, it comes down to common sense. I don't know how many of you guys are familiar with Sesame Street. They have this, the Sesame Street segment called one of these things is not like the others. And what I'm demonstrating here is the percentage rate of its increase in the supply of Bitcoin, it both being predictable and going down each year. That's the left side.
And then I show you the rate of change of the base money of the reserve currency of the world, the dollars, euros, yen. And this is from 2011 to 2022. So the percentage increase in the supply of currency. So what you can see, those big spikes the last three years, that was 2020. That represents that the Fed created 80% more money.
of base money in a single year. The euro was slightly better at increasing 50%, the yen was over 20%. But this is ultimately what Bitcoin is competing against, and that each year, as Bitcoin becomes more scarce, it becomes more obvious to more people.
Now, getting back to what's happening in the dollar world because it is the problem that Bitcoin is solving. So this is the monthly year on year inflation rate that everyone is suffering from. The reality is, which I'll talk about, is actually far worse than this. But what the Fed and what Janet Yellen want people to focus on is that this really bad number that went from less than 2% to nearly 10%
increasing year-over-year started to come down once the Fed started to raise interest rates. The problem is that inflation is cumulative and what the Fed pays attention to really excludes the most important goods in the market, which are food and energy.
And so what people in the market are feeling and what all of you is like, I don't care if you're, you know, maybe if you're a billionaire you're not feeling this, but most people are feeling through the grocery store costing more, gas the gas station costing more. And when you look at food and energy which are better metrics to measure inflation in the market,
Energy price of a gallon of gasoline is 50% more than it was in 2020. It's not going down. Pound of ground beef is 32% higher that these problems all derive from the money printing.
Establishment economists will go through great lengths to try to explain to you every other possible way that inflation is caused, but it's all this chart. And at the same time, the Bitcoin is becoming more and more scarce. They're going to have to print more and more money. This is the current state of play. So the Fed massively increased interest rates.
And there are massive unrealized losses sitting on bank balance sheets. This is the reason why they're going to have to print more money than they ever have before. So the same thing that got me to Bitcoin in the first place exists today, and the alarm bells are signaling as loud as they ever have.
And the message that I tell people is people are familiar with the fact that Silicon Valley Bank failed in March, and then first republic functionally failed. And the same things that caused those bank failures were the rise in interest rates, and those same problems that existed then exist today, they're just bubbling underneath the surface.
And one of the popular people in Bitcoin is guys named Max Kaiser. He always says you can't taper a Ponzi scheme. My more kind of measured way to say that is that the Fed never raised interest rates because the debt stack is always larger and larger. And so what I'm showing is going back to prior to 2008, the Fed raised interest rates aggressively. It caused the crisis. They printed money.
In 2020, or really from 2018 to 2020, they tried to raise interest rates. It caused the crisis. They come back in and print money. Now they've raised interest rates faster than they ever have before, and it's going to cause them to have to print more money than they have before, because over this time horizon, the amount of debt in the US system-wide has grown from 52.7 trillion in 2007.
to 97 trillion today or 96 trillion. This is the chart that ultimately got me into Bitcoin. This is the most important chart to understand the Fiat system. That back in 2007, there was 52.7 trillion of debt in the U.S. system and that's very vanilla
mortgages, auto loans, student loans, credit card debt, that's not unfunded pension liabilities and it's not derivatives. It's just very vanilla, anything that you would traditionally consider a debt instrument. There was 52.7 trillion and there was only 9 trillion in the entire existence of dollars. So the total system was leveraged over 50 times and there was ever actually fewer dollars that existed in the banking system.
So if we go to the period before 2020 when they had to print a bunch of money, the debt stack had grown by over 20 trillion. That is what necessitates that they will have to print more money. Where do we exist today from that period prior to 2020? Again, the debt stack has grown by over 20 trillion. The reason why they always have to print more money is because the introduction of new dollars actually induces the expansion of credit. It's what it's designed to do. We start from a world where there's too much debt
They have to introduce more dollars to be able to sustain existing debt levels. What does that do? It caused the debt system to grow. And then when they try to reverse out, they have to print more money otherwise their credit system collapses.
This is the money printing. It's my slide where I say fool me one shame on you and it's appropriate that we got a massive mural of George Bush out there. I'll just read it so I don't screw it up because I often screw it up just like he did. But fool me one shame on you fool me four times shame on me.
And I have two quotes here from Paul Tudor Jones whose I like to think of a very traditional investor as to why he adopted Bitcoin. So I'll just read it so I don't screw it up. And he says, and he's describing the money printing episode from March of 2020 to May of 2020. And he says, it has happened globally with such speed that even a market veteran like myself was less speechless.
We are witnessing the great monetary inflation, an unprecedented expansion of every form of money, unlike anything the developed world has ever seen. That was May of 2020. And then in the same investor letter, when he was explaining to investors why he adopted Bitcoin, he said, I also made the case for owning Bitcoin, the quintessence of scarcity premium. It is literally the only large tradable asset in the world that has a known fixed maximum supply.
By its design, the total quantity of Bitcoin, including those not yet mine, cannot exceed 21 million. I don't say that people don't buy and sell Bitcoin for other reasons. I don't say that people don't speculate in Bitcoin not knowing these things. I say that the people who find the signal
Find it for the very reason I put forward to you, that Bitcoin has fundamental value in the world because of its fixed supply, and it's ultimately solving the problem permanently of printing money. Where we've been at in these last four cycles of all this money printing, what I put forward to you is we're in the exact same position. They are going to have to print.
More money than they ever had before. And when they do, more people are going to figure out Bitcoin for that reason. But for you guys in this room, you don't have to wait to the next episode of money printing. You can go ahead and take action before the flood. There's two key differences between the Bitcoin system and the Fiat system.
