Without this value, what's the point of Bitcoin?

It's just another asset. You can buy an ETF that goes up, that goes down, but it's not actually useful. And so you think about why the rhetoric, at least, was positive from Trump during the campaign about crypto. It's precisely the reason that it does not adhere to the regulatory regime that some of you wish to put it under with bills like the Clarity Act and other things.

Hope you guys had fun at F1 and are somewhat sober for today.

And I know there's going to be a lot of talk about regulations and Tradfi and crypto getting together and having a bastard child.

And I wanted to talk about why we need to stay true

to exactly what it is that we're doing here.

It's something that's a little bit of a pet peeve of mine

and a lot of interviews that I give when they ask me about

whether or not we need this or that regulation,

especially in light of what's going on in the United States.

So I thought let me just give this short presentation on why

crypto doesn't actually need any regulations,

and the price performance is evidence of that.

So first of all, is an assumption built into all of this

about nation states and crypto.

And I know Bellaghi drones on a lot about this, about his network state,

but there's something that I wholeheartedly reject in that we need sort of nation states championing crypto.

This is sort of a global movement that anyone can join.

It doesn't matter what passport you have or

where you're born. And it's something that pisses me off and I get our interviews a lot.

You know, I live in Asia and they're asking me about stuff that's going on specifically in the

US and this or that bill. I haven't read many of them. And I guess want to sort of take that as

...