Except that institutional adoption isn't happening.

It costs a little over a dollar to make a transfer on the network. Not good for coffee but it's obvious that'll be solved. 8.3T was moved on the network in 2023. Bigger than Visa? Fastest ETF ramp ever ... by a lot. Two of three presidential candidates are pro BTC.

Over time, more and more people will see the advantages of having a currency that nobody can just print. The relative value of the dollar will keep going down as people switch out of it.

Consider what the debasement of the USD has cost BRK the last few years. 30% of 150B (cash position) is 45B. Add in the taxable gains on assets that were just inflation and not an actual gain. 20% of 100B? Another 25B. Maybe 70B in value transferred from the owners of BRK to the USG? If it was a one-time thing it'd be different, but around the world governments are printing away.

Maybe it won't happen. But maybe it will. If it does, it makes it very painful for a govt to spend more than they take in in taxes. Easy to see the benefit of a mechanism that limits a politician's ability to spend our money.

Berkshire Hathaway FAQ

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