 You've been talking about the need for Bitcoin, and so that's the demand side What are the plans to make the supply of Bitcoin grow until it satisfies those? 80% of people who are bankless because 10 billion in value is less than 1% of 1% of the need Talking only about physical needs, right? So Bitcoin's monetary policy is very specific. It's designed to simulate precious metals. So it's a system of Restricted supply without fractional reserve, right? It's a fully backed currency where you have 20 million 21 million coins is The maximum that will ever be created now if you hear that you say 21 million coins How can you possibly fit the world economy in that the point is Bitcoin is not a traditional currency It's a programmable currency and that 21 million is Subdivided by eight decimal points, which means that you have a hundred million smaller units in every Bitcoin So one Bitcoin has a hundred million Satoshi, which is the smallest unit you can have We can divide it even further than that. So you can cut it into smaller and smaller pieces so if you talk about it in terms of 21 Quadrillion monetary units 21 quadrillion monetary units could fit the world economy as it is today, right? with a with a value of a tenth of a dollar approximately per unit for 21 quadrillion that would give you 210 Trillion dollars or do the math Well in reverse exactly so if you cut it up what happens is that you have a deflationary effect so you have a relatively fixed supply with increasing demand what that does is it drives the price of the currency up and So deflation is a very scary thing Especially if you're an economist and the reason deflation is a scary thing is because in in classical economics We now deal with currencies that are fractional reserve, right? So what are the conditions under which you have deflation in a fractional reserve currency? So you have a government that has the ability to create infinite supply What does it take for the demand to so far collapse below the supply that even infinite supply? Creates deflation and the answer is simple. You have to have a catastrophic collapse in demand Not just a recession a full-blown depression So whenever you see in systems of money where you can create you can just keep printing money, right? Inflation is a problem deflation is not a problem, right? Because if you can keep printing money, someone's gonna spend it That's not the problem Why would no one spend it because the economy has collapsed completely? So the only places in the world where we see deflation as a monetary phenomenon are places where you have a catastrophic collapse in In demand Japan is a great example of that now in its 20th year of deflation and we've seen it in a few other countries which where just before they go into the hyper inflation They first dip into a deflationary period Everybody keeps their money under their mattress Then they have a slight increase in the positive sentiment the money comes out into the market again, and then you go why Mar Republic? 100 billion trillion marks for a cup of coffee, right? so Deflation is bad if deflation is a monetary phenomenon where you have infinite supply But it's not necessarily bad if the supply is restricted Let me give you an example of deflation We all like how many people here have a phone that costs the same as they phone they bought ten years ago How many here have a phone that's less expensive for the same capabilities as the phone they bought ten years ago? We all do right So you get ten times more processing power ten times more memory than two years ago Yes, am I for a cell phone? Was slightly bigger than this microphone It had 18 minutes of talk time 18 minutes before the battery would run out and I paid almost 1,000 pounds sterling to buy it and today This thing runs for 20 some hours Has more processing than the first super computers actually more processing than a thousand of the first super computers And it cost me about six hundred dollars and guess what that's called deflation That's deflation in action. That's where my money buys more product has more value In a market where you have deflation deflation is great with laptops. We love it with falling prices for products We love it for Businesses with that are efficient. We love it when deflation is caused not by a collapse in demand But by improvements in efficiency and constrained supply. We love it So Deflation is not really necessarily a problem, but on the other hand we don't know One of the things we see in crypto currencies is there's a lot of competition for the monetary model If you don't like bitcoins monetary model, you can find others that have different models with higher levels of inflation The monetary policy is a very interesting characteristic to me because in a world where every other currency is printed to infinity This is the only one that isn't so that's a good thing At least it's a different thing. So it's counter correlated And to an investor. That's a very interesting thing to have something that is counter correlated. I can always get inflation-based currencies When you see things like Brexit happen or you see Collapses in the you on or sudden devaluations in the you on three things go up Yen because it's deflating right gold and Bitcoin Fancy that that's a weird situation going on in monetary politics because everything else is moving in the same direction And the only three things that are moving in the opposite direction Japanese yen gold and Bitcoin So I'm not an economist again. I'll disclaim that and hope I covered a bit of that