 Christie asks, what are your thoughts on the current trade war between the US and China? What role, if any, could Bitcoin play, or how could this impact Bitcoin? I honestly think it's very difficult to predict the short-term impact of cryptocurrencies on this trade war. But what is clear here is that these trade wars are happening in the context of broader currency wars. This isn't about trade, it's about exchange rates between currencies, and the ability to devalue the currency without shifting the trade balance ridiculously in one direction or another. Effectively, large countries and federations like the European Union, Japan, China, Russia, the US, etc., are all engaging in currency manipulation in a desperate attempt to reduce their debt load by devaluing the currency through inflation and allowing the currency value to slip. When China devalues its currency, the US finds its currency strengthening. The problem with that is that Chinese goods are more affordable for Americans, they're cheaper. Americans buy more Chinese goods, more trade happens in the direction of China, more dollars flow to China, and the trade balance shifts in the favor of China. Tariffs are a way to add another secret tax on people without actually passing any tax increases. By implementing tariffs, those tariffs directly impact the cost of goods, which means they drive price inflation in goods, they weaken the dollar, and hopefully at least in the minds of those who are implementing these tariffs. They act to decrease the debt by devaluing the national debt in US dollars. If you owe $20 trillion, but $20 trillion today is only worth as much as $10 trillion yesterday, then effectively you only owe $10 trillion, so the lower the value of the currency, the less your debt is. The US government is desperately trying to do that, but so is the Chinese government, and so is the Japanese government, and so is the European Central Bank. As a result, all of these different nation-states and federated nations are basically on a race to the bottom, trying to devalue the currency against everybody else. When one of them devalues their currency, that only works for a short period of time, because then if all of the others devalue their currency, they're back at parity. It's a relative game. Your currency is only devalued if everybody else's currency stays strong. That's why we call it a race to the bottom, and it's not good for the economy. Protectionism never works, and the end result is that the middle class in all of these countries suffer, while the richest of the rich essentially get subsidized through giant asset bubbles. Cheap debt. So what's going to happen with the trade war on Bitcoin? Same thing that's been happening forever. The more fiat debases itself, the more that makes Bitcoin the strong currency. So you can look at it as Bitcoin becoming more valuable over time. Of course, the other way to look at it is that it's not Bitcoin that's getting more valuable, it's the US dollar that's getting cheaper. Toby asks, anti-encryption law in Australia, impossible Bitcoin confiscation. Hi, Andreas, I heard you saying that you had to postpone your visit to Australia due to the new anti-encryption law that cracks down on encrypted messaging services. Very embarrassing for Australia, by the way. Couldn't a Bitcoin technically be seen as an encrypted message service to exchange money? Might this implicate for the future that citizens could be forced to provide their private keys to avoid jail, like the USA did with the gold confiscation? We know that the desperate government is capable of extreme measure in order to steal people's assets by taxation or confiscation. Toby, I had to postpone my visit to Australia because Australia passed a law that made it mandatory to provide passwords for any devices when you cross the border into Australia. And if you don't, they can put you in jail for five years. Now, that means that if I go to Australia, I have to go with no devices at all, because I can't go into a country with my devices that have confidential material, client attorney privilege material, material from my companies. You know, nothing I machined off. But basically, the fundamental right of privacy that we all have is basically being violated by laws like this. So, Australia is doing this, and I'm not going to basically put my privacy at risk by giving passwords to any government, primarily because I don't trust governments to store data securely, because they've proven again and again that they can't store data securely, it keeps leaking. So, I don't want my data to leak together with the data of hundreds, or thousands, or hundreds of thousands of other people. Theoretically, Australia could consider a Bitcoin hardware wallet as an encryption device to which you need to provide your password. And if they did that, God knows what they'd do with that device. I wouldn't think that's very safe. So, yeah, I mean, it's a very difficult situation. New Zealand has also passed some similar laws, but in their case, there's a monetary fine, but no jail sentence, so they'll just basically deport you if you refuse to give them passwords. But in Australia, it's much worse because you do not get deported, you get put into jail. As a foreign visitor on a visa, you'll get put into jail if they ask you for your password, and you don't give it to them. So, I don't see any way how I could currently travel to Australia to do my job without any digital devices on me. The chances, of course, of me being actually stopped at the border in search for that reason pretty slim, but any chance that's not zero is bad enough for me, so I'm out. It's really sad that we're seeing these laws being passed because they don't actually serve the purpose that they purport to serve.