00:00 You build applications for Bitcoin, it's all about a broadening out of the ecosystem. But when we go to the halving, how much of a fundamental shift will this be, do you think? First, want to thank you so much for bringing me here on today. I'd say Bitcoin having it's going to have a huge impact on Bitcoin markets today. We are in a very unique cycle because we are ten days away from having we're at an all time high and a spot ETF just came in America. So at this point what I'm seeing is that the supply will be shrunk. We will have less Bitcoin entering in after April 20th, but the demand is at an all time high from institutions and retailers coming into Bitcoin. What this means is that more people are going to be looking to Bitcoin to turn it from a passive asset to a productive asset. And that's what our company Trust Machines, it's all about building real products that do more with their bitcoin. Go to the passive bit though, with your experience. The head of the exchange over at Binance US. Is it true that we've seen more institutional players come in or of late? Have we just been powered by more retail accessing spot ETFs in the US, for example? I think it's a little bit of both that we're seeing on the institutional side more and more coming in because they now have new access to big point. But on the retail side, we are seeing new developments with Bitcoin through Audible's, Bitcoin Nfts and it is creating a brand new supply of artists and creators built they with bitcoin to create a new form of art. This is a very different retail phenomena that we're seeing, okay, Different from the NFT that we all love to talk about a few years ago. Renren I'm interested when you thinking about a Bitcoin network that many have thought it was usually look either something that you were gaming in some way, it was more of an asset that you you bet upon or indeed stored value if that was the way that you saw it, largely. You know, this was something that wasn't being built on from a smart contract perspective that we saw over it. But you're trying to change the narrative around that a little bit. As you say, make it more productive. Where is the production coming from? Web3 apps that are being built. What are the most lucrative for you? Though, I think if you were to think about Bitcoin as a market opportunity, we have $1.3 trillion in BTC as an asset class. So we have surpassed the store of value, but we're trying to move into now the medium exchange. If you were to build applications on top of bitcoin like layers, like what lightning is building or defi or stablecoins or anything under the sun, you can have a larger economy as a flywheel on bitcoin. So think about this. All of the value is what we see on the surface. But the untapped potential of 800 $200 Billion market is below the surface and we are just scratching the surface through new layer technology on bitcoin. Like what? Like what technology? What use cases? A lot of different use cases. The first is the idea of Bitcoin L2. Bitcoin is having a moment and a lot of people are thinking about how to scale bitcoin by creating new layers like what Etherium has with Polygon or other L2 bitcoin. This means that I can have smart contracts with bitcoin, meaning that BTC late in capital of that asset can be deployed directly into defi. RW was thinking about tokenized treasury bills. Kind of the world is the limit on the idea of new new products being built on Bitcoin, but using most secure and stable blockchain in all of the world. So real world assets a key focus. I'm interested in your business in particular trust machines. Was it a revenue growth of you seeing how how you managing to bring in money at the same time as the costs that were involved? There is always costs in doing any sort of business. There's no secret in that our product lines are very diversified. One of our products is a leading Bitcoin wallet called leather, meaning not your keys, not your crypto. We help Americans and people all over the globe get access to Bitcoin and secure it safely here at home. The other product that we're building, it's a little bit revolutionary and very new. We are bringing the web to functionality of a TLDs. So a domain, if you say it as a passport into web3 in Bitcoin, meaning I take my digital identity everywhere we go.
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The David Rubenstein Show: Peer-to-Peer Conversations" explores successful leadership through the personal and professional choices of the most influential people in business.
