# Bitcoin as Time Preservation in Uncertain Markets

**Podcast:** The Milk Road Show
**Published:** 2026-03-06

## Transcript

I focus on Bitcoin because it's solving a very, very real problem in the world, which is people's inability to save.
What's up, everybody?
It's LG Du Set here, and welcome to the Milk Road Show, the daily crypto show where we explain why the world feels unstable and why Bitcoin was built for exactly this moment.
Today is March 6th, 2026.
We're recording late on March 5th.
I heard a very insightful line recently in a podcast, and it was that the fiat system steals time.
And I think in uncertain times like this, it's important to zoom out and circle back to the original promise of crypto and what has drawn many of us in to help us unpack that and everything that's going on with the market.
We're joined by Sam Callahan, director of strategy and research at Orange BTC, Latin America's largest Bitcoin treasury, and he is the author of that sentence.
So I have a lot of questions for him, and we're going to dive into everything that's going on.
Today's episode is brought to you by Midnight, bringing rational privacy to blockchain, Warbucks, the easiest way to trade crypto, and Nexo, earn interest, borrow and trade crypto.
Sam, welcome to the show, man.
Thanks for having me on.
Appreciate it.
So let's let's zoom out.
I love that line.
So drew me in for to have you on the show, man.
I'm excited to talk.
Can you tell me a little bit?
What about the world these days feels like structurally different maybe than five, 10, 15 years ago that still makes you so bullish on Bitcoin and crypto?
Man, um well, I think you know, over the last 10 years or so, Bitcoiners have been talking about the instability and the corruption of money itself, you know, fiat currencies.
And we talked about the long-term fiscal outlook and the diff and the challenges that exist for governments who have these a massive debt levels, and why it's likely that they're gonna current turn to either financial repression, which is allowing nominal interest rates to function below the rate of inflation, as well as currency debasement uh to try to get themselves out of that debt problem, and why fiat currencies aren't a good way to store wealth over a long periods of time, and why inflation is a real issue that is gonna face everybody around the world in currency debasement.
And so I think over the last five years, really, since the pandemic, when we saw this huge explosion of money printing, and the inflation that followed really woke up a lot of people and it pushed people to seek alternatives like Bitcoin to store their wealth.
And so when I talked about how fiat currencies steal time, really what I'm talking about is when we work, when we, you know, we convert your our time, our energy, and our skill into money.
And that money is supposed to preserve value for us to spend it tomorrow or in the future for whatever we need, whatever good and resources.
So money represents like economic energy in a way, and Bitcoin preserves that through its scarcity.
It can't be diluted like fiat currencies.
And it's like what Jack Mahler says you shouldn't work for money that somebody else can print.
And so fiat steals time in a way because we give our time and get compensated in money.
And when that money is diluted, that the fiat currencies steal your time.
And what's more precious than time?
Time is the most scarce thing that we all have, even more scarce than Bitcoin.
And so, you know, Bitcoin preserves time because you can't dilute it.
Nobody can print print more.
There's only gonna be 21 million.
And so it's a really, it's a really powerful concept.
I'm not the one who came up with it.
Bitcoiners have been talking about these ideas for many, many years, all the way back to the Bitcoin talk forum post in 2012.
And that's the beauty of Bitcoin.
You learn a lot from people in the community.
But money is stored time and fiat erodes it through dilution.
And that's kind of what I meant by that.
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Mm-hmm.
Mm-hmm.
That's a that's a good way to think about it.
You can't print more time, that's for sure.
You definitely cannot cannot make more.
Here's a question for you.
Then okay, on that basis, Sam, do you get paid in Bitcoin?
Is that I don't even know if I'm allowed to ask that question, but you don't you if you don't want to get you're saying why get paid?
Why work for money that somebody else can print more of?
So do you guys at Orange or anywhere else you work?
Do you do you insist on getting paid in crypto, or is that is that just you guys still gotta operate on a fiat system, anyways?
