So much is being digitized today and there's this ideas that are based on the blockchain of Bitcoin and so on. So if all currencies, like all empires, come to an end, what do you think will, do you think something like Bitcoin might emerge as a common store of value, a store of wealth and a medium of exchange?

The problem with Bitcoin is that it's not an effective medium of exchange. Like it's not easy for me to go in there and buy things with it. And then it's not an effective storehold of value because it has a volatility that's based on speculation and the like. So it's not a very effective saving.

That's very different from Facebook's of a stable value currency, which would be effective as both a medium of exchange and a storehold of wealth. Because if you were to hold it and the way it's linked to, number of things that it's linked to, would mean that it could be a very effective storehold of wealth.

Then you have a digital currency that could be a very effective medium of exchange and storehold of wealth. So in my opinion, some digital currencies are likely to succeed more or less based on that ability to do it. Then the question is, what happens? What happens is, do central banks allow that to happen?

I really do believe it's possible to get a better form of money that central banks don't control. A better force of money that the central banks don't control. But then that's not yet happened. And so they've got to go through that evolutionary process. In order to go through that evolutionary process, first of all, governments have got to allow that to happen, which is to some extent a threat to them in terms of their power.

And that's an issue. And then you have to also build the confidence in all of the components of it to say, "Okay, that's going to be effective because I won't have problems owning it." So I think that digital currencies have some element of potential, but there's a lot of hurdles that are going to have to be gotten over.

I think that it'll be a very long time, possibly never, but anyway, a very long time before we have that, let's say, get into a position that would be in an effective means relative to gold, let's say. If you were to think of that, because gold has a track record of thousands of years all across countries.

It has its mobility. It has the ability to put it down. It has certain abilities. It's got disadvantages relative to digital currencies, but central banks will hold it. Like there's central banks that worry about others. Other countries, central banks might worry about whether the US dollar is going to print or not and that, and so the thing they're going to go to is not going to be the digital currency.

The thing they're going to go to is gold or something else, some other currency. They got to pick it, and so I think it's a long way to go. But you think it's possible that one day we don't even have a central bank because of a currency that cannot be controlled by the central bank is the primary currency?

Or does that seem very unlikely? It would be very remote possibility or very long in the future. Got it.