Not only Bitcoin, but also the digital money we are talking about now, like the dollar, is the same. We can pay in decimals, right? So, if we make one dollar into decimals and divide it, does it cause dollar inflation? I completely don't understand [music]. Does the current halving look similar to the past halving? It flows very similarly to the past. During the previous halving, it increased by about one or two times over a year, and that was realized. Since last fall, it has risen like crazy. Last fall was good. Last fall, you probably bought Bitcoin in the 50 million won range. If you had been a bit quicker, you could have bought it for around 30 million won. Now it's over 100 million won, and it has even gone over 1 billion. But it dropped again. Now, after the halving ends, it will take at least 6 months, up to a year.

It was wavering and suddenly surged. Suddenly, until then, what I've been watching is the bounty, but now, because the mass is large, there are hardly any experts who see it that way. People who see it as a lot, people who see it as a little, I think about half see it as one or two times. In 2023, you published a book designating Bitcoin and dollars, and the current price has risen a lot compared to back then. Why was there less interest back then? If I were to pick the best year studying Bitcoin for 10 years, it would be 2023. The graph in 2023 is beautiful. Bitcoin didn't crash, it just remained at about one and a half times. It kept rising for a year, almost steadily. It was so amazing that it didn't crash. In fact, it was the most peaceful summer for Bitcoin. However, I don't think 2013 will be like that in 2014 because now, people are

There is a lot of attention to the halving, and of course, there have been rumors since the beginning of the year about the approval of ETFs for Bitcoin. However, people were deceived. The price fluctuated and dropped for a month. So, people were disappointed. But suddenly, the price almost doubled the next month. However, it rose close to double and then deceived again. Now, when people ask about Bitcoin, it's disappearing from our sight. This book is not selling suddenly. YouTubers are starting to not show thumbnails of Bitcoin bullish theories. So, quietly, you lose interest and get caught off guard. Many say that this halving is different because the price has been fluctuating a lot. There are many differing opinions due to the current unstable price. How do you see this situation? Well, if it continues to fluctuate without stability...

If it reaches 200 million now, it will be halved in the past, so it's different. So, although there is a halving effect, it seems that the Wall Street approval effect is more overwhelming, but it's not really overwhelming. In the end, the halving is the strongest variable for Bitcoin, and it seems that it will be influenced by that. Ultimately, no matter what product it is, the supply shock will be the biggest. So, the halving is accumulating the supply shock from now on, so eventually, there will be an impact. By the end of this year or early next year, there will definitely be some movement, and if you look a little further, I'm looking at around September. The interest rate is high at 5.5%. Can we expect the same increase as in the past? Actually, Bitcoin was affected by the real economy, which was true since the last corona. It can be said to be a liquidity market, so it received the impact of the corona shock first.

Bitcoin is the fastest to rise due to liquidity, and even when it falls, it's Bitcoin. So, we might think that Bitcoin is directly exposed to some macroeconomic variables, but the original nature of Bitcoin is that it is an asset that moves independently of the economic environment. Therefore, unlike similar ones, it is ideal. In fact, there are no individuals free from macroeconomics, and there are no products. It's a matter of how much exposure there is or isn't. However, there is now a unique religious phenomenon around Bitcoin. So, Bitcoin's core believers don't think that the price is important. Even if they are not many, they still remain true to the core. Because there are many philosophical followers of Bitcoin, when there are people who buy and sell Bitcoin as an investment target due to macroeconomics, there are also those who pick it up at that cheap price.

If we consider this phenomenon statically, it will be influenced by macroeconomic factors, but the decisive factor is still supply shocks. That's my intuition, and we need to look at it this time. So, interest rates are high. Therefore, if the interest rates do not decrease, ultimately, many problems will arise, and financial crises will erupt all over the world. In the short term, it seems like Bitcoin will decline. However, if financial crises occur and banks close their doors, historically, Bitcoin tends to rise when banks close their doors. It is not easy to find assets that rise when banks close their doors. To have confidence in such assets, would studying your book The Great Bitcoin contribute to making investment decisions? Ah, yes. So, in my opinion, Bitcoin is a bit like... if you poke it a little, unless someone is very stubborn...