Yeah, at uh at Orange PTC, we we walk the walk.
So we're on the Bitcoin standard.
Um my salary is denominated in in Bitcoin.
Damn, nice, man.
Okay, right on.
Good for you.
Very cool.
Um, you wrote a really great piece uh on Twitter recently on X.
Basically, uh it was titled The Four Market Divergences, the price of Uncertainty is rising.
And you're basically telling us here that uncertainty is being repriced.
What is that?
What does that mean for for the modern investor?
Well, it means for the modern investor, you know, the last 30 years or so, uh, we've lived in a period of relative stability where we've seen globalization, we've seen uh trade become extremely efficient, which has has been uh disinflationary, or you know, in in practice, it's not inflationary for sure.
So goods and services became cheaper.
You know, we've been in this period of peace and stability.
And um, that's kind of changed over the last five to ten years, I would say.
You know, Ray Dalio says the monetary order is breaking down, right?
And and this is uh a result of when you get to this period of high debt levels, this is what happens.
You know, governments start to kind of uh get more, they start to think more domestically in terms of their policy choices, you know.
And so we're starting to see shifts and changes in global trade and and in policy, protectionism.
And a lot of these factors are inflationary in nature.
And so when I talk about the price of uncertainty is rising, you can kind of see that in in bond yields, you can see that in the way gold's trading, you can see that in the way Bitcoin's being adopted.
And all of these things are kind of saying the same thing is that, you know, we're no longer in the period we were 20 years ago, you know, in the period where you could just allocate 60, 40 uh equities and bonds and equities would, you know, do well.
And then when equities went down, you know, bond yields would fall and bonds would pick up the the slack and be that cushion in the portfolio, and everything would be great.
You could just set it and forget it.
You know, we're in this period now where you have to really think about diversification and you have to think about how stocks and bonds now are moving together more.
And that causes a lot of questions in terms of where do I allocate?
How do I protect wealth in this world of more uncertainty in this world where I have to protect it against risks that didn't exist or at least were minimized, say 15, 20 years ago, you know, rising geopolitical risks.
Uh, we saw it this last couple of weeks, right?
You wake up and suddenly there's you know escalation in the Middle East that you can't really predict.
But you want a robust portfolio that can manage weather any kind of environment.
And so I think I think when I wrote that piece, really what I was just trying to show is that the market is saying, hey, we're we're in a little bit of a different environment now.
And it's it's more full of uncertainty, it's full of risk.
And as investors, we have to think about how to protect against that.
And I think hard assets, I think assets like Bitcoin and um to lesser extent gold and other hard assets will likely do well to uh improve the risk adjusted returns of a portfolio and and actually protect your wealth in this environment.
So if you are kind of preaching diversification, what's the case for well, how do you how do you fit Bitcoin into a diverse portfolio?
Well, Bitcoin fits into a diversify, everybody's different, first off.
You know, this isn't financial advice.
It's to everybody's risk tolerance and their financial goals of how much diversification you want.
Uh, but Bitcoin's really useful because a little bit goes a long way due to its asymmetric upside.
Uh, its historical performance has been very good over long periods of time relative to other asset classes.
But on top of that, it actually has very low to moderate correlation with every other asset class over long periods of time.
And if you manage portfolios, you know that's really, really a rare thing to have an asset to just moves differently.
You just want something that moves differently than the rest of your portfolio.
And Bitcoin's driven by different uh price drivers and different risk factors.
And that's just a fact.
And when you look at, you know, people kind of pointed to it recently, being like, it just moves like a leverage tech stock.
And I'm like, okay, like maybe for the last you know, couple quarters or something, but really when you zoom out, Bitcoin is a very low correlation with many asset classes.
And so that makes it very powerful when you plug it into a portfolio, even if it's a you know, two, three, five percent allocation, which is now being recommended by many large financial institutions as a prudent allocation.
When you do that, it actually uh has an outsize of impact on your portfolio.
