“Gold is a monetary asset. It is not also a monetary network. In order to move the gold in today's society, where you have mediums and communication channels like the Internet, you need to deposit to someone else so that they can give you some balance, some tokenized version, some digital version, so that you can actually move it. I can't transact gold in today's economy with Apple Pay, with Tap to Pay. I can't hold my net worth in gold because I don't have a vault with armed guards. If I tried to take my whole net worth and put it in gold, I had nowhere to put it. I can't travel across borders with it. I can't do anything with it in today's world. And that's why it failed, because all the gold got deposited, and one day, the people that have all the gold said, it's not your gold anymore. And so the fact that we're reliving through that mistake again, I won't fall for it.” “The core innovation relative to gold that Bitcoin has is very simple. Bitcoin is both a monetary asset and a monetary network, both. Meaning, Bitcoin is a physical bear instrument, just like gold, except it's lighter, it's easier to verify, it's easier to store. I can literally store it in my brain as information. Now, it's also a monetary network, meaning I can transact over the internet, transact with my phone, move it across borders, without having to give it to someone else. It is both. The gold monetary network is humans, sailing boats, flying planes, storing it in banks. The bitcoin monetary network is the software itself. That is the core innovation that is bitcoin, relative to gold.” From The Jack Mallers Show: BTFD? Understanding Bonds, Debt, Markets & Bitcoin, Feb 3, 2026 https://podcasts.apple.com/us/podcast/the-jack-mallers-show/id1695949365?i=1000747827428&r=5110 This material may be protected by copyright.