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That’s the face value of all the bitcoins circulating right now.

A lot of this is purely speculative, but in 10 or 20 years, the equity markets might behave very differently.It echoes many of the important points that I made in the previous presentation. I thought I would show you a slide from one of my colleague’s research papers: This is a paper by Thomas Philippon, also a professor in our department at NYU Stern.He’s put together a time series going back about 130 years into the 1880s, looking, in a very broad sense, at the cost of financial intermediation.This industry has a worldwide market cap on the order of about half a trillion dollars, as of 2014. In the future, it’s not obvious that Bitcoin will be the channel for money transmission, but maybe it will.If you think about this as a disruptive technology, these are really the people who are vulnerable to disruption, more than anybody else.It suggests that there’s a lot of upside to this new technology.

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