Now, if you believe in Bitcoin, you know, maybe that allocation's uh bigger, maybe it's much bigger.
But what I'm trying to say is a little bit goes a long way in terms of just reducing the risk of portfolio by incorporating a little bit of Bitcoin into it because Bitcoin's not correlated over long periods of time with other asset classes.
And that's extremely powerful.
It's a very rare empowerful thing in finance to find an asset like that.
Have you been surprised by the divergence of Bitcoin and gold in the past, I guess like 12 months?
Um yeah, I mean, yeah.
I I guess, you know, it's funny though, like four, four, four or five months ago, Bitcoin was making an all-time high and it was about 15% off gold at that time, you know, for a brief moment there.
So, and then 1010 happened, there was a leverage wipeout across the broader crypto market, which caused Bitcoin to crash.
And now it looks like gold's kind of crushing it, right?
So that's surprising to me because I didn't predict a 1010 leveraged uh wipe out or cascade, you know, the largest in crypto, you know.
And that's just what happens when there's the when there's leverage.
Um, but those are more like internal market dynamics.
It's not surprising to me that gold's doing well.
I if I said um, you know, if Bitcoin didn't exist, I'd probably own a lot of gold.
I just think Bitcoin's uh has superior characteristics than gold.
You know, not only is it smaller, so there's more asymmetric upside uh as adoption grows, but its digital nature, I think makes it superior, and then it's absolute fixed supply.
And those two things are inherent to Bitcoin.
Like it's, you know, and gold doesn't have that, gold will never have that.
And so over the long periods of time, I continue to think that Bitcoin's going to outperform gold.
But it's not surprising to me to see gold outperform right now in this time, given where Bitcoin is and it's an adoption cycle.
You know, most people still view Bitcoin as a risk on asset and they're still wrapping their heads around this.
It's uh it's brand new.
It's it's only it's 17 years old.
Bitcoin, uh, gold's been around for a long time.
It's an established safe haven asset.
Yeah, you know, you don't have to explain why people allocate to gold when there's a lot of risk or perceived risk in the market, people flock to gold as a safe haven.
I think some people are doing that with Bitcoin, but for the most part, that's not the case yet.
And so I could see a situation where you have large pools of capital, like like big uh, you know, central banks, uh, large institutional investors, pension funds who haven't yet learned why Bitcoin could be perceived as a safe haven asset, um, who are gonna turn to gold.
And so I think gold's gonna do well over the next couple of years because in a in an environment of huge fiscal deficits, accommodating central banks and um more inflationary pressures.
I think gold's gonna continue to do well.
And I think Bitcoin's gonna do well.
I think, you know, the problem with being early to a technology is that, um, or it's like a double-edged sword because there's huge upside because not a lot of people understand it yet.
So there's information asymmetry, and you could have that's an opportunity for people who do not understand it.
But you also have to watch the world kind of trip over itself as it tries to understand it.
It's gonna turn to other alternatives that you know are less attractive over the long term.
And um, you know, you just have to be patient.
That's the thing.
So the hard part with Bitcoin, in my opinion, once you understand it, it's not holding through the volatility.
It's actually dealing with the high time preference and the impatience of the traditional market and the investors in the traditional market, they only think month to month and quarter to quarter.
Bitcoiners tend to think in years and even decades.
Um, because we're holding money that can actually hold its value over that long period of time.
So we're not really in a rush.
It's more for us focused on the fundamentals and like things like Bitcoin adoption and signs of improving market access and like institutional adoption as well as like the hash rate, uh, number of active wallets.
Like if you look at any of those fundamentals from the network or as well as from Bitcoin adoption or regulatory acceptance, all those things are like some of the most bullish I've ever seen in terms of Bitcoin since I've been in it.
But the price is just kind of lagging behind right now.
But to me, that that represents opportunity.
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Sam, what is the end game for Bitcoin?
The end game for Bitcoin, I mean, it depends how far out you go.
Yeah.
Or comparing it to gold.
So I mean, if you want to go thousands of years, that's fine.
