Episode 63 - Thank God for Bitcoin with Jimmy Song
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Money is a fact of everyday life. We earn it, spend it and save it. We’re tempted to worship it and to trust it to provide for our needs. While much has been written about the power, danger, and stewardship of money, little has been said about what money actually is and whether or not money itself is moral.
Today’s guest is here to change that. Jimmy Song is a bitcoin advocate, developer and author who has been contributing to open-source bitcoin projects since 2013.
On today’s episode he explores the ways in which the current monetary system is broken, what can be done to fix it, and how the ongoing transition to sound money may be a source of hope for a broken world.
Episode Transcript
Some listeners have found it helpful to have a transcription of the podcast. Transcription is done by an AI software. While technology is an incredible tool to automate this process, there will be misspellings and typos that might accompany it. Please keep that in mind as you work through it. The FDI movement is a volunteer-led movement, and if you’d like to contribute by editing future transcripts, please email us.
Jimmy Song: So Esau had what we would call in between high time preference, right, like he was very impatient, didn't have much prudence. Jacob had low time preference. He was willing to wait. He was patient. He was prudent. He was wise. And that's what I wanted to point out about Bitcoin is there's an ethic of being willing to wait because Bitcoin is very volatile. It does sort of like turn your stomach. There's a lot of emotional disturbance in the price going up and down that you kind of have to go through that a lot of people simply can't take. So for a lot of people, they would rather live for tomorrow and be more like Esau, who cares about my estate? That's like 30 years from now. I'd rather have the suit now rather than being like Jacob. OK, I'll forgo the suit now, but that means that I get this huge treasure later on. And to me, that's at the heart of what both Bitcoin is about and what Christianity is about. Our God promises us treasures in heaven for doing the things that aren't necessarily rewarded in this life. And that's for me, what the ultimate in low time preference behavior looks like.
Rusty Rueff: Welcome back, everyone. You found us once again at the Faith Driven Investor podcast. Money, money is a fact of everyday life. We earn it, we spend it, we save it. Sometimes we give it away. We're tempted to worship it and to trust it, to provide for our needs. And while much has been written about the power, the danger and the stewardship of money, little has been said about what money actually is and whether or not money itself is moral. Today's guest is here to change that. Jimi Song is a Bitcoin advocate, a developer and an author who has been contributing to open source Bitcoin projects since 2013. On today's episode, he explores the ways in which the current monetary system is broken, what can be done to fix it, and how the ongoing transition to sound money may be the source of hope for a broken world. We can't wait to hear what you think of this, but let's go mine this subject right now.
Henry Kaestner: Welcome back to the Faith Driven Investor podcast. We've got a really special episode. I say that at the beginning of every one of these look and at some point in time that's going to ring hollow, but it's not going to ring hollow today because today is actually super cool. We have our first ever Asian cowboy on the podcast. We've never had that before. We never had anybody who was wearing a cowboy hat to a podcast interview. And we may even be able to do a video clip of this in the promo reel. But Jimmy's song is a really special guest because he's going to take us through an asset class, Luke, that we actually participated in a little bit, but we don't know very much about, right?
Luke Roush: That's right. And it's a hot asset class, right? It's garnered a lot of notoriety and a lot of interest in the last few months. So never had an episode on Bitcoin been more appropriate.
Henry Kaestner: I agree. We've got Jimmy Song on the podcast today. Jimmy, welcome.
Jimmy Song: Thank you for having me. It's very exciting for me to be on this podcast. I've done a lot of Bitcoin podcast. I haven't done that many Christian ones. So I am super excited to talk about my faith and how Bitcoin relates to our faith.
Henry Kaestner: So it's great having a is a real treat before we get going. One of the things that we like to do with every one of our guests is to understand who they are and where they come from and just share with us a bit, you know, who are you? Where do you come from? Where did faith enter into your journey? And then, yes, absolutely. We can tell about all things talking about the money system. We going to talk about greed and corruption and government and crypto and it being a force for good, all those different things. But who are you? Where you come from?
