Josef Tětek: Fiat is going to decrease in value forever. That’s just the nature of fiat’s monetary policy. And we can also say that #Bitcoin is going to increase in value forever, especially in terms of fiat currencies. So the Nakamoto Gresham’s law then says that #Bitcoin drives out fiat as a store of value, and fiat, in turn, drives out #Bitcoin as a medium of exchange. Because if we still have some fiat to spend, we want to spend this first, and if you have access to #Bitcoin, we want to save in Bitcoin. And it doesn’t make sense to do it otherwise, if we have both of these types of monies. It just makes sense to spend fiat and HODL #Bitcoin. So that’s an economic explanation why HODLing #Bitcoin is very rational, and we don’t have to actually come up with any new insights—just use the insights we already have and accommodate it to this dynamic of state and non-state money.