Navigating the Shift from Real Estate to Bitcoin: How Humanity Will Save and Live in the Future

In April 2025, I had the pleasure of speaking at the Rock Star Real Estate Conference in Toronto. My talk focused on how Bitcoin can be used as collateral in real estate development—and why combining both asset classes offers a powerful strategy in today’s shifting financial landscape.

Below, you’ll find the video recording, the full transcript, and the presentation slides.

I hope you find it insightful and inspiring.

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Keynote Transcript

Hey, so we’re super pumped to share this talk that Leon Wankum gave to Rockstar clients recently. He flew in from Germany to give this talk. I think very few people are missing the opportunity to merge asset classes. He explains real estate and Bitcoin and how they can work together on projects and as investments better than anyone I’ve ever seen. So to have him come in here and share this information for us is really valuable. 

For whatever reason, I found in my life that most people don’t see big trends happen until it’s way too late. And the opportunities are really at the beginning of those trends. I saw that kind of when tech emerged. I saw it when the internet was evolving. I saw that with applications moving from client server models to computer internet architecture models and cloud-based computing. There was all these great opportunities and people miss them until it’s too late. So Leon is here explaining how he’s merging Bitcoin and real estate together and he’s really early in this. He does the best job that I’ve ever seen anyone do talk about this subject. So we’re just pleased to share this talk with you.

So the next talk you are in for a treat. Leon Wankum thesis on Bitcoin. His family in Germany has a real estate development company and he has entered that family business. I think I have a proper um bio for him. And the way I keep telling him this, he’s about to come out with a book. I don’t know if I’m supposed to say that or not. Yeah. um later this year called Digital Real Estate. You’re going to make note of this book for sure. What you’re about to hear and the way he thinks and analyzes uh real estate projects and what he’s doing, it is the best articulation of the combination of analog and digital assets I’ve ever seen. We are thrilled and honored to have him here and speak with you. I just going to read out his real bio here. Leon from Onevest Developments, a real estate development company where he is the head of Bitcoin strategies. He focuses his work on the relationship between Bitcoin and real estate and has demonstrated how focusing on both assets when development within development portfolios has worked in their favor. He was the first financial economics student to write a master’s thesis on Bitcoin in 2015. So I think he’s 34 years old right now. Young guy, sharp as attack. Does everyone know what that means? Like he’s really sharp. I don’t know. I say old terms and people don’t know. Like the whole team makes fun of me whenever I say humble pie. Does everybody know what humble pie is? Nobody knows humble pie. Okay. Some people know humble pie. Anyway, so with that, can we give a warm round of applause to Leon Wankum? 

Can you guys hear me? Well, great. It’s an honor and a pleasure to be here. This is actually the first real estate conference I’m speaking at. Usually I talk at Bitcoin conferences and um I think this is a testament to Rockstar real estate and the vision that you guys are taking and I’m really thankful to be part of it. And today I want to talk about um real estate in Bitcoin and how humanity will save and live in the future and I will focus on the financial aspect today. There’s also Bitcoin urbanism or Bitcoin architecture that I find particularly interesting. But uh that is a topic for another time. And uh when I talk with friends and family and real estate investors, people usually tell me, Leon, what you’re saying can’t be true. And my response is, I’m not trying to be right here. I’m just trying to analyze reality without any ideological framework. And uh where I learned that is through the Austrian school of economics. And arguably without the Austrian school of economics, Bitcoin wouldn’t exist today. And the Austrian school of economics is a school of economic thought that emerged in Vienna in 1871. A gentleman by the name of Kyle Manga wrote a book called the principles of economics. And in that book, he analyzed what money is, not what money should be. And I’ll try to approach Bitcoin and real estate with the same mindset. And the real estate business is something that I grew up on. Some of my earliest memories uh are on the building side. Uh we are um a real estate developers by trade and Bitcoin is something I discovered in university and 10 years ago I wrote my master thesis about Bitcoin and it took some time actually it took five years for me to connect the dots between my corporate life in real estate and my passion for Bitcoin. And what I came to realize is that the investment thesis or the reason to hold real estate and the reason to hold Bitcoin is actually very similar. But and that’s very important, the real estate business won’t go away. And what I’m trying to do today is I want to help you understand the paradigm shift that Bitcoin brings to global finance and to the real