Jimmy Song: Sure. I was born in South Korea and I immigrated to the United States back in nineteen eighty five as an eight year old. So my dad was transferred to an office in New York because at the time he worked for a textile manufacturer and back in the eighties that was where a lot of clothing was made in Korea. But of course the designers were in New York and they wanted to see what materials factory could make and so on. So he was the representative for that company. He worked in the Empire State Building. I still remember going to his office, you know, on the sixty sixth floor next to the diamond exchange and everything. Anyway, we immigrated in nineteen eighty five and one of the things that happened when we came was my parents just kind of missed Korea and though they weren't religious at the time, they decided to go to church as a way to meet other Korean people. And we started attending church maybe a month after we came to the US and part of that was me growing in faith and learning about God. I went to a summer overnight Christian camp called Word of Life in upstate New York. That was where I was saved. And it's been a journey since then. Also, around that time I got into computers, I didn't really even know what they were, but I had like this natural affinity towards them. And I begged my dad to get me one. He got me one from Toys R US as a fourth grader. It was a Commodore sixteen, not the sixty four that everyone knows was a sixteen, which only had like three games. So I learned a lot of programing on that thing, mostly because I wanted to play with this machine and I've been programing ever since. So I've been a programmer all my life and I went to a startup right out of college. I've been doing startups for a long time, pretty much since I graduated college, which was back in ninety eight. And I learned about Bitcoin back in 2011 when I was reading tech news site that said Bitcoin has reached parity with the dollar and I couldn't even pass that sentence. I was like, what does that mean? How do you get parity with the dollar? And then I found out that it was a digital currency and so on. And yeah, I've been doing stuff in the Bitcoin space, contributing to open source projects, writing various books, speaking at conferences, teaching people I'm also a Bitcoin fellow at a venture capital firm and things like that. So. Yeah, it's been quite a journey, and I'm excited about this podcast because it is sort of talking about two things that got integrated into my life and it's something that only God can do.
Luke Roush: Jimmy, some of our listeners don't have a ton of exposure to Bitcoin, maybe they haven't actually spent the time that you have to really understand the currency and kind of how it works. But pretend we know nothing about Bitcoin, would you mind just kind of walking us through kind of a crash course for dummies, myself included, on how Bitcoin functions and what our listeners might want to know or pay attention to as we're watching this universe unfold before our eyes?
Jimmy Song: Sure. The easiest way I can describe Bitcoin is as digital gold, and it's digital, I think, which most people understand. But it's also like gold in the sense that it requires no permission to go and gather it. So gold has always been like that. If you own some land, you can go dig in your backyard or whatever to go search for gold. That is everyone's right to do. You don't need permission from anybody. So in that way, Bitcoin is what we call decentralized. There's no central authority that determines whether or not you are allowed to create that or find that particular commodity. This is unlike the US dollar, for example, which is centrally controlled. If I tried to produce a one hundred dollar bill and managed to make it look very realistic, I would get arrested by the Secret Service because the production of US dollars is controlled by, well, at least the physical notes by the Treasury, but really most of it by the Federal Reserve. So a lot of things are centralized, including concert tickets, coupons for online stores or whatever. What's unique about Bitcoin is that it's digital and decentralized and this usually blows people's minds. And honestly, most of us in the computer science field didn't think that that was actually possible until Satoshi Nakamoto showed that it could in 2008. And that was a big breakthrough in Bitcoin was the fact that it was both decentralized and digital. That is, it had no central authority, but it was also digital. When most people think of digital things, they think like MP3 files or Web pages or e-books or something like that, something that can essentially be infinitely copied with perfect fidelity. But with Bitcoin, you have something that's decentralized, not infinitely copyable because there's a ledger and this is what's called the block chain. And that block chain holds essentially every transaction that's ever been done on Bitcoin. It's not very different than, say, the ledger at your bank, which for them has the record of every single transaction that's ever been done by their customers of that bank, except that block chain is completely distributed. Everyone that runs the software can check exactly that. The ledger balances, for example, that no one's overspending that noone's overdrafting, that the rules of the ledger are being kept up and not violated and so on. And that's essentially what it is. We also call it digital gold because of this process called mining with gold. I'm told that you need to scour something like 40 tons of dirt and rock before you find about one ounce of gold. So there's a lot of dirt and rock that you have to process. You use chemicals on before you find that one ounce of gold. Bitcoin also has that same process for bringing new Bitcoin into existence, except instead of dirt and rock, what you have lots and lots of numbers. So you process as many numbers as possible and you'll find that sort of one ounce of gold, if you will. And much like gold, that process of finding that gold is much more difficult than verifying that ounce of gold is genuine. The chemical test is much cheaper than actually digging up an ounce of gold in the ground. Similarly with Bitcoin, the process of finding a number that satisfies a particular property is very, very difficult. You just have to brute force lots and lots of numbers, the equivalent of 40 tons of dirt and rock. But when you find it, it is very easy to verify. In fact, your cell phone can go verify that it's been done, whereas the actual process of finding it requires many, many thousands of thousands of machines.
