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CH318 | Heir
🕑 Added 2025-09-28 13:07:19 +0000 UTCTrust meant stability.
To increase trust in Bitcoin, it was necessary to make customers feel that it was safe.
However, Dimon misunderstood Bitcoin itself.
When I brought up the topic of trust, he questioned Bitcoin’s very nature.
“Isn’t Bitcoin built on distrust? Since nothing can be trusted, I thought Bitcoin, with its perfect cryptographic system, has value.”
“Distrust doesn’t mean it denies trust—it means it’s reliable enough that trust isn’t required.”
Bitcoin could be considered a type of currency.
It wasn’t without reason that a highly trusted currency becomes a reserve currency.
“So how do you plan to increase Bitcoin’s trustworthiness?”
“First, we need to lock up more than 50% of the Bitcoin we hold. If people fear a sudden flood of Bitcoin hitting the market, its value won’t rise, will it?”
“You mean like storing gold in a vault, we’ll just bury Bitcoin?”
“The Bitcoin we hold will act as a stabilizing force. That way, we can instill the confidence that it will never collapse.”
Even before the regression, this was one of the reasons Bitcoin’s price was so high.
In this life, Taewoo Group, cryptographers, and Cheon Min-jung created Bitcoin, but in the previous life, it was created by someone named Satoshi.
Satoshi’s wallet.
In the account owned by the Bitcoin developer Satoshi, nearly one million Bitcoins were dormant.
The certainty that the one million Bitcoins in Satoshi’s wallet would never flood the market allowed Bitcoin’s price to rise so high.
“Even if we act as the stabilizing force, can customers fully trust it? The dollar has high value because the U.S. has the power to back it, doesn’t it?”
“Our power alone isn’t enough. That’s why we’re thinking of creating a community.”
“A community? Do you mean an economic community, like a consortium?”
We had already acquired GM in a consortium-style structure.
Because Taewoo Group, FinTech Bank, and Berkshire Hathaway—all with strong liquidity—had united, we were able to acquire GM without major issues.
“We’re going to create a community even bigger than the one we used to acquire GM. One that instills the perception that Bitcoin is as safe as a reserve currency.”
“To achieve that, Taewoo Group, FinTech Bank, and major IT companies will need to participate on a large scale.”
“If Amazon, Google, and Facebook each take a portion of Bitcoin shares, wouldn’t that be sufficient?”
“They’re all companies where you’re the major shareholder, so it shouldn’t be too difficult.”
What’s so difficult about converting the cash of the companies I own into Bitcoin?
Of course, minor shareholders might complain and call it a strange move, but if Bitcoin’s price doubled from here, those complaints would quickly vanish.
“Dimon, go around and persuade the IT companies. If necessary, you can even use my name.”
“Convincing them isn’t a problem. But how do you plan to divide the shares?”
“Taewoo Group and FinTech Bank will each take 15%, and the three IT companies will each take 10%.”
“That leaves us holding a total of 60%.”
“With that amount, we can suppress price volatility as much as possible. I also plan to move about 5% to a paper company to control extreme fluctuations.”
The moment Bitcoin became valuable, hyenas were sure to try their tricks.
In that case, we would intervene minimally.
“But Bitcoin is still being mined, isn’t it? Won’t that reduce the share of Bitcoin we hold?”
“The total supply is fixed at 20 million. All we need is to secure 12 million while the price is low.”
“We’ll acquire Bitcoin through FinTech Bank in a way that doesn’t attract attention.”
“This is far more important than you realizes. In my tenure managing Taewoo Group, there have been two major inflection points: the IMF crisis and the Lehman collapse. The next inflection point will be Bitcoin.”
Through the IMF, we built Taewoo Group’s foundation.
Through the Lehman crisis, we expanded Taewoo Group.
And with Bitcoin, we can make Taewoo Group eternal.
“Comparable to the IMF and Lehman crises?”
“In just ten years, Bitcoin’s market capitalization will reach hundreds of billions of dollars. Enough to buy a country, though we have no intention of doing so, nor of realizing profits from our holdings. Simply possessing over half of Bitcoin gives us immense power.”
Dimon still wore a dazed expression.
Even though he represented the world’s largest financial company, he had no real conviction about Bitcoin yet.
“The company that will benefit the most is FinTech Bank. Once we run the Bitcoin exchange, we’ll never be short of money. Just from transaction fees alone, we could earn over a billion dollars per quarter.”
“If that day comes, I might just run naked through the middle of New York!”
“I’d rather not see that, but if you want to, go ahead. Even if you take off your clothes, be sure to wear a mask or disguise. It would be problematic if the media got a hold of it.”
I said it because I didn’t think such a day would come anytime soon.
But within ten years, the Bitcoin frenzy would erupt.
When that time comes, I’ll make sure to remind Dimon of the promise he made today.
I might even get to witness the world’s largest financial company CEO running naked and dancing in the middle of New York.
After finishing the conversation with Dimon, I returned to the hotel.
But there was someone I truly did not expect, waiting for me in secret.