estate sector and also maybe help you to deal with it and maneuver your way through this paradigm shift successfully. And I’ll start uh I split the presentation in two parts. So the first part I want to talk about the reason for holding Bitcoin which is similar to the reason for investing into real estate. I want to talk about the internet of value and what that means. Real estate as one of the bedrocks of the global financial system. I want to analyze with you what gives real estate value. Um how the fiat economy grows on credit and what that means for scarce assets including real estate and bitcoin. I want to talk about trends in in money and uh bitcoin. And I want to start off with the investment thesis behind behind Bitcoin because until the emergence of Bitcoin, the internet really was a place to exchange information, to access information and there was no way for you to participate in the value increase of the internet. the the thing you could do you could own stocks of companies for example Google uh Amazon or Apple but there was no way to participate in the protocol itself and with Bitcoin there’s a change here so value capture and possession is directly built into the protocol and what that means is if you own Bitcoin similar to owning real estate think about why would you like to own real estate number one it’s a scar asset So it grows in value with monetary inflation, but also you want to own real estate because you want to participate in the economic growth of a region, an area or a country, right? So people in the metropolitan area of Toronto, they want to own real estate in Yorkville or in downtown Toronto. People throughout the world, they want to own real estate in New York. So now the question is, why do people want to own Bitcoin? If you own Bitcoin, you participate not only in the economic power of a region, a country, you participate in the economic power of the internet because the Bitcoin protocol is part of the internet protocol suite. And what I’m showing here is if you own Bitcoin, the currency, you participate in every single company that builds on Bitcoin, right? And there are different types of companies that build on Bitcoin. One of the companies that we just learned about is Bull Bitcoin. And I consider Bull Bitcoin to be a self-s sovereign Bitcoin company true to the Bitcoin ethos. Then you have companies like Riot Blockchain, which is a Bitcoin miner. They are Bitcoin companies, but they have exposure to the fiat world through being publicly listed. Then there are companies like Micro Strategy. Micro Strategy is a company now known as Strategy that was a zombie company that wasn’t able to perform in line with monetary inflation but they understood if they start to accumulate Bitcoin they will actually outperform the rate of inflation and grow much faster than the competitors. And then lastly, you have companies like Black Rockck, which they quite frankly don’t care about Bitcoin, but they they understood that the alpha to be generated now is in Bitcoin. And eventually the whole internet will run on Bitcoin. So if you own Bitcoin, you don’t just participate in the economic zone of Toronto. You don’t just participate in North America, you actually participate in the world economy. And this is something that has not existed before. And the difference is though, Bitcoin is absolutely scarce. There’s only 21 million units. Real estate is relatively scarce and some of the scarcity is due to government regulation. But Bitcoin is absolutely scarce. It’s the first absolutely scarce asset in the universe. And uh I want you to understand uh the importance of real estate in the modern economy. Next to the 10-year US Treasury, real estate is really the bedrock of the global financial system. And I think it’s quite easy for this room to understand it. I want to ask you guys with a show of hands, who here owns real estate to hedge themselves against monetary inflation. Okay, that’s almost the whole room. And guys, who here has taken out a loan against their properties? Right? So we use real estate to save to hedge against inflation and to build wealth. These are functions that are actually functions of money. Think about it. Before the fiat standard, people traded and they saved in gold. And that meant somebody that owned gold was also able to take out a loan against the gold and then be productive, right? And today that function is not a function that money is able to perform because money is a bad store of value. So we invest in scarce assets not just in real estate but predominantly in real estate. Meaning the change that Bitcoin will bring to the real estate industry is actually a change for global finance. And um something I think that’s important to understand, even if the monetary premium that sits in real estate because we use it to store value moves over to Bitcoin, real estate will stay an important business and land and real estate were always tied to wealth and power. If we think about ancient Rome, political power was tied to real estate. If we think about ancient Greece, wealthy senators that owned less amounts of of of land, those were wealthy individuals. But which is important to understand, the wealth was more tied to the agricultural capacity of land, not to its use as money. So the use as money of real estate, that’s a fairly new phenomenon that really hit the road since 1971. And what I want to talk about today is the role of real estate as money and the monetary premium that sits in real estate. So just the other week, Jeff Boof, a Bitcoiner who some of you might be familiar with, he posted a picture that in 1944 the cost for a house in the United States on average was $4,000. Today it’s over $400,000, 100 times as much, right? And the reason is we use real estate as money. And I give you an example to help you understand the effect of that. So in the 15th century in the Rhineland which is an area in Germany that um is around the empire that K the great built. A carpenter earned around 150 goldens which were gold coins. 