Luke Roush: Yeah, that's fascinating. And a whole bunch of other questions you go off in terms of who the miners are, where they live, how they mined. But now I want to go over actually to an argument that you make in your book that it could be really interesting to our listeners, maybe resonant given the environment that we're currently living in. It's around the moral argument for Bitcoin versus currencies that can be printed more readily. Could you just kind of articulate that view on the merits of Bitcoin relative to fiat currency?
Jimmy Song: Sure. The thing about the current monetary system, which is central bank backed fiat money, it is extremely corrupt for the lack of a better word. There's a lot of theft in it. There is what we would call huge moral hazard within the fiat money system. And this is because there exists a money printer. Unfortunately, not that many people know how money works. I'll just briefly describe it. When the government has a budget of 4 trillion and their tax revenue is three trillion, you have a one trillion dollar deficit. So where do they get that money in the past before central bank back fiat money? What? The government had to do was to go borrow that money from people that actually had it. So King John, for instance, wanted to borrow a ton of money to fund the war that he wanted to do as a part of England. The merchants that lent to him charge them two hundred fourteen percent interest because they were pretty sure that they wouldn't get the money back. So at least after six months, they'd get some of it back and interest and then go from there. So that's how money used to be nowadays. That one trillion dollar gap, it sold US Treasuries. There are other central banks that buy it. There are people in the public that buy it. They're hedge funds and various pension funds that will buy it. But there's usually some left over. So say they sell five hundred billion to various parties, but they have five hundred billion left. What happens? Well, the central bank is called the lender of last resort. For that reason, they will buy up the other five hundred billion dollars through money that they created then. Er so it's essentially monetary expansion through debt insurance and that's how the monetary system currently works. And it's not just at the government level, it's also at the corporate level and it's also at the consumer level. So if you think about corporate bonds and whatever bond buyers know, you can get tremendous leverage. You can actually just get the spread. There's questions about, OK, who's buying these like one and a half percent bonds. Right. Like that pay like nothing. Well, it's because you can go get loans for one hundred percent of that amount. It just becomes sort of like a money generating machine. And even if you're getting paid like 20 basis points, if you're getting loans at five basis points to 15 basis point spread is all profit and you can leverage the heck out of it. So you borrow a billion and you get 15 basis points on a billion dollars. That's still a significant amount of money. So that's how the current system works. It's based on that. It's based on money printing. It's based on monetary expansion that can be sort of like game by the people that are in control. And that means that there is a huge moral hazard or the people that are printing the money because they can use it to benefit themselves and their friends and their family at the expense of everybody else. Every time you expand the money supply, you are essentially stealing from everyone that has saved in that currency. So if you have money saved in the dollar and the dollar expands and supply, then your dollar has a little less purchasing power. And you could kind of see that in the asset inflation bubble that we're in with stocks and even bonds and real estate and maybe even gold to some degree. But every time the money expands, you are stealing from everybody else that's holding the dollar. And this isn't just people in the United States. A lot of those people are in third world countries. They use the dollar as their store of value because their own currency is even worse than the dollar. So in essence, every time money is being expanded through debt creation, we are essentially stealing from everybody else that has money stored in that fiat currency. So from a biblical perspective, it is immoral and it is doing something that God detests.
