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mbre Soubiran: (04:17)
So the question is, if we look at bitcoin from a financial asset perspective, I think it’s important to have sizes and figures in mind because it has been thought of as an alternative to a financial system that was somehow broken. So we could say that it is a decorrelated macro asset. However, it’s still way too small. Even if it’s big from where we came from it, it grew incredibly fast in 10 years, however, it’s still quite small.
Ambre Soubiran: (04:48)
So we’re talking about a market cap of 170 billion, whereas gold, and I’ve been trying to look up actually the most recent market cap of gold. I found everything from five to 11 trillions. But we’re talking about a significant difference in orders of magnitude. Same thing with traded volume, right? We’re talking about 5 billion over the past 24 hours and gold is somewhere around 250 billion. So we’re still talking about significant difference order of magnitudes. And if bitcoin were to be a true macro assets, as in it can be used as a hedged or a derisk for what it is in the traditional system or economy crisis. Well, it’s still too small to actually handle that I believe.