Um, but I think even you're inspiring that question to me because I'm thinking, you know, we have we've had a we're in a major period of uncertainty.
And naturally, like you're saying, you're not surprised that gold has gone up.
I think a lot of people thought Bitcoin would perform well during this time, and and maybe we're in a small market dynamic dip, like you're saying, so there's no proof that it isn't uh long term in this uncertainty.
But my question then is like, okay, in what situations or what circumstances, if we're going through another period of uncertainty or if it continued, would we see Bitcoin, I guess, fulfill that prophecy that is similar to gold, right?
That you would people would choose Bitcoin as much as they choose gold, let's say.
And I guess the further question is then like, so what is that?
Is that the end game for Bitcoin?
And if so, and if not, what is?
Look, the end game for Bitcoin.
I mean, it goes back to what I said before.
There's nothing that matches it in terms of its its scarcity.
And I believe it's it's already the most secure monetary network and it's only growing more secure over time.
And I think if you believe in the incentives of the network, then you think that's gonna continue.
And when I look out 50, 100 years, if I wanted to buy something and hold it for that amount of time to give to my kids and grandkids, nothing really matches Bitcoin, in my opinion.
So, like even gold, like I said, gold has an inflation rate of like 1.7% a year.
And it ink if there's if gold price spikes, then there's a response on the supply side where there's more miners because it's more attractive and profitable for them to mine.
So mining picks up, and then that inflation rate will probably rise, you know, to 1.8, 1.9, maybe 2% a year of dilution.
You know, the gold supply is being diluted.
And that happens, that will continue to happen.
Um, and it might even increase due to technological advances of of mining.
And so I'm comparing gold because it probably is a good thing, it's probably a second thing.
But if we think about that inflation rate, it means half your purchasing power, um, your purchasing power is halved in 30, 35 years, roughly.
And so if I want to hold something for 50 or 100 years, you know, I want something that's not gonna get diluted.
And Bitcoin's inflation rate is around 0.8% right now, and and that get cuts in half every halving cycle, and that approaches zero.
And so, you know, theoretically, the gold supply is infinite and Bitcoin's just finite.
And that's like a huge idea that I think people still don't understand how scarce Bitcoin is.
And so when I think about where's it gonna be, I think every single other asset over a long enough time frame is just gonna fall away to the wayside because it it there's risks involved.
So even if I was gonna buy like a uh commercial real estate building or like a family multifamily, you know, apartment complex or something like that, you know, that asset withers away with time.
It's just like it's made of materials and physical risks and anything could happen.
So if I look out over 50 years, again, I don't really want to hold like a building uh or something like that.
It's just I want to hold something that's gonna preserve its wealth.
And so when you ask me that, I just think eventually Bitcoin is gonna be the dominant form of savings across the entire world.
And I think once you have a premier savings technology and you have a way for people to save, that has second-order effects for society and the economy.
Where when you have more saving, people start to think more long term and they start to invest.
They start to invest in that crazy idea that turns out to be a breakthrough and that huge innovation that drives the world forward that otherwise wouldn't have been invested in because they wouldn't have the chance because they didn't have any savings to do it.
So when people can save, it drives innovation, which drives economic growth, which raises the quality of life.
And so I I just see, I guess you could see it's like a utopian vision.
But I think the ability to save is starts is like ground zero for everything.
And Bitcoin allows people to save because it actually preserves wealth over a long period of time, which you could argue maybe gold does, but again, gold gets diluted.
So over a long enough time frame, gold even fails at that too.
And so kind of a long-winded answer, but uh let's just say I'm bullish.
Ian, that that idea gets larger the longer I zoom out, or more likely the longer I zoom out.
And that's barring some kind of critical, you know, network bug or or something like that that throws things off course.
But you know, there's always risks.
It's it's it's very compelling what you're saying.
And um, I think that that's something that you know, especially in the last two years, it's starting your it's something we're starting to see in the institutional bit as well, right?