Henry Kaestner: Hold on saying this is the almighty dollar. If this is the greenback, you're saying that there's something just wrong with the system and then maybe you'd even suggest that because we are all transacting in dollars that we may even, by extension, be morally complicit in this.
Jimmy Song: Yeah, yeah. I mean, every time we take out a mortgage, for example, I mean, think about this. You take out a mortgage for, say, a quarter million dollars, two hundred fifty thousand dollars, and you get three percent, 30 years or something like that when most people think with that mortgage is OK, some that is on the other side of that trade that's lending out two hundred fifty thousand dollars for three percent for 30 years. And that's simply not true. If you were an investor, you would never take back 30 years, three percent with some credit risk. And so, like, nobody would do that. The only reason that happens is because they print that money into existence. And that mortgage in turn is actually insured by Fannie Mae and Freddie Mac. So really, there's no risk for the bank at all. And the government's the one that takes the risk and they print the money for your benefit. So we're all complicit in this. And I'm speaking as a person that has a mortgage, so I'm complicit in this as well, and that we are expanding the money supply. Clearly, the borrower is benefiting because they're getting access to a lot of money at once. The bank is benefiting. They're getting paid interest. So who's it actually hurting? Well, it's hurting everyone else that's holding the dollar, including people in Nigeria that are holding dollars because the Niros inflating very quickly. So how do you even for them, I mean, we're stealing from everybody through this monetary expansion. And the US is the most guilty of all because we got first access to that dollar, whereas people in Nigeria, for example, get last access as a result of what's called the Cantillon effect. They get screwed more than everybody else being convicted.
Luke Roush: And my guess is that many of our listeners are also being convicted based on that last 60 second report, which is good. I think it goes over a lot of people's heads and just kind of passed us. But we don't. Realize that we're living in it, so I appreciate you shedding light on that, one of the things that Indonesia, where I used to live is known for is having the most expensive coffee in the world, which is Kopi Luwak coffee and I won't go into all the details of it. But my understanding is that you may be an expert on some of the most expensive beef jerky in the world. And switching gears, I got to ask the man we need to hear the beef jerky story, most expensive beef jerky ever produced in the world. Jimmy Fallon on the show today.
Jimmy Song: Yeah. So 2013, there were a lot of different companies that were allowing came in and bitcoin. And this is sort of the mistake that I made. I want to support this company that's now taking Bitcoin. And it was online and I decided to order some beef jerky from that company. At the time, Bitcoin was about four hundred dollars. So I bought one hundred dollars worth of beef jerky and I was like, OK, it's a quarter bitcoin. It's not that much. I'll buy it. They shipped it to me. It was delicious. I don't think it was like twelve thousand dollars delicious though because currently Bitcoin is up forty eight thousand. And this is kind of what happens with a lot of store of value assets is that I've known people that worked at Dell or something early on and they had stock options. They decided to sell them for a couch and it turns out that the stock kept going up or whatever, and that couch is now ten thousand dollars or something instead of eight hundred or something like that. So you know this. I regret spending Bitcoin on that beef jerky. Yeah, there was also a sewing machine I got from my wife, which costs like a tenth of a bitcoin that's now like five thousand bucks. So, yeah, some regrets.
Henry Kaestner: So when you're referring to store value, you're referring to beef jerky as a store value. So tell us you've written a book on this. Tell us about the book.