150 goldens are equivalent to $50,000 today. And that is what a carpenter in the 15th century earned within a year. And with that money, the carpenter was able to buy a house. Today, the average income for a household is $80,000. The average price for a home is $400,000. Meaning you need f a household needs 5 years to buy a home, which is five times as much as 500 years ago. And thinking about it, we’re talking about a household, two people. So actually the individual needs 10 years to buy a home, whereas 500 years ago the individual needed one year to buy a home. This pretty much shows that the fiat system and the monetary expansion has not led to a better life. Quite the opposite. It’s technology that is causing the and the quality of life to increase and it’s monetary expansion that makes everything more expensive and more difficult. Smart investors understand that that’s why they own scarce assets, real estate and now Bitcoin as well. And um if you ask yourself in the last 10 years, has the quality of your life improved? And particularly in the past 5 years, has the quality of your life improved? I quite frankly, not speaking for everybody here because I hope that the returns that you achieved through Rockstar Real Estate helped you to become better off financially, but I think the quality of life for everyone is worse. And I believe this is the sign of a dying system. We can’t reverse it. Things from here on will get worse. That is because deflation driven by technological advancements such as AI and robotics do not allow for a functioning inflationary system. Right? So if we want to deal with this situation, there is no other way than incorporating Bitcoin both in our personal life and in our investment strategies. So this is something you guys are very familiar with. Real estate is widely used as a form of collateral that people lend against to then invest their money. There’s a few problems with that. First I’d like to talk about the reason for that. The reason is very clear. Money, fiat money that is being created is backed by nothing. It’s funneled into the fiat economy. for example through mortgages and then as an investor I pay back the bank and the interest rate that’s the profit for the bank or at least that’s the revenue that then turn can turn into profit that’s why banks like to lend against real estate the problem with that it creates asset inflation real estate becomes unaffordable and it has priced out the whole generation and 1% of the wealthiest Americans own more than 50% of the wealth. Why is that? That is because they own assets already. They can lend against those assets and then they invest, right? That’s why we own real estate. Um but the problem is it creates wealth concentration and it creates systematic risk. And in my opinion, it’s no coincidence that Bitcoin emerged on the 3rd of January 2009 just after the great financial crisis because that was a turning point. That was the turning point. That was actually the collapse of the fiat system. The only reason the fiat system has not completely collapsed is because of constant monetary expansion. And that can also continue for decades. But if you don’t deal with it properly by owning real estate and also by owning Bitcoin which is Gassa, you will be left behind. It creates market distortion and a lot of risk. And Bitcoin is an asset that can help you derisk, right? And the transformation of real estate is something that we can’t stop. But the nominal value of real estate meaning its value in fiat currency is going to continue to increase and this will be done through monetary expansion and as I will show you this is also the reason which many of you guys know already for u the rising valuation of real estate. So what I’m showing here is the monetary supply M2 in the US, the average sales price of a house of a home and commercial real estate. And the data here is for the US because as the global reserve currency, the US sets a precedent for other countries. I know that in Canada the expansion of the monetary supply has actually been a bit more severe. But in the US the expansion of the monetary supply was around 7% since 1971. In Canada it was around 8.8 9% since 1973 and the rate of growth of residential real estate was around 6% on commercial real estate around 4.5%. So we can see a clear trend here that the price of housing loosely follows monetary expansion. The problem with that is wages have not kept up. Right? I showed the example of a carpenter in 50th century Germany who was able to buy a house with one year’s wage. Today you need 10 years to pay for a house. I think I mean that is pretty crazy and it really shows that the fiat system does not work. And what you can see here now comparing again the reason