Living is easy. Many people around me have bought it, but as time passes, hardly anyone keeps it. They can't keep it. So, those who invested in Bitcoin just casually eventually get hurt and start studying seriously. Some of them have crossed that hurdle and are now in a profitable zone. Those who didn't study got burned. They are now regretting not studying back then. That's how it goes. So, studying is always good. Moreover, I think studying, with Bitcoin as a guide, will be helpful. Because I didn't just translate foreign books. I wrote based on my studies and realizations, so it's quite different from translating foreign books. What is the biggest difference between foreign books and the books of foreign authors?

I haven't read all the books, but in the early stages, I read almost all the books and studied. However, I haven't seen a book that deals with Bitcoin in a humanistic way like I do. Especially now, I not only deal with Bitcoin in a humanistic way, but also mention the geopolitical order centered on the United States. Authors like Amos are implanting fantasies in people, saying that in the 19th century, the British-led imperialism was good for the world, but that's not true at all. On the contrary, the dollar-based system of the 20th century brought much more world peace and prosperity. But the unfortunate thing is that this order doesn't last long. That's why we are witnessing the fragmentation of the current order. This is when individuals see what Bitcoin means.

The book that discusses whether it exists, I haven't seen it, or it's because I'm specialized in my field, so I can't see that possibility. Surely someone must have talked about it, so I wrote a book because I haven't seen that book. Now, if it's about Bitcoin and Dalai Lama, surprisingly, the book has received a good response. Many people who read the book are not necessarily interested in Bitcoin. I am not a geopolitics expert, but I received responses like Thank you for organizing geopolitics so well. In this era of geopolitical crisis, how can Bitcoin help individuals? Peter Thiel talks about it straightforwardly. So, the current geopolitical change is the process of globalization falling apart. The globalization we know is over. That's why what we see right now is China, Russia, Iran falling out.

A block of one of the core parts of Russia, including Roca, is being formed, and the coastal block is now being formed. The coastal block, like in the old days, during the Cold War era, closely relates to the United States. The United States imports the products they produce and gives them money. They save the money by buying concrete from the United States. So, Americans just print money, while the oil price drops. On the other hand, they have taken away the jobs of skilled workers in their country. People who used to work in car factories or steel pipe factories have lost their jobs. They lost their skills. So, they were alienated, and Trump stopped them. Therefore, President Trump's message is that people will have jobs again.

I don't understand finance well, so what does it mean to get a job again? It means not a trade deficit of the United States but a trade surplus, collecting in dollars. It means that the dollar is not the central money in the trade payment system among third countries. It means that such gaps are created. The new order is in front of us now. In a word, this new order should be convenient. However, Bitcoin has the ability to reconcile this. Even if it falls at the national level, it has the ability to connect at the individual level. This is not about exerting power beyond geopolitics, but still, Bitcoin can mitigate that. Especially for individuals, for example, now if I want to import goods from a producer in Africa.

If the dollar system collapses, I don't have the proper money to pay, so if I don't have the proper money to pay, I can't import it in the first place. But if I pay with Bitcoin, it becomes possible to import. Even now, if I send dollars, the government of that country exchanges the dollars for the country's currency at a disadvantageous exchange rate, so exporters have nothing left to send to me. That's why there are cases where they just ask for Bitcoin. Even now, that's why they receive Bitcoin and use it either as wages for the producers or as the cost of the goods they produce. This kind of economy is gradually spreading worldwide. There are many reasons for this. However, now, it's not yet strong enough to borrow dollars. It's not the end of the dollar.

It doesn't mean that the dollar will last forever. The dollar is currently the currency used for trade settlements between countries that are currently not misled and not trading. However, when the moment comes that the dollar is no longer the currency, a viable alternative will be needed. Probably, a viable alternative will be something based on Bitcoin. There was a comment asking if the limited quantity of Bitcoin can meet the demand worldwide. Please explain. Yes, it's called the currency quantity model. So, what people misunderstand is the amount of currency and the circulation of currency. Therefore, the currency should circulate quickly, like Bitcoin does. So, even though there are only 21 million Bitcoins, if there is a certain transaction in an economic ecosystem that lacks 21 million, Bitcoin will be used for that transaction.

When the speed increases, the rotation rate becomes very high, which becomes difficult to handle. There is an opinion that Bitcoin is not actually divided into 21 million units. How do you see this? Friedman, Milton Friedman, a well-known monetary theorist, has passed away. He also received the Nobel Prize in Economics. When he talks about fundamental theories, he understands money well. Symbolically, a little bit is enough. After all, gold does not move, right? Even now, in the system that issues or guarantees dollars based on work, gold is not needed that much. Gold can be infinitely divided due to its physical properties. Anyway, it's abstract, so that makes sense. People who invest in gold hit the jackpot. Compared to other things, if it is divided, the price will skyrocket, right?