Jimmy Song: Thank God for Bitcoin. Yeah, it's all about the moral case for money. And it comes from a Christian perspective. I got to write this during covid as a result of Bible study that we started doing on Zoom. So basically I had gone to this conference that Russell Cohen put together. He's the left tackle for the Carolina Panthers and he also wrote the foreword for our book. And his brother in law, George was one of my coauthors, is a Christian, and we started talking about it and we decided, OK, you know what, let's do a Bible study of just some verses in the Bible that talk about money and oh, my goodness, there are so many verses in the Bible that talk about money. So we started doing that. And as we finished, he expressed some interest in learning more about the economic aspect of it. And I come from the Austrian school and I've read a lot of stuff on it. And we decided to open it up to some more people. And we had about ten different Bitcoin ers that have known through conferences and so on that I knew were Christian. And we got together. We studied two books, The Ethics of Money Production by Guido Huelsmann and Honest Money by Garry North. And both of them treat the monetary system from an ethical perspective. And we ended up doing studies of both books. And at the end we were dissatisfied because both of them ended with, hey, we need to go back on the gold standard and we need to get a political action committee together and convince enough people so that the dollar can go back to being backed by gold. And, you know, I mean, we're reading this and thinking, OK, this is completely unrealistic and this is never going to happen. But we have this thing called Bitcoin where each individual can opt out. We need to write a book to lay that out. And that's how the book started. We wanted to make the moral case for Bitcoin and we wanted to do it from a Christian perspective. So there's a lot of verses in there. We definitely take the Christian world view in this book, and the hope is to give that moral perspective, because for a lot of Christians, I think what they think of when they think of Bitcoin is OK. It's like the money used by drug dealers and traders that just gambled their money or something like that. And for us, it's very much not. It's a more moral money. And that's the argument that we wanted to make in the book, and that's what it covers.
Henry Kaestner: So it's very interesting. I want to get more into the rifts that you've had with friends in Bible studies about faith as it comes through. And I just you got one of the most entertaining Twitter feeds of all time. And the other day you talk about Esau and Jacob and their take on Bitcoin. Selling Bitcoin: Esau's soup, buying Bitcoin: jacob Father's estate. Please explain.
Jimmy Song: Yeah. So Esau had what we would call in Bitcoin high time preference. Right. Like, he was very impatient, didn't have much prudence. Jacob had low time preference. He was willing to wait. He was patient. He was prudent. He was wise. And that's what I wanted to point out about Bitcoin is there's an ethic of being willing to wait because Bitcoin is very volatile. It does sort of like turn your stomach. There's a lot of emotional disturbance in the price going up and down that you kind of have to go through that a lot of people simply can't take. So for a lot of people, they would rather live for tomorrow and be more like Esau. Who? Cares about my estate, that's like 30 years from now. I'd rather have the suit now rather than being like Jacob, OK, I'll forgo the suit now, but that means that I get this huge treasure later on. And to me, that's at the heart of what both Bitcoin is about and what Christianity is about. Our God promises us treasures in heaven for doing the things that aren't necessarily rewarded in this life. And that's for me, what the ultimate in low time preference behavior looks like.
Henry Kaestner: So I want to do a slight pivot here because I'm thinking through this. I'm going beyond the moral implications of the monetary supply and I'm going to be thinking about that for a long time. I know our listeners are, too, but one of the things that has stuck with me is when you talked about the Nigerians being the last people kind of in the stream, so to speak, what is Bitcoin mean? And maybe I'm reading too much into your comment or just this general thought, but what is Bitcoin mean for people in places like Zimbabwe where they've got to take wheelbarrows of cash just to buy food? You know, is their role here for Bitcoin and poverty alleviation? Can that happen or or do those governments shut it down? Because that's their last stranglehold on the people. Just riff about what that means a little bit in developing economies.