And even, you know, weeks like these last week, the last couple of weeks, this month, this year, there's no shortage of headlines of institutions, massive fund managers being super bullish on crypto and bullish uh very much on Bitcoin, and yet sentiment is all time low, man.
And I want to I want you to give me your take on that because obviously, yeah, price action is not great, but it's hard for me to believe that like a bottom so far of 60k is enough to drive fear and greed to like its lowest level ever in crypto, like really, you know, without any major blow ups or implosions, that seems so unrealistic to me.
And yet that's what's happened.
Yeah, I think I mean when you look at the data, you know, sentiment is is is down, but like what you were saying, the the institutional adoption and the fundamentals are strengthening.
So it's like what I said before, typically that presents an opportunity for long-term investors as an entry point.
You see this every single cycle.
Uh Michael, Michael Saylor says volatility is a gift to the faithful.
You know, really what he's saying is that in periods of volatility, especially especially when it goes to the downside, um, you see coins shift from short-term traders, short-term speculators who might have just been in Bitcoin just for the price action, who have now gone elsewhere, or maybe they're licking their wounds and sold at a loss because they didn't have conviction in Bitcoin.
They were just trading a number on a screen.
And those bitcoins get shifted into long-term holders, convicted hands.
And you see, that's what actually sets the floor each time in every single cycle in Bitcoin.
And so I know, I don't, I mean, I don't know, but I know that there is men and women all over the world who over the last couple of years, they didn't just buy Bitcoin, they read books on Bitcoin, they listened to podcasts, they learned about it, and they thought, wow, this is amazing technology.
I want to own this.
And they feel so much regret because they want, like, say one Bitcoin or something, and Bitcoin's at 120K and they think I missed it.
I, you know, what was I doing five years ago?
I should have bought Bitcoin, like I missed it, and they're sad, you know.
Yeah, but then the price drops like this.
And I know there's people all over the world that are just like, wow, this is such an opportunity for me now.
You know, I'm gonna work an extra job.
I'm gonna pick up that shift.
I'm gonna sell whatever that you know, my my second car that I had or something, and I'm gonna buy more Bitcoin.
And that's what I mean.
I know that that's happening around the world, and I applaud those people and I'm excited for them because they are gonna get in at a better entry point now, and maybe they'll reach their stacking goals.
And they're convicted long-term holders who have an understanding of this thing.
And they're the ones who are gonna help set this floor before we go higher.
And each cycle in Bitcoin, this dynamic of the Bitcoin transitioning to long-term holders, it it get it happens at a higher price level, right?
You know, the the last, you know, back in uh 2018, it happened around 3K, where this happened.
Um, and then in 2022, it was 20K where you saw some of this floor getting set.
And now around here, maybe it's maybe it's 60K where this is happening or this range that we're in right now.
And that's really bullish for Bitcoin's long-term adoption.
And you see it, you know, you saw OGs kind of selling at the top, you know, maybe they're buying back in now, or maybe they, you know, bought a lake house or something.
But now those coins are going to people like who just heard about it before.
And that's bullish.
You know, more distribution of Bitcoin across different hands, less concentration.
Like, you know, if you find green shoots in this, you can.
And I and you see it on chain as well.
You know, the realized price basically, like the cost bases just rise uh over time.
And it's just it's it's uh it's what I expect to see.
And you know, volatility isn't a bad thing, it's an opportunity.
Stan Jucken Miller was just talking about this in his last interview.
It's he said, you know, you can't be a victim of volatility.
You gotta, you gotta own it and then take advantage of it, um, especially if you believe in, you know, the underlying asset.
Um, you know, price and value aren't the same thing.
And so if you think a decentralized ledger that is permissionless and censorship resistance, um, and has an asset that can't be diluted, then if you think that has value and you think it's undervalued in the market today, then the only thing that's changed is price.
I gonna ask you a challenging question, Sam.
Maybe an exercise you haven't done.
If you were to play devil's advocate to all your bullish reasons, what would you say?