Bitcoins now, there are not 21 million bitcoins, but 21 million times 100 million, and if that 100 million is modified, it can become 10 billion. Is that correct? Then, will Bitcoin continue to rise? Now, in a debate, someone who understands the Korean currency very well said that because Bitcoin can be divided, it is actually infinitely issued, just like inflation. I was surprised. Is that person really knowledgeable about numbers? So, not only Bitcoin but also the digital money we are currently printing in numbers, like 1 dollar, is the same. We can pay with decimals, right? So, if we make 1 dollar into an infinite number of decimals and divide it, does the dollar inflate? I totally don't understand. When our son was in middle school, he didn't have the concept of limits, and I was bad at math.

I'm going to study, but if you keep going a little further to that wall, eventually, everything closes. But that's not the case. If you go half the distance, then half of that, and then half of that, you'll never reach it. It's called the asymptote, meaning you never reach it. So our son said, You'll become a slave to this language if you keep going. So, if you divide Bitcoin into 1/100 million, it becomes Satoshi. If you multiply 10 million times 1/100 million of Bitcoin, you won't get 1 Bitcoin, right? Isn't this math? This is not just about Bitcoin; it's about the moment we create digital currency. Numbers, well, there are integers and real numbers. Real numbers exist infinitely, and integers also exist infinitely, but within a certain range, there is a limit to integers. However, within a certain range, there is a limit to real numbers. I've never learned that there is a limit to real numbers within a certain range. Have you by any chance?

Did you learn that between 1 and 2, are there infinite numbers or finite numbers? There are infinite numbers, yes. Real numbers are infinite. Moreover, now it could not be a real number, it could be an imaginary number. People who don't understand math think like this. A perfectly normal person says Bitcoin is infinitely divisible, that means infinite inflation. Is that what they're saying? Honestly, that's not something a learned person would say. My son studies quite well now. When he was in middle school, a kid without the concept of limits asked me to teach him calculus. I realized it was impossible. So, later when I appeared in a certain media and debated about Bitcoin, I talked about my son. Can you debate calculus with someone who doesn't understand the concept of limits? You just have to educate them. Bitcoin is not a subject for debate, in a way.

It's quite arrogant, but this is actually true. People are not well-prepared to discuss. They are not well-prepared to discuss. In fact, when discussing Bitcoin, the topic is not about whether the opponent knows Bitcoin, or I know Bitcoin, but whether Bitcoin actually prevents manipulation of a country's macroeconomy. In the end, whether it is helpful or not helpful for the public can be discussed. When both parties understand Bitcoin, but if someone enters a Bitcoin discussion and says Bitcoin is bad without understanding it, and then talks about infinite issuance without understanding it, that's not a discussion. It doesn't reach the extreme. So, it's like a middle school student who hasn't reached the extreme discussing calculus. Discussion is about challenging the limits or what benefits individuals and collectively.

In the end, it doesn't help at all, and overall, it doesn't help. You should discuss these things. Have you seen a debate like this? They say Bitcoin is always good, good for individuals, good for society, and that Bitcoin can cure all diseases. Where are those crazy people who think that? Where does that exist among the things created by humanity? Is nuclear technology good for individuals and society as a whole? No, it's not. It's the same. Why should Bitcoin be good for everyone and heal the world? It's something created by humans; it's okay if humans don't create it. Natural things are the same. The sun is good, but how difficult is it to block sunlight? Bitcoin may be good for individuals, but do you view it negatively from a societal perspective for the public good? It seems like you dislike the paranoia of paranoia.

Paranoia cannot be cured by paranoia. You should treat it with realism. Think about when you felt helpless with your parents. Consider that your parents were all ignoring reality. There are various forms of paranoia. One parent may be paranoid, while the other needs to be realistic to maintain the household. Imagine parents running around thinking about unrealistic things like next month's rice and meat shortage. Think about how all parents engaging in social movements with distorted views of the world affect their children's normal personalities and characters. While survival may lead to skewed perspectives on the world, just as small families need realism, the same applies to national governance. Realism is necessary when discussing things like Bitcoin.

You need to have a sense of realism. If you completely forget about realism and believe that Bitcoin will cure everything and embrace Bitcoin, that won't work. You shouldn't tolerate this kind of knowledge gap. We need to grow together by debating it, but trying to eliminate such debates is absurd.

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