“Muhammad! What are you doing here?”
“I’ve been put in charge of the U.S. electric vehicle charging station business. It hasn’t been officially assigned yet, but I’ll be formally appointed as the person responsible within this week.”
“You’re already moving on your own? You’ve really grown up.”
“Thanks to you. There won’t be many days left when I can call you ‘hyung.’ Once I become the person in charge and meet you, I’ll have to call you Chairman.”
“When it’s just the two of us, you can still call me ‘brother.’ We don’t have to be formal with each other.”
“Really?”
Bin Salman still had a youthful air about him.
He only showed this side in front of me, with whom he had interacted since childhood.
“But if you’re personally taking charge of the business, how large are you planning to make it?”
“I plan to fully establish EV infrastructure in the top ten U.S. cities. There might even be more charging stations than electric cars themselves.”
It didn’t sound like a joke.
With Aramco’s capital involved, the number of EV charging facilities could increase exponentially.
Even if the Apple Car became popular, it was possible that first-year sales wouldn’t explode immediately.
“Have you had any discussions with the U.S. government?”
“Only some preliminary hints. Our political contacts told us that there might be small subsidies available for installing EV charging stations.”
Taewoo Group had ties with several U.S. politicians.
Naturally, Aramco also supported many American politicians, so obtaining this information wasn’t difficult.
“Even with subsidies, it’ll still cost a significant amount.”
“Where else could we find a safer investment than the business you’re confident about? And after starting in the U.S., we’ll install EV charging facilities in major European cities and Korea. When the Saudi royal family spends money, they spend big.”
No one knew the exact wealth of the Saudi royal family.
Rumor had it that their assets exceeded $2 trillion—an enormous fortune.
“Investment in EV infrastructure might run a deficit at first, but in the long term, it can serve as a solid cash cow.”
“We’re not looking for immediate profits either. The royal family is very interested in finding future revenue streams. And my father is curious about when the Riyadh EV infrastructure construction will begin.”
“At the latest, specialized personnel will be sent to Saudi Arabia within this month.”
“The scale of construction could be even larger than you expect. Since your father is the governor, the project will be executed on a very grand scale.”
Bin Salman’s father was third in line in the Saudi hierarchy.
And he would soon become the second in line, the Crown Prince.
Knowing that such a person was planning to launch large-scale infrastructure projects, it was easy to imagine that the scale would be beyond imagination.
“As for the EV chargers, the battery manufacturing companies are producing them in bulk, so installation is the only thing left. Taewoo Construction only needs to handle a bit of work, so it won’t take long.”
“You’ll handle it well, I’m sure. And soon, in Saudi Arabia, Taewoo Securities might be asked to collaborate too.”
Not another subsidiary, but Taewoo Securities?
That meant it wasn’t a manufacturing-related business—they wanted to collaborate with us in the financial sector.
“Is this related to the Saudi sovereign wealth fund?”
“How did you know? As expected, you can get to the point with just one word. The Saudi sovereign wealth fund is looking for new investment opportunities. And it’s highly likely that they’ll choose Taewoo Securities as one of the companies to collaborate with.”
The Saudi sovereign wealth fund wasn’t very large yet.
Once Bin Salman became Crown Prince, Aramco’s assets would be transferred to the sovereign fund, significantly increasing its scale.
But the sovereign fund was already preparing to move?
This was a deviation from the history I knew, likely caused by my close relationship with the Saudi royal family.
“So the Saudi sovereign wealth fund is going to start investing aggressively?”
“I wouldn’t call it aggressive. Honestly, if I were managing the fund, I would have attracted more capital and invested aggressively. Right now, they’re moving too cautiously.”
Bin Salman was already showing interest in the Saudi sovereign fund.
Having known me for a long time, he was well aware of what I did on Wall Street and understood that financial investment could generate huge profits.
“Collaborating with Taewoo Securities doesn’t automatically mean it will be profitable.”
“At least it won’t result in losses. And on Wall Street, no investment firm beats you in returns, right? I heard SAVE Investment Company is considered a legend on Wall Street.”
“That’s in the past. No one knows what the future holds. If you’re just trusting me blindly, it’s better not to.”
Human psychology is fascinating.
If you force someone to buy something, they don’t want to. But if you suggest they shouldn’t buy it, suddenly they feel the urge to do so.
That’s why I sprinkled hints of refusal regarding collaboration.
“Don’t worry too much. Right now, it’s just a trial collaboration. The investment scale won’t be large either.”
“If the Saudi royal family requests it, of course we’d accept. But what kind of business could we even do through this collaboration?”
“I think they’ll leave it entirely up to you. The sovereign wealth fund will simply provide the capital, and you can invest it wherever you see fit.”
It wasn’t a bad offer.
If we could bring the Saudi sovereign wealth fund over to Taewoo Group’s side, the scale of movable capital would multiply several times.
And considering the time when Bin Salman becomes Crown Prince, it would be too good an opportunity to pass up.
It was a chance to turn a sovereign fund holding hundreds of trillions of won into an ally of Taewoo Group.