for investing in real estate and the reason for holding and saving in Bitcoin is very very similar because Bitcoin amplifies the returns because it’s SCASA. So real estate grows around 6% on average every year and with leverage you can boost that to 20 30%. Bitcoin without leverage over the past 10 years grew at the compound annual growth rate of around 50%. Think about that. So with real estate what you actually do you don’t necessarily get wealthier you just don’t get poorer right? But with Bitcoin, you are able to outperform not just the rate of monetary inflation, you are actually able to outperform the performance of any asset class that exists, including real estate on leverage. And I want to sum up the first part of this presentation by giving a summary of what I think um is to come. So funds invested in real estate at the moment they might shift towards Bitcoin over time as humanity starts to understand that Bitcoin is a superior store of value meaning the monetary premium the money invested in real estate to hedge against inflation slowly over time might move to Bitcoin. Investors might also sell some of their properties to buy Bitcoin. And younger generations, so millennials, generation zed, generation alpha, they are 65% less likely to consult a financial advisor. Why is that? That is because they invest their money into cryptocurrency. So Goldman Sachs issued a report in which they shared that a third of generation zed prefers cryptocurrency over real estate as an investment class. And in the next 20 years, Generation Zed and Generation Alpha will inherit around $84 trillion. Imagine they just invest 10% of that money into Bitcoin. That’s around 8 trillion. and an asset class with a $2 trillion market cap. Um, Bitcoin scarcity quite frankly could drive faster growth than real estate. And it also increases competition for developers. Before Bitcoin, in my opinion, there was no better way to outperform monetary expansion than investing into Bitcoin. But that has changed. So if you want to stay successful, you need to be aware of the competition that Bitcoin brings to your industry as superior store of value. It’s very obvious that Bitcoin is a superior store of value. It’s Gasassa. It’s cheaper to maintain. There’s almost no maintenance. If you hold it in self- custody, its purchasing power will continue to increase over time without you needing to fix the roof. It’s more liquid and you can move around borders with it. It’s true that inflation may rise the nominal value of real estate, but we can expect that over time real estate will be priced closer to its utility value, especially if you own Bitcoin. And just a mental model that I would like to share, what I do is I don’t account for my wealth in fiat currency. I account for my wealth in Bitcoin. So if you tonight want to write down what your net worth is for yourself, write it down in Bitcoin and then do it every month for the next two years and you will be shocked to understand that even if you outperform the rate of monetary expansion, you are getting poorer and poorer in Bitcoin terms. However, and this is very important, the demand for housing will not stop. Real estate as a business model will continue to exist. And I want to share some strategies, some practical strategies with you how you can juice up and boost the returns of your real estate portfolio with Bitcoin. And in my opinion, integrating Bitcoin into real estate investing is really going to make the change and it will also provide affordable housing to the market over time. That is because people can save in Bitcoin rather than having to invest into real estate. Meaning there’s less money that flows into real estate over time. Plus, as you will learn, if you own real estate and if you own Bitcoin, you don’t need to hike rents all the time because you can benefit from the increase in purchasing power of Bitcoin. So, I want to go and share the agenda for the second part of this presentation with you and I will share the presentation after as well. So you can really pay attention to um what I’m saying now and later on maybe at home have a look at the numbers that I’m sharing here with you. So I want to share with you how you can use Bitcoin to build maintenance reserves for your properties. I want to show why it can make sense to refinance your properties to buy Bitcoin because also Bitcoin can be bought on leverage. And now imagine an asset that has a 50% compound annual growth rate bought on leverage. The compound annual growth rate goes up to 100 or 200%. I want to talk about Bitcoin’s role in real estate development. And lastly, I want to talk about mining and how you can use mining to save on costs. So, Bitcoin is the best way for you to not go out of business. That is true for any company, but that is especially true for real estate developers who are threatened by the emergence of Bitcoin as a superior store of value. And inflation, generally speaking, of course, benefits real estate. But the problem is we are at the end of a debt cycle, meaning interest rates have been low for so long that they can’t go back to where they were 10 years ago, meaning liquidity is drying up. While inflation is still rising, construction costs are going up, maintenance costs are going up, and the value of the of your properties is going down, right? So, we just have to understand where we are. We are at the end of