Right now, with DeFi, most of the volume and, of course, gas fees are with the Ethereum chain.

And we see kind of a layer one, layer one wars happening kind of right now in the last six months with the Salinas and the A-Baxes and the Algarans and the Cardanos.

Many of us had on the show kind of fighting for that.

How do you see this playing out?

How do you view Ethereum?

It's obviously not the perfect vehicle like Bitcoin because of their more flexible monetary policy.

But how do you view it and is also part of the long-term ecosystem?

Yeah, great question.

I don't really view them as competitive.

So I largely agree with Novogratz in that Bitcoin is this pure digital goal that there isn't really another competitor to it.

Like I mentioned before, Bitcoin's monetary policy.

Now there's a bunch of other cool innovations with it.

But the monetary policy is the breakthrough financial instrument here.

And so, you know, when we have, when we look at other protocols,

if they've changed their monetary policy frequently, which Ethereum has that kind of takes it out of the running for being a sound money, a goal to point out type instrument.

So Bitcoin, I think, stands unparalleled, unchallenged in that digital gold asset class.

Certainly there are contenders, but I think that Bitcoin stands out single-handedly, you know, kind of by itself.

When it comes to these other protocols that are we could call like smart contract platforms, defi or kind of like world computer.

You know, these, these sort of all are largely bucketed under some of the more popular protocols.

Like you mentioned, Ethereum, Solana, Avax and Cardano.

So I think that these are very much like Novogratz said.

These are more like technology companies where, you know, at a fundamental level, Bitcoiners and the Bitcoin protocol have preserved decentralization to enable it to be the best sound money in the world.

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