Jimmy Song: Yeah, and it's been a tremendous in developing economies. In fact, one of my coauthors is Jordan Bush, and he actually inspired that Esau tweet. He is a missionary in Uruguay and his congregation is actually largely Venezuelan and they love Bitcoin. They think it's something that is very important to them and in part because they can actually send money back home. A lot of these regimes, when they get in power, what they do is they impose strict capital controls and so on to make it very difficult to do anything monetary because they are spending their own money in hyperinflation. That the previous book that I wrote is the little Bitcoin book. And one of my coauthors there is Alex Gladstein, who's the chief strategy officer for the Human Rights Foundation, and he's really interested in Bitcoin, in large part because a lot of human rights activists in these countries, the first thing that happens to them, once the government finds out that they're doing something against the government's interests, is they get their bank accounts seized, they get financial, they get their financial access sort of cut off. And Bitcoin for them is a life saver. So there's that aspect to it. But there's also that other aspect that you are talking about, which is, you know, being able to store value. So one anecdote that I like to share is that one hundred dollar bill, a crisp one in a lot of third world countries, will trade at a premium to a wrinkled one. And you might be wondering, why would that be? Why is the crisp one trading at a premium to a wrinkled one? Well, the crisp one is more valuable because they're given as gifts at weddings and so on. So when you're presenting a gift to the bride and groom or something like that, you want a nice crisp bill. So the wrinkled one trades at a discount because these people are using these as stores of value. This is you're starting off your new life. Here's some money and that's how they store it. So for a lot of those people in Third World countries, the US dollar and so on is a lifeline to being able to store their wealth. And if we're thinking about like what's happened to the US dollar in the last year, then two money supply, for example, has expanded by thirty five percent or something crazy. For a lot of people in Third World countries, it's even worse. So they have their own currencies, which through legal tender laws and monetary injustice of all kinds, they're forced to use. But it's inflating at such a high rate that they need something else. They want to store value in something else. And if you go to like the black market in Venezuela, for example, you know, no one takes bolivars or if they do, they have a quick way of getting rid of it because no one wants to hold on to them, because an hour from now, it's going to be worth less than what it is right now. So that whole process is very detrimental to their living and it makes all sorts of economic calculation crazy. It generally devalues labor and so on. So Bitcoin definitely has a role. The country where Bitcoin is most popular besides the United States is Nigeria right now. And it's because the Naira is expanding fairly quickly. They have a pretty technical population. One of my coauthors from the previous book runs an exchange there, and he's trying to comply with the central bank of Nigeria's mandates and so on. But yeah, it's a life saver for a lot of them because they can actually store value instead of having it just sort of like frittered away. And a lot of the injustice that we see in the world is actually monetary injustice. And honestly, a lot of that is because of the dollar hegemony that is over the entire world. And this is something that I think as Americans, much more so than, quote on quote, social justice or whatever that we have to think about as a nation. There's a monetary imperialism that is over the entire globe. The US can more or less unilaterally enforce sanctions on Iran because of the dollar, all international transactions. These are settled in the dollar and so on, so. You know, that level of control, that level of ability to affect people in Third World countries, this is something that we need to really face up to as a nation because we've been abusing it for the last 70 years or so since Bretton Woods.
Luke Roush: So the concept of monetary imperialism is a powerful word, picture that I've never thought through that before. But this is really, I think, brought that to light for me and will be impactful for others, too. I've got one more question and then a closing question. But one more question is, we all have friends who have waded into Bitcoin more recently trying to make a quick buck. What counsel would you give the folks who are seeing this more sort of short term trading opportunity rather than a long term?
Jimmy Song: Yeah, I know a lot of people that have been like that, and those people have existed since 2010. So there were people that got into Bitcoin at a dollar and sold at eight dollars and said, you know what, I made eight times my money. I am out. And they have never come back since. So my counsel to those people would be understand what Bitcoin is. It could be a trade thing, a plaything, a gambling thing. In which case, I think as a Christian, you should really look into whether or not that is something that is corrupting your soul or not otherwise. Once you've learned what that really is, whether it is this incorruptible unsensible store of value that we argue in the book, then you'll understand like just how much it means to have that store of value available so that we can build a better civilization instead of one that's leaking all over the place with the current fiat monetary system that we're in. So for those people, learn what it is before you keep going with this sort of like speculation. A lot of people do come in for no go up, as we say, in our space. But a lot of people end up staying because they learn what it is and read books like mine or say things the Bitcoin standard or many others and learn, OK, all right. This really is a better money. And it is in many ways incorruptible by human beings because it's run by computer code. And as a result, they become convinced, OK, this really is superior to the current monetary system. And I want to opt out of the current monetary system into this thing. And that's what brings a lot of people in. So, you know, learning about that is not easy. I've seen people take many years before they got into it or understood it or realized this implications. And like we've been talking about, the implications are enormous and they are global. And it is no small thing to be changing out money. It seems to be one of the base layers of civilization. If you change that out, you affect absolutely everything above it, including governments, including trade, including companies, including our lifestyles, including our how we view debt and things like that. And all of those things will need to be changed as we transition more to a Bitcoin standard. In my opinion, that's inevitable because fiat currencies are just sort of temporary by nature. I think a study of all fiat currencies that have ever existed, like the average life span, is like twenty three years. The US dollar is about 50 years old in fiat terms. And so it's fairly old, but we'll see where it goes. But that's what I would implore your listeners to go and understand.
