President Barack Obama stood up on the stage of South by Southwest and talked about surveillance. And he said, if we can't unlock the phones, that's as if every person is carrying a Swiss bank account in their pocket. This was supposed to be a way to provide this view of a terrifying future where everyone has privacy. Now, I'm sure some people in this room think it might not be such a bad idea for everybody to have a Swiss bank account in their pocket. But you see, the thing is, our president was wrong because it won't be a future in which everyone has a Swiss bank account in their pocket. It is a present in which everyone has a Swiss bank in their pocket, an entire Swiss bank. I have a system in my back pocket that can generate 2 billion account numbers that can interact and wire money anywhere in the world in seconds. That can be the point of origination for loans and mortgages, for international finance and trade, for an import export business, for a mittens business. I can build novel financial applications and trading instruments that I can install on my phone. I now have mobile banking not as a customer, but as a banker in my phone. And even if you unlock my phone, my Swiss bank account in a pocket is still secure. So, the terrifying future that President Obama sees of privacy is actually part of our presence. On January 3rd, 2009, the world changed and few people noticed we invented a system of money that allows everyone in the world to have the same level of privacy, the same level of security, and more importantly, the same power of financial capability as everybody else in the world. And that will have very important implications throughout history.