And as it gets adopted by more companies and institutions that don't sell because of sensitive reasons.

Yeah, the way that I look at the power law is really like a framework.

You can look backwards and you can kind of use it to help you make sense of how the price moves.

But as you said, in a short time frame, I also...

Now, obviously, I'm online and I'm back on X a lot because I want to discuss my book.

But before, for 12 months, I didn't do a podcast as I was writing the book, basically.

I think you and another show were the only shows I did in a 12-month period.

So how does that like what would real estate look like if in values, really, if there wasn't that ability to raise money up front and raise capital up front and finance the purchase up front? And then the converse of that or the flip of that is what does it look like when Bitcoin has that same access to financing as we're starting to see with treasury companies that are raising capital to buy it? But for the individual, is that going to be something you foresee getting that same access to capital?

So for someone who is listening and they're curious, but they don't really understand everything that you've said, why should the average person, why should the typical person care about Bitcoin?

It is a great question because I think the average person, person should especially care about Bitcoin.

The way that Bitcoin has been, uh, adopted over the past five years, um, could lead someone to assume that Bitcoin is an asset that is for, uh, for Wall Street or for large institutions or for companies.

But I think, uh, for the average person, Bitcoin is particularly important, and it is due to the fact that the money that we use loses purchasing power over time.

I just wanna jump back in history, and I wanna talk about a date in nineteen seventy-one.

So nineteen seventy-one, I believe it was the fifteenth of August, the US president at the time, Richard Nixon, announced that the convertibility of the dollar into gold would end.

Because until then, there was a link between gold as a commodity and the money that we were using, uh, physically and also at the time already electronically to pay for things.

Wh- why do you think that mentality is so common?

At what point or what calculus goes into that decision of lending against your Bitcoin, using it as collateral versus simply just renting a home and using maybe your cash flow from employment and then just hodling your Bitcoin, not collateralizing it?

I think that question also plays into the systematic shift that I just kind of talked about, because what happens is as interest rates went up, people that sit on good financing, they do not want to sell the real estate that they own because prices quite frankly went down.

So in November of 2021, The Fed raised the interest rates and with that, the cost of money went up.

And that also causes less demand for housing because, as I said, most housing is bought on credit.

So right now we are in a real estate market where people do not want to sell either because they don't like the prices.

They're waiting for prices to pick up back up.

Now on the other side, people don't want to buy because the money, cost of money went up.

How do you see this shift playing out for households and banks who have built their finance finances around the rising property prices?

What was that process like?

That is a good question because it was definitely an intense process.

I'm gonna go back to 2015, so when I wr- when I wrote my master thesis about, uh, about Bitcoin.

The name of the thesis was...

And people can, can look it up online.

It's available online.

Uh, something along the lines of Bitcoin: A Monetary Alternative, Its Value, and Application.

From your seat, having a background in real estate and your view on Bitcoin, how do you view the Bitcoin treasury companies up to this point that are publicly traded, and how do you view the approval of the ETFs, uh, specifically here in the United States as, um, on-onboarding additional users to Bitcoin? Or h- what's your overall kind of view as that's been happening over the last several years?

Also sind das so die, die Anspruchsgruppen, äh, die du ansprechen willst mit dem Buch?

Definitiv.

Ich glaube einmal was, was für die Babyboomer so Bit-- Immobilien waren, ist für die Millennials und Gen Z für mich ganz klar Bitcoin.

Also die Chance, die die quasi hatten, haben wir auch.

Und ich finde es, es gibt so ein paar Vergleiche, die ich so in meinem Kopf habe.

Einmal habe ich mit einem Freund gesprochen, der hat mir erzählt, dass er mit seinen Eltern vor Kurzem in London war und die waren in Chelsea und Chelsea ist in London eine sehr, sehr teure Gegend.

Und die Eltern haben erzählt, dass sie, ich glaube, in den achtziger oder neunziger Jahren hatten sie die Chance, ein Haus in Chelsea zu kaufen für einen Appel und ein Ei.

Ich glaube, dass den Leuten nicht bewusst ist, also einmal den Leuten außerhalb der Bitcoin Bubble, aber auch innerhalb der Bitcoin Bubble ist, glaube ich, den meisten Leuten nicht bewusst, wie wenig Risiko aus der Sicht eines klassischen