Luke Roush: Most impactful episode for me and I think for all of us. But let's just close out with the way we always close out. So I'd love to hear, Jimmy, how God is speaking to you and teaching you. Now, what have you found in his words that has stuck out to you recently?
Jimmy Song: Yeah. So the verse that I'll go to is in the book as well, but it's Ephesians 4:28. He who steals my steal no longer, but rather he must labor performing with his own hands. What is good so that he will have something to share with one who has need. And I love that verse first of all, because it says don't steal. And I think at least in the fiat economy, I think we're all guilty of that, whether we know it or not. And stopping from that and working with our own hands, creating something that is good. So he will have something to share with one who has need. That to me sometimes is interpreted as go and make money so you can give alms to the poor. For me it means go make something with your hands so that you can contribute something to civilization, to someone else in the market that can get value from whatever it is that you create. And the verse is really about money and the role of money, which from a spiritual sense is a signal to you, to each individual to know how it is that you can provide most value to other people. And when the money is not corrupt, it's the purest sort of signal for what we should be doing because it tells other people, I find what you're doing, your goods or services more valuable than the money that I am willing to give it up for. So for me, that's what it is. The other thing I'll share is that this book for me is sort of like, as I mentioned before, the merging of two huge passions in my life, Christianity and Bitcoin. And I was at a conference last year, a big block boom. It was Bitcoin conference and it was in Dallas. And I gave a talk and somebody asked a question and I revealed that I was a Christian at that conference. And I also told the audience at the end, hey, I'm writing a book about this, if you're interested, please. Talk to me afterwards, no less than 30 people throughout the next two days came up to me and told me that they are Christian, that they are Bitcoin. They were afraid of saying something. And for me, that was a huge validation of what God was doing, because it was clear that there are a lot of Christians that don't want to be known as Christians. And a thing for me when I think about that is, wow, how sad is that? Because according to the Bible, these are Jesus's words. He says, if you are ashamed of me, I will be ashamed of you before my father. And my hope for your listeners is that they learn to be bold with their faith. And, you know, we tend to think, OK, God doesn't want me to be ashamed of him, but then I'm going to get embarrassed. That's not the way it is, at least for me. My experience has been that God has blessed me, that he wants me to be bold so that he can bless me and what I am doing. And this book has come out as a result of that. We've got a lot of reviewers from that conference that were able to chime in on Bitcoin and Christianity and give us some really good feedback that we incorporated. But for all your listeners that are thinking about investing better in these industries where, you know, it might not be cool to talk about Jesus, take a chance people about it, because God wants to bless you.
Henry Kaestner: Amen. Wow, that was really, really awesome. I love what you're talking about in terms of being able to deliver value. We should be about being used by God under his power for his glory to bring about his kingdom on Earth as it is in heaven. And we need to be creative and adding value to the marketplace, creating goods and services to bring about his kingdom and to love our neighbor, and in that process, superimportant. So that's a great word to leave us on. And then the admonition, of course, to be always ready, willing and able to be able to boldly and yet with gentleness and respect to share the reason for the hope we have. So great word for me, a great word for Luke, Justin and the entire FDE team and our listeners. Jimmy, we're really grateful for you. Thank you very much.
Jimmy Song: Thank you for having me.