a debt cycle. And I pay a lot attention to what Ray Dario says. The only thing I would like to add is there’s a solution here and it’s called Bitcoin. And Bitcoin helps to stabilize the rent market and it unlocks new digital opportunities for you. With Bitcoin, you can tap into cyberspace. You’re not dependent on a city where you live. You’re not dependent on a region. You’re not dependent on the opinion of a politician. You can act freely as a sovereign individual. Like the internet brought opportunities for e-commerce, Bitcoin is bringing opportunities for real estate. Right? So, if you would have had a conversation with a successful retailer in the ‘9s and if you would have suggested, open up a website, you’ll be able to sell your products to millions of people. I’m sure 90% of the people would have said, you’re crazy. Why should I do that? I have the best location right at the high street here in Toronto, right at the high street here in New York. Why should I open up a website? The same is true for Bitcoin and real estate. If you own real estate, I believe you need to tap into cyberspace. You need to use Bitcoin as a digital store of value. And what I’m showing here is actually real life example. This is a property that I manage. The property has around 750,000 in rental income. And a rule of thumb for me is that 20% of the rental income we put to the side for long-term maintenance reserves. And what we’ve done here of the 20% we took 50% we left it in fiat currency. We took 50% a bit more than 50% we put it into Bitcoin. And what happened in 2024 with the 80,000 that we put into Bitcoin, we were able to acquire 1.72 Bitcoin. And a year later, the value of those Bitcoin was $163,000. While the 70,000 euro that we’ve kept as maintenance reserves lost 2% purchasing power, the bitcoin gained over 100% in purchasing power. So overall the maintenance reserves increased by 58% in a 12 months time frame. I know this is a favorable time period. Bitcoin is very volatile. If we talk in two years, if we talk in three years, there might be also a time when the value of the maintenance reserves go down go down. That’s why you need to have a long time horizon of at least four years, ideally 10 or 20 before you either sell the Bitcoin, for example, because you need to fix the roof. And something you could also do, you could also lend against the Bitcoin to create a non-T taxable event. take that money, invest it into the property. Right? So, I like this example because this is a real life example how Bitcoin can help you deal with higher inflation rates and higher operational expenses. And uh this chart here I want to talk about refinancing real estate because as a real estate investor one of the things that we do and one of the things we like to do and it’s sensible under the structure of the fiat system as the value of a property goes up. You can take out that equity part, take out a loan, refinance the property, take the money and invest it. Usually what would you do? You buy more properties or what I like to offer here is you could also invest that money into Bitcoin. And what I’m showing here is it’s a five and 10 year comparison of investing a million dollars into Bitcoin and into real estate. Right? And you can see on the left hand side, that’s the five-year period. Bitcoin already starts to outperform residential and commercial real estate. After five years, a million dollars invested into residential real estate grows to around 1.3 and a million dollars invested into commercial real estate grows around 1 grows to around 1.2 million. And what we took was the average historical growth rate of real estate and we projected it into the future with real estate. There’s an interesting return here. But now pay attention to Bitcoin. Bitcoin grows from 1 million to 9 million. Now after 10 years, this might look crazy. And I also have to say you can’t predict the future. This is just a mental model that I would like to open up for you guys to understand the power of Bitcoin. It doesn’t mean that this is going to happen and it doesn’t mean that we can predict the future. It just helps us to work with this new technology. So the million dollars invested into Bitcoin after a 10-year time frame grew to 65 million, right? And that sounds completely crazy, but this is the power of this monetary technology that is absolutely scarce and that has global demand. But thinking about real estate, it’s obvious that we have to take into account leverage, right? But even if we take into account leverage, over time, Bitcoin outperforms. So if you take a million, you invested into real estate, you take $300,000, you invested into Bitcoin. Over a 10-year period, Bitcoin still outperforms by a factor of eight. and on a five-year period by a factor of two. Meaning even if you buy Bitcoin without leverage, it outperforms real estate vastly after 10 years. Now think 50, 100 years into the future. Francis was just talking about the Bitcoin price in 2013 and how we all thought that we are too late. And I want to give a real life example showing you that real estate actually serves as a good example helping us to understand how Bitcoin can monetize over time. So I’m from Hamburg, a city in Germany in the north. And whenever I go for work with one of my good friends, he always points out a house and says, “My grandmother bought this house for 70,000 Deutsche