The Fiat system, when it's exposed to stress, becomes more fragile. It becomes more fragile because of more debt and ultimately more money being printed. Bitcoin is the opposite, is the anti-fragile competitor. It doesn't matter what happens in the Bitcoin system. The thing that everybody can count on is the fixed supply.
The market has to respond to failures of institutions that let people's Bitcoin out like FTX. But that is the Bitcoin system working. It doesn't matter how many institutions fail. The one thing we can all rely on is that Bitcoin and its fixed supply cannot change. And that because of that,
Whereas the fiat system, when it's exposed to stress, it becomes more fragile, Bitcoin is the opposite. Bitcoin gains strength because rather than change the supply, everyone has to deal with the volatility and respond to the market conditions and absorb the volatility.
Ultimately coming back to this chart that I showed you before, that Bitcoin's fixed supply becomes more credible, that in the face of all these failures from 2022, if you guys are familiar with it, great, FTX lost 70,000 Bitcoin. A company called BlockFi lost about 50,000 Bitcoin, Celsius lost 150,000 Bitcoin. There were no bailouts.
Each time there are no bailouts, Bitcoin continues to function. Bitcoin's fixed supply becomes more credible. Everything revolves and centers around this and when the market sees that happen more and more people figure it out.
This is the price of Bitcoin on a non-log basis. I like to describe Bitcoin. This will be my last slide before I take questions. But it is that Bitcoin is the greatest asymmetry to ever exist in the world. Most of you guys are familiar with the nature of asymmetry.
An asymmetry relative to downside versus upside. It can be the reverse, which is part of why Bitcoin is the greatest asymmetry to ever exist. I say that it's the greatest asymmetry to ever exist because no event could possibly be more positively asymmetric than the world adopting a new form of money. You could look at me and you could say that it's crazy, but that's what asymmetry is inherently about. Even if you ascribed a much lower probability to the event than I would,
You still have to recognize that if the world were adopting a form of money, that that event would be massively asymmetric for the holders of a currency. Now, this is what I put forward is that most asymmetric events are low probability. Bitcoin adoption is probable. There is a finite surface area. You might not understand how Bitcoin enforces a fixed supply of 21 million. But if you can start to appreciate that that is the signal,
Then you start to have a baseline to evaluate the problem. It is a known surface area, and you can actually figure out for yourself whether or not you think it to be true. Because if you think it to be true based on your own reason and logic as to how Bitcoin enforces its fixed supply, then the event is probable.
The other side of it is there's negative asymmetry to hyperinflation. I don't raise the idea of hyperinflation to be fear mongering or to scare people, but if they've print $5 trillion and they're going to have to print way more money than that, there is a reality that human beings cannot continue to be compensated for their finitely scarce time in a form of money that it costs nothing to produce.
Every instance of hyperinflation that ever exists in the world comes about because of printing money.
They've printed more money than we can possibly conceive of. In the last three years, they did it post-financial crisis. They're going to have to do it again because of that imbalance between that 96 trillion of debt that exists in the world and the only $8 trillion that exists. And so even though they've printed a ton of money, all that induces is the need for ever more. And I highlight for people here the move from 100 to 1,000 in Bitcoin because
The thing that I struggle with the most at the end is what most people struggle with the most is that, well, haven't I already missed it? A single Bitcoin cost, well, when I did this was $28,000, I think it's about $28,000 now. But that was the same way that I felt when I was adopting Bitcoin right in the middle of that, when it was $500. But I've never sold a Bitcoin. And Bitcoin is just as cheap today as it ever has been because still very few people own it. And that
Where Bitcoin is today, 28,000 will look the same way that 100 to 1000 move looked when 10X the number of people adopt Bitcoin or 100X the number of people adopt Bitcoin. That people adopt Bitcoin if they find the true signal because it's the solution to inflation, not because it's the head to inflation.
All of that centers around a fixed supply of 21 million and if you can start to see on this chart where there was a rise and fall but there have been many more in the past and Bitcoin never goes down to those prior highs and lows.
for the reason that it is finitely scarce, and knowledge does distribute as a function of time, more people figure it out. You don't unsee Bitcoin. And the last point that I make is that Bitcoin scarcity, while everything revolves around it.
All fundamental value derives from the fact that there will only ever be 21 million. If you do not understand Bitcoin, how it works, why that is the case, why that's relevant, Bitcoin scarcity cannot be a value to. That's why it's not a hedge. That's why a lot of people panicked and sold Bitcoin. We're in a 16K, and now it's sitting at 28K, and people are figuring out that Bitcoin didn't die, and the Bitcoin happening is happening. But most of the world doesn't know about that.
But again, I can talk to you about these ideas, but if you do not understand it, if you do not have the knowledge, it's not a value. I have a picture of my book that's soon to be released, not yet out, but I help people understand Bitcoin because I find it to be a moral imperative, unshaken helps people understand Bitcoin. But there's another side of it that scarcity and Bitcoin's fixed supply cannot be a value to you if it's possible to lose.
I secure my own Bitcoin with unchain. It's money under the mattress. I don't have the counterparty risk of the company. Nobody who operates with it. A lot of companies failed. But if you think about that idea, all value in Bitcoin starts and stops for the reason that there will only ever be 21 million Bitcoin. If you do not understand that,
Bitcoin cannot hedge inflation for you. You will panic and sell it at the absolute wrong time. And if you were to put it in an institution that blew up like an FTX or a BlockFi or a Celsius, the Bitcoin store value for you, if it went from 1,000 to 28,000, it only stores value for you if you know what to do with it and unchained is the best of that. So with that, I will pause and open it up for questions.
