 Najib asks, do you think there's a possibility that Bitcoin will become the world's reserve currency, essentially digital gold, and that there will be other coins which will use for everyday currency? I don't know. I think that it would surprise me, actually, if Bitcoin could only do and could only fit into the niche of digital gold. I think Bitcoin has characteristics of divisibility, transportability, and flexibility that make it much more flexible than digital gold. One of the reasons why gold isn't a good direct medium of exchange is that it's difficult to verify it's real, it's heavy to carry. The more you make it fungible and divide it into smaller amounts, the harder it is to verify that those are real gold pieces. It ends up having this effect where it's easier to assay and verify gold in larger amounts that are stamped by reputable third parties, which creates this entire trust infrastructure. The cost of storing and securing gold is so high that it's better to do it in a custodial manner, where you put it in a vault and you have professionals guarding it. You end up with a little paper certificate which causes other problems like herpothecation and makes it difficult to use directly as a medium of exchange. Bitcoin doesn't have any of these problems. Yes, there is a greater cost and complexity to securing Bitcoin than some forms of custodial digital money. Yes, that's going to cause some pressure towards third-party custodians, but if that pressure is less than what we have in our current traditional system, where almost everything is third-party custodians, that's still a more decentralized future. The ability to transport Bitcoin very quickly in very small amounts, and even with second-layer networks, even faster and at the level of microtransactions, means I think Bitcoin can be a very effective medium of exchange. If it's a medium of exchange and a sore value through use, volume, and size, it reduces volatility to the point where you don't see very big fluctuations in price and it's less speculative in nature, then it can also be a unit of account. I think all three of those capabilities are within the reach of Bitcoin, and that doesn't mean there won't be other coins which we use for everyday currency. I think there will be, but I don't think Bitcoin will be just digital gold. It may become the world reserve currency. I think the concept of a world reserve currency, a unitary world reserve currency, is no longer relevant. I think it will be one of the many reserve currencies that can be used to underpin value on other things. There doesn't have to be only one anymore. I think that's the switching cost between reserve currencies forces us to only use one. I don't think we live in that world anymore. We'll see. Since Bitcoin is different, how do you see the mainstream adoption, and is it going to be through Bitcoin or maybe something else which can be censored? Well, I don't think mainstream adoption is going to be mainstream adoption of one thing, and I think that's a mistake. The idea that everybody will suddenly stop using their national currency and start using only Bitcoin and replacements, I think that's the wrong mentality. We're going from a world of one choice backed by a monopoly, often a monopoly of force, and with the corruption that comes with that, to a world of choice where you can have the ability to use any one of perhaps thousands of currencies, and you can easily switch from one to the other in a matter of milliseconds with very little friction, very little exchange cost. So why would you commit to one currency? You would use whatever is most convenient for the particular thing you're trying to do today, just like arguably your IP packets will use the route that's most efficient to getting to the final destination. If you had to set up your internet routing so that it always followed a certain path, it wouldn't be very robust. Instead, that decision is made a thousand times a second, and you don't even think about it. When money turns into data and money becomes routable, we start thinking of money in that way. The decision which currency am I committed to is a decision made by my digital wallet a thousand times a second as needed, depends who I'm paying, depends whether my wallet decides that the savings rate and store value capacity of one currency is better right now and invest some there. It depends on the risk setting I've set maybe. Who knows? These are all exciting areas to explore. The idea that mainstream will pick one currency is a fiction of the past. The only reason most of us only use one currency is because the switching costs are enormous, especially when you have a government monopoly backing it and you have restrictions on currency exchanges. Otherwise, it's an unnatural state of affairs. What's your favorite food? Sorry? Apples. From now until the rest of your life, you will only eat apples. Not your favorite food anymore. Why would you do just one? Why pick just one? The idea that we have just one currency and can only use one currency is primarily because of artificial restrictions. I want to have a buffet of currencies. I want to be able to go back to the buffet and refill my plate with something different and every day try something new. I want some variety. Maybe if I'm trading with some people, I want one currency, maybe another currency. And some of those currencies are going to be censorship-focused. Just like today, you have the opportunity to use any website in the world, and you have friends who only use Facebook. That's the choice they've made. Is it a good choice? For them it is, but at least they have that choice. The funny thing about that is because they have that choice, they also have the choice to leave. If you've been around the computing environment as long as I have, you learn that nothing lasts forever. I used to think that Microsoft would dominate computers forever. Where are they now? They don't get to dictate choices. We're going to see a lot of variation. Some people will make poor choices. They'll use currencies with surveillance and control and censorship. You know who those people are? The people who can afford to do that. The reason they can afford to do that is because their government is not corrupt yet. If you go to Argentina or Venezuela and you say, hey, would you like to use the government money? No one wants to use that money. The reason is they already know how expensive that choice will be. Not just expensive as in you lose part of your salary, expensive as in you lose the future of your children. That's a choice they will not make at all. But if you're an American, if you're German, maybe if you're Polish, and you have a visa and you can use that in every store and it's easy and uncomplicated, is anybody censoring your transactions right now? Not really. Is anyone confiscating your money? Well, if you're Greek, yes. But if you're Polish, not yet, right? So that's a lesson you will learn when it becomes necessary to learn that lesson. The end result is you will have systems that are fragile, competing against systems that are robust. You will have systems that can be debased through inflation, competing against systems that cannot be debased. You will have systems that can be censored, competing against systems that cannot be censored. And some people will make the right choice and some people won't and that's okay. Not everyone needs it. I know which choice I'm going to make. To me, the only important thing is can I make that choice? And if I can make that choice and I'm the only one making that choice, that's okay too. I'm used to being weird.