mark. Today that house is worth €7 million euro which is the equivalent to 14 million Deutsche mark meaning a 200 increase of the property in a 70-year time frame. Right? Bitcoin grows in value much faster because it’s Gasa and there’s global demand. So real estate performed 200x over 70 years and Bitcoin performs around 200x in 20 or 30 years because it’s absolutely scars. So real estate actually helps us to understand the potential of Bitcoin. And I can tell you guys none of you are too late. We are actually very very early. The last fraction of a bitcoin will be mined in 200 2,140. And I think that will be a time when Bitcoin is going to be used as money, meaning as a medium of exchange, as a store of value by default, and as the unit of account that everybody uses to account for their net worth. And something I want to share with you now is including Bitcoin into real estate development. And if you guys want, this is a model that we’ve built. It’s available for free. There’s a QR code up here on the right. Um, digital real estate.org is the website where you can find the model. Please feel free to use it. Send us feedback. We’re still working on it. It’s all open source. We’ll share the spreadsheet on GitHub soon as well. And uh what we’re trying to do here, we want to help people understand why they should include Bitcoin into real estate development from the get-go. So everything I shared with you now are strategies that you can implement if you own real estate already. But the question is how do you approach a new real estate development project? Right? And what I want to suggest is the following. Let’s assume you have an investment project worth $10 million. What I would do, take out $11 million. You dedicate 91% of the loan towards real estate development. You take the additional million. You buy Bitcoin. you hold it in the same entity that constructs and owns the property. Over time, this will improve the performance of the investment project by an order of magnitude that I just showed, but also which is very important, it helps you to hedge against the scenario where the monetary premium that sits in real estate flows over into Bitcoin. you hedge yourself against increased inflation because think about how the fiat system works. The fiat system dies if there’s no new money injected into the economy. That’s why the global monetary supply has to increase. If it does not increase, the system stops working. That means that construction costs will go up, maintenance costs will go up. And Bitcoin is a way to deal with these operational expenses. And I want to share the numbers here with you. So we have an investment project and we said here actually we added less than a million on this example that you see right here. There’s a $10 million project and we added half a million allocated towards Bitcoin. Your real estate project after 10 years without Bitcoin would be worth 17 million. If you add a half million dollar of Bitcoin to the project, it will be worth between 27 to 34 million. Okay, this is crazy. Think about that. You just add Bitcoin as a store of value to a real estate project and you increase your returns by that. And what you can see is that with Bitcoin, you have to get used to the volatility. The volatility in real estate is something we actually don’t pay attention to. But I can tell you if you would look at the value of your real estate portfolio every single day, the portfolio would actually be almost as volatile as Bitcoin. The problem is there’s no average price for all the real estate in the world. So the volatility of Bitcoin and the ability to see that volatility, that’s a feature, not a bug because the price of Bitcoin can be determined any second anywhere in the world. With real estate, that’s not possible. And that shows that real estate is a bad form of money. So there’s an asset here, a tangible asset that has utility value. The utility value of real estate is defined by the fact that you can live in it and you can use it for production, but it’s not meant to be money. Uh I’m not criticizing myself or you guys for investing into real estate because that’s the smart thing to do. But just be aware that market conditions can change and Bitcoin is a superior investment vehicle. But the opportunities that real estate provides through leverage and through tax advantages, they can’t be denied. So it’s not about one asset or the other. It’s about combining both assets, understanding the risks of the fiat system, understanding the market distortion that is created by real estate being used as a store of value, and then utilizing Bitcoin to counterbalance that, hedge that, and increase your returns. And um something I want to talk about as well is mining. And I don’t want to confuse you because I think I shared quite a lot in this talk today. And I try to both share my perspective on the investment thesis behind real estate and Bitcoin and practical strategies that you guys can use to help you achieve better returns. And one of the problems that we are in Germany particularly dealing with and I’ve learned that is a problem that you guys also know of energy prices. The German government decided to shut down our nuclear plants and Germany has some of the highest energy prices in Europe. So at the moment in our portfolio we are faced with a problem increased energy expenses. We can pass these expenses on to the