What what would you say you're trying to convince an alternate version of yourself?
Or there's the devil on your shoulder that at night tells you, Sam, you're so wrong about Bitcoin.
I doubt that thing exists.
But let's say it did.
What would it tell you?
What would you think is the most logical bear case to everything you say?
Well, I'll push back first off because that exists.
I'm not okay, good.
And it exists constantly.
You know, I always question my thesis, and I'm always looking for ways that I'm wrong.
Let's go and there's like an adversarial thinking that I think is really healthy.
Um it's actually helpful for Bitcoin and the Bitcoin community to have like very adversarial thinking of how can this fail or what are the attack vectors?
And so I'm always kind of thinking about these things.
And um I think I think the where I'm wrong potentially is you know, is just kind of the time horizon more than anything.
You know, I could be well off my projections of where I think Bitcoin's gonna be in five years and 10 years.
Maybe it takes much, much longer for the world to start to appreciate uh the asset, and then I'm allocated to the wrong thing, you know, for the next 20, 30 years, and I'm just kind of sitting waiting for it to to run.
So I think you know, we could be too early to this, and maybe I'm too optimistic about the world waking up to it and adopting it the way that I think it it will be and it should be.
You know, maybe we are in the a period where people look elsewhere beyond Bitcoin for that safe haven asset and people don't appreciate its characteristics, you know, and and so it's kind of a matter of education.
Obviously, there's a lot of talk around like quantum and all these tech risks.
It's kind of hard to know what that what that risk is exactly, you know.
There's really I think there's a Venn diagram of people who understand quantum and people understand Bitcoin and the underlying cryptography.
There's probably I don't even know how many people are in that middle there who understand both.
And so there's a lot of dunning cougar happening on both sides.
And I don't pretend to be an expert in quantum computing, and I don't pretend to be the most technical even Bitcoiner either.
And you know, I uh the I'm not like a developer who or core dev who really understands um how quantum could potentially, you know, I know like the the talking points and and high level of what the risks are, but you know, in terms of how fast those risks will come, um, I'm not sure.
So maybe I'm underestimating that is what I'm trying to say.
Um, but I am optimistic of Bitcoin's ability to, as an open source protocol to come to consensus if there's a real threat that comes along.
And so, you know, when I see like Nick Carter and others talk about the risk of quantum, I think, you know, what Nick's saying is pretty reasonable.
He he just wants more conversation around it and and more kind of planning.
But, you know, my one worry about that is more like meta, where you know, the road to hell is paved in good intentions.
And when I see, you know, upgrades that happen on the protocol, I think we need to be very, very cautious.
Like I am in that camp that believes that we should be extremely cautious with any upgrade because there always seems to be unforeseen second-order effects, unforeseen consequences of upgrades.
You actually see that a lot in the history of Ethereum.
You know, every single upgrade they make, they seem to create two or three problems that require the next upgrade.
And that's what I don't want to see happen with Bitcoin.
And I don't want to see a situation where there's a contentious chain split or hard fork.
Um, and so my worry is that like going down that road and saying like we need to do something now to prepare for this risks, you know, that could actually cause problems in itself.
And so I just I hope that we're very uh very cautious, very, you know, conservative and slow with our thinking around, you know, how we could upgrade the protocol if we think one day the risk might be large enough where we need to do that.
And so again, long answer question, but uh, you know, I guess in terms of my blind spots, I think, you know, those are the two.
It's just perhaps my time horizon's way off with Bitcoin, and perhaps I'm understating uh the technical risks.
Um, but but I think Bitcoin's the most secure monetary network in the world right now.
And I don't really think that's really up for debate.
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Mm-hmm.
Mm-hmm.
Okay.
Well, that's thank you for sharing uh your well-rounded uh second guessing thoughts with us.
Uh very valuable.
So I mean, I think a lot of people, a lot of bulls are, you know, uh maxies on certain things, like they know they don't really entertain that kind of stuff.
