 I had a question regarding usage and specifically all these great properties of Bitcoin that you described and that I fully agree with. If you look back, you've been in the ecosystem much longer than I have. In recent years, there has been a shift in the startup community, specifically from Bitcoin startups trying to push adoption, push usage of Bitcoin, trying to promote the use of Bitcoin as a payment system and in the recent 12 to 24 months, we've seen that shift over to blockchain for enterprise, et cetera. I'm convinced that Bitcoin is a great currency and has great social value, has great economic value and all these things that you mentioned in your talk. What needs to happen in order for that hockey stick curve adoption that we've been wanting to happen, waiting to happen in the last two, three, four years, what needs to happen in order for that to occur? That's a great question. I think what we find with entrepreneurialism in general is that the most important factor when you're doing a startup is timing. We saw this with the early web, we saw this with early internet companies. In 1998, some people said, oh, let's deliver supermarket food by web and those companies failed pretty badly, in fact. That doesn't mean the idea failed, the idea had happened, it just happened 15 years later. The reason was that you have to wait until the density of adoption can allow you to set up a market and there's different types of markets. There's markets that are one-sided, there's markets that are two-sided, and there's markets that are many to many. Let's think about that for a second. What's the primary application of Bitcoin that has succeeded so far? Speculation. How many people does it take for someone to speculate in Bitcoin? One, the speculator. You don't need, you don't care if your neighbors have Bitcoin except Bitcoin, don't accept Bitcoin. In fact, it's probably better if they don't. It's probably better if they don't figure it out for another couple of years and you'll get the price premium of having to deal with a difficult technology early enough to be a speculator. A speculator is a one-sided market, it's almost a zero-sided market. You only need one participant, so that's the most successful application. If you want a two-sided market, then you've got to have buyers and sellers simultaneously present in the same vicinity with access to Bitcoin or the desire to own Bitcoin. That's harder to bootstrap. We find that successful in areas like online commerce. If I make a product available and I say, hey, I'll take Bitcoin, I don't need people to be here, I just need to be on the internet. If there's someone on the internet who has Bitcoin and someone on the internet who wants Bitcoin, commerce happens great. If you try to do that at your local bakery, and there's three people in a five-mile radius who have Bitcoin, and one bakery in a five-mile radius that wants Bitcoin, you don't have a market. You're just going to get frustration. That market takes a lot longer to bootstrap. Remember when Facebook started? The day one, they launched globally and everybody signed up? Oh, no, I'm remembering it wrong. That's not how it happened. What they did was they went to Stanford and they picked one building. They knocked on everybody's door until they got everybody in that one building signed up on Facebook, and that's the only place you could do it. That was successful. They got five more buildings and they signed up the entire campus. So now when you went to Stanford, everyone you knew was on the Stanford Facebook. And now it was useful because you had the density. So they bootstrapped the market by creating a small, focused group, right? And then they went and expanded. So you're going to see this happen with Bitcoin. You can't just bootstrap a retail market and say, hey, we accept Bitcoin. In the DCM Rondissement, there's one bakery. It accepts Bitcoin. World, come visit. And nobody shows up, right? We're not going to see those types of retail applications. And part of the reason we're not going to see those types of retail applications is this. How many people in this room have a debit card? Maybe I should have asked this the other way around, right? OK, so do you really need Bitcoin? No. You don't. Not to shop at the bakery. You've got cash, you've got credit cards, you've got bank accounts, you've got tap to pay, swipe to pay, Venmo, PayPal, blah, blah, blah. You've got everything, great? You don't need Bitcoin. And the reason you don't need Bitcoin is because you live among the maybe 6% of the world that has enormous financial privilege. If this is your talk, I need Bitcoin. You need Bitcoin because you understand it ideologically. That's very different from, my children will starve, I can't send them to school, my generation's wealth has been destroyed by my government. I saw that in Greece twice in my lifetime. My parents lost everything. You go to Argentina and I talk about Bitcoin. They know why. And to them it's not theoretical. It's not theoretical at all. So what do you need for Bitcoin adoption? Well, you need to be needed. You need to have applications that are needed. And the basic form of paying is an application that is needed by 4.5 billion people around the world, who have very little access to banking and can't do cross-border transactions. And I don't think any of them are in this room. Right? Now, that's the majority of the human population, but it's going to take a decade to bring this technology. Do you need Bitcoin if you live in a country suffering from hyperinflation? If there's a banking crisis, if there's currency controls, if you're trying to get your money out, if your government occasionally throws people out of airplanes because they disagreed with them? Yes. All of these things happened in Argentina in the last 20 years. They get it. So we're not going to see the bootstrapping of Bitcoin for retail payments among affluent, connected, banked people. First, we're going to see many of the on-bank dealing with some of the difficult problems they have. In my opinion, the biggest application today, other than basic infrastructure, exchanges, wallets, transfer systems, internet service providers for Bitcoin, basically, the equivalent. Other than that, the biggest application today is remittances. So remittances means if you're an immigrant and you're sending money home, and Western Union takes 9%, plus 3% on the exchange rate spread, plus another 5% on the destination in taxes, fees, and transmission, then you need Bitcoin. Then Bitcoin is the difference between you keeping 15% of your money. That's a tax on poverty. That's a tax on immigration. So that's an area where people will go through the most ridiculous steps. You tell them, listen, it takes 26 steps to set up a Bitcoin wallet, and you have to read this very complicated manual, and you won't understand any of it. And they go, yeah, for 15% of my wealth, sure, I'll do it. Now if you tell someone in Paris, listen, next time you go buy your morning café in Croissant, instead of just going tap with the Apple Pay, read this 26-page manual, go through these 70,000 steps, and then you'll have Bitcoin, and the world will be a better place. They're like, you're crazy. So we have to understand who the audience is. And the audience is very difficult to see from this perspective, because we assume that people have these things. The truth is, 2.5 billion people in the world have zero access to banking. They live in completely cash and barter-based societies. 4.5 billion people have very limited access to banking in a single currency, with no ability to send or receive money across borders, or with very expensive fees, and very difficult requirements. You go to the United States, 18% of the population has no bank account. That's 60 million people. You'd think it was less. Many of those are undocumented immigrants. Others are poor people who lack documentation. Others are people who, simply if they try to walk into the bank, they'll probably be arrested because of how they look, right? If you're homeless, if you're illiterate, if you're completely uneducated, you walk into a bank, it's a terrifying place. You're not going to be able to figure out all of the ways to open a bank account. That's 60 million people. In this country, it's actually a bit higher than 18%. But you go to places like the Philippines, Indonesia, or Brazil. You're looking at 75% unbanked, right? So that's where Bitcoin is going to succeed, in my opinion.