tenants but the problem is tenants have no money because the economy is not doing well. So the question is how can we deal with it? I personally believe the opportunity of integrating Bitcoin mining into real estate development is a way to deal with increased energy expenses. For you guys who are familiar with Bitcoin mining, Bitcoin mining is a process that adds transactions to the Bitcoin time chain. That is the decentralized ledger, also known as the blockchain that stores all the verified transactions. That process creates heat and that heat is a resource that can be utilized. a company in Germany called Terraash who sit in Augsburg in southern Germany and they produce plastic two or three years ago they were faced with the same issue. The problem is they have to have water at a certain degree at all times. So they need to heat water constantly and that’s very expensive. They found a solution. They mine Bitcoin. They use the heat, heat up the water, have it at the temperature they need, and then use it for the production process. And it’s not just that they don’t have to pay for the energy, they’re actually making money with it as well. So, Bitcoin mining is a way to reduce energy cost and potentially also open up a new revenue stream, right? And I don’t really like to use the word sustainability anymore. Not because I don’t believe it’s important, but I believe it’s a word and a term that has been misused by those who try to control it to try to control us. But in its essence, it’s a sound principle and Bitcoin as sound money can really drive sustainability in real estate, right? because it can help to offset energy cost. It can also help to monetize renewable energy sources. In Germany, by law, by regulation, if you construct a new property, you need to use solar on the roof. And you can discuss if that’s useful or not. In Germany, it’s not very useful, but you have to do it, and it creates costs. But Bitcoin mining now allows you to monetize the energy you create. For example, let’s say you have solar on the roof and you create excess power. You can either sell that power to the grid or you have a problem because that energy cannot be stored. Bitcoin mining can serve as a battery that absorbs energy when you can’t sell it to the grid and potentially opens up another income stream, a Bitcoin denominated cash flow that helps to increase the property value and sustainable buildings will become um will create more demand over time. So, I think the alternative revenue stream that Bitcoin mining offers in addition to rental income is pretty interesting and I can only suggest for you guys to look into it because you can reduce energy costs and create a Bitcoin denominated revenue stream at the same time. And I want to finish my talk on a on a quote uh and I truly believe that the slogan of Rockstar real estate is your life your terms and that really resonates with me because I believe we only come into this world once and we have to live a life that is worth living and all the ide ideological frameworks that politics operate out they don’t work. I think the only noteworthy societal change can come around through Bitcoin. And I think with Bitcoin and through the monetization of Bitcoin over time, we as a human species really have the ability to reach a new level of economic and social consciousness. And I believe that the mergence with real estate and with Bitcoin is so extremely important because real estate is really the bedrock of our financial system. And if that bedrock is shaky, the whole economy is shaky. And that is why since 2008, you can feel the pressure getting stronger. Since 2020, you can see that monetary expansion destroys countries. It destroys livelihoods and it makes life harder. And from within that system, we cannot create any change. So the question is how can we create that change? It’s really through building a new system that is Bitcoin and it should be merged with real estate to help the bedrock of the global financial system become more antifragile and the dual collateralization meaning dual collateralizing your real estate projects with Bitcoin by refinancing it buying Bitcoin using the rental income to buy Bitcoin or including it into project development financing that will create a more resilient financial system that will also allow us to save our productivity. The productivity cannot be sifened away through monetary expansion and through taxation and wealth true wealth can be built because I don’t think that humanity understands the power of money because our money has been broken for so long. But Bitcoin as sound money really sets a precedent for a new financial framework that humanity can prosper from. And what I would like to you guys to do, think about what I said today over the next couple of weeks. This is no investment advice. These are practical strategies that we’ve implemented. Some we will implement and I hope it can help you to live to live your life on your terms. Thank you. Leon, thank you man. Uh what a beautiful way to wrap up that talk. You are such an eloquent speaker. And guys, Leon came here all the way from Germany. He is the world leader in integrating real estate with Bitcoin. We are absolutely honored to have you here today, man. We really appreciate it. Let’s give him a big Canadian thank you for coming here. Thank you. Thank you, man. Thank you. That was great. Thank you.