And I think it's so important to do that.
Uh, especially when we're talking risk assets, man.
You know, um, there are things that are trying to transition out of being a risk asset, but are still risking.
Yeah, I don't consider Bitcoin a risk asset.
I think it's the least risky asset.
The least risky.
It's the least risky of the risk assets.
It's another it's trying to get promoted to the tier one.
I think Bitcoin's a risk asset.
I think it is not.
Okay.
I own it for all the risks I eliminate compared to all the other assets.
Anti-risk asset is the anti-risk asset.
Okay.
Uh last question for you, Sam.
There are a lot of things in crypto.
And we have a lot of conversations uh again about institutions.
They are creating ETFs for other assets.
They are you know partnering with other platforms.
Um, not that back Bitcoin is a platform, but you have a lot of uh adoption of other uh infrastructure and protocols and stable coins, a lot of different stuff going on, uh, a lot of really compelling use cases, revenue cases, reasons that these things will be part of this new financial global uh uh global financial ecosystem.
Why would you I feel like you are all in BTC and no thanks to the rest?
Am I right?
And why would that be?
I think there's like interesting kind of technological breakthroughs a little bit in the other cryptocurrencies.
I just think they could eventually come to the most secure and decentralized protocol, which is Bitcoin by far.
I think stable coins are kind of interesting, but they just kind of improve the uh inefficiencies of fiat, but they don't actually fix the main problem, which is debasement and dilution.
I focus on Bitcoin because it's solving a very, very real problem in the world, which is people's inability to save.
And it's actually, you know, I consider it a form of money, uh scarce, a scarce hard digital asset or digital money, and no other cryptocurrency, I think, is going after that.
Um, you know, the store of value.
I think Bitcoin's already won that.
And so, you know, and it comes down to Bitcoin's security and Bitcoin's decentralization.
And I don't, it's uh to me, it's always been the two most important things.
Everything else on top of that, when it comes to functionality and efficiency, it's kind of nice to have.
But if you have like a really efficient blockchain um with all this functionality that's inherently insecure, to me, that's like building on quicksand.
And it's just it's not as exciting.
I also have really concerns about proof-of-stake consensus mechanisms.
You know, proof of work is there's a uh is a tie to the physical world, and you can't fake energy, you can't fake jewels.
And so that's really important to me.
Um, when you look at proof of stake, I think there's risk of collusion and and centralization.
And I think you see that.
I think I think you see that in the data.
I think uh, you know, in back in 2023, I wrote a piece of entering 23 of why I was bullish.
And one of the reasons was that Ethereum merged into proof of stake.
And I thought that was extremely bullish for Bitcoin because Bitcoin became the de facto only proof of work protocol at scale.
And I just believe in proof of work as a better consensus mechanism than any other out there uh because of the use of energy.
And um, I have a science background.
You know, if Bitcoin didn't have energy um built into its incentives and use of proof of work, I don't think I'd be interested in Bitcoin.
Um I think it's that important.
So I focus on Bitcoin because I think it's the thing that's good most likely to be around in in 10, 20, 50 years.
It's going after, you know, money itself, store value, which is very, very needed in the world given fiat currency's inability to store value.
And um, everything else, you know, might be cool.
And I, you know, I don't like I don't like uh crap on other projects.
You know, I just kind of stay in my lane and focus on Bitcoin because it's just it's something that it's really passionate about is providing people with a open, permissionless way to preserve their wealth over long periods of time and to save, you know.
I think that's like really, really cool.
And I think that's like a really uh could make a really big impact on the world.
And sure these other technologies might make impact too, but I just don't see how that's gonna be more important than what Bitcoin's gonna do.
Right on.
Well said.
Good thesis, man.
And thank you for sharing with us on the show.
Uh, I think we'll wrap up right there.
But if you guys want to hear for more from Sam, uh you can find him on X at SamKala uh is his handle.
And Sam, thank you for coming on.
Yeah, I appreciate it.
Thanks for having me.
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