So that's mobile payments and then retail banks.

If you go to commercial banking, well, with commercial banks, you've got treasury

services for companies, and you've got credit lines.

So corporations like an individual in a way. I've got a bunch of cash. I want to generate

yield on it, call that treasury services. Or I have a lot of assets. I want to generate yield on

them. And I also want to borrow against my assets.

And so I need a commercial-grade bank to do that.

I tend to have slightly different requirements

and I'm going to move in greater scale

and I may have different accounting issues.

But the commercial banking application

and the retail banking are pretty similar.

Exchanges are another application of Bitcoin, and there people want to trade assets against

each other and trade derivatives against each other. And you can imagine infinite assets and

infinite derivatives. They will be compliance heavy, right? Do you need to comply with the CFTC or

the SEC or who knows what? And that gets very complicated. but it's a big business.

I mean, the next big area of applications would be corporations.

And here, any company that simply buys Bitcoin becomes an application of Bitcoin.

And this is not a technical application.

If we take micro strategy as an example, when micro strategy buys Bitcoin, then micro strategy

stock becomes a derivative of Bitcoin.

And now micro strategy stock is trading on a NASDAQ, a regulated exchange.

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