I spent two full days in idea meetings with Steve.
Steve pressed me relentlessly, as if torturing me, trying to extract every single idea I had in my head.
"Too bad. I'd like to continue the idea meetings for at least another week, but neither Chairman Kim nor I have that kind of time…"
"Can't we just continue the idea meetings the next time I come to the U.S.?"
"I might as well go to Korea instead. I'll make sure to visit before the year ends."
With that ominous remark, Steve got up and left.
As soon as he stepped outside, David, who had been waiting, hurried in.
"Are you still alive? I brought you a refreshing Americano. Drink it down quickly."
"Do you think coffee is some kind of cure-all? I'm exhausted—why drink coffee now? Can't I just rest a bit?"
"Wouldn't coffee be better than alcohol? Hoo!"
David blew on the cup.
The strong smell of alcohol instantly filled the room.
"Were you drinking before coming here?"
"I was drinking with some ruling party politicians. I think the idea of GM collaborating with Apple really landed well. I even got a verbal promise that electric vehicle subsidies could go up to $7,500."
$7,500 is just shy of 10 million won.
Considering that the average car costs around 50 million won, that meant one-fifth of the price could be covered by government support.
"If the EV subsidy policy is announced, the Apple Car's popularity will skyrocket again."
"EVs are slightly more expensive than internal combustion cars, but with subsidies, they could actually be cheaper to buy. If that happens, it won't just be a surge—it'll be a frenzy!"
Battery costs inevitably made EVs expensive.
But if the U.S. government provides support, EVs could even gain a price advantage in the market.
"Before the Apple Car is officially released, the U.S. government needs to announce the subsidy legislation. Do you think that's possible?"
"We've already crossed the tipping point. As long as its current popularity holds, there's no problem. Still, just to be safe, I'm continuing to grease the wheels with multiple people."
He meant that lobbying was in full swing.
Even though promises had already been secured from the government and politicians, politicians are unpredictable—there was always a chance they could change their minds.
That's why continuous lobbying was necessary.
The more David moved around drinking, the faster the subsidy bill could pass.
"How about Europe?"
"France and Germany, which are the most environmentally conscious, are taking action. They plan to provide at least €6,000 in subsidies."
€6,000 is just shy of 9 million won.
Compared to the U.S. government's subsidies, that was about a million won less, but still substantial.
"Make sure the entire Eurozone moves to provide electric vehicle subsidies."
"I'm lobbying the EU as we speak. After all, it was the EU that first raised environmental concerns. If they take the lead and the U.S. provides subsidies, America will have no choice but to match it to save face."
The EU was already talking about carbon taxes.
To give weight to their position, they couldn't refuse to provide EV subsidies.
"Finally, we just need to enter China."
"The Chinese market is actually the most lucrative. But after talking to them, it seems they're planning a completely different approach to subsidies."
The Taewoo Group had extensive connections in China.
Naturally, they were in close talks with the Chinese government about entering the EV market.
Surprisingly, China was receptive to electric vehicles, and there were even discussions about providing large-scale subsidies.
"What do you mean by a different approach to subsidies?"
"Unlike the U.S. or Europe, where subsidies go to the buyers, China intends to give subsidies directly to the companies producing electric vehicles."
"So the company receives the subsidy and is expected to release EVs at a lower price accordingly."
"Exactly. And they've indicated that subsidies will only apply to EVs manufactured within China."
The reason China pursued this policy was simple.
Their goal was to make China the factory of the world.
"So they want us to build EV factories in China."
"We can use the factories that the Taewoo Group and GM already own in China. The key is how many Apple Cars Chinese customers will actually buy."
"True, the Apple Car is quite expensive for the Chinese market."
China's per capita GDP had just reached $2,400.
In comparison, South Korea's was over $20,000—about one-tenth of Korea's.
However, because of China's enormous population, even when considering only those who could afford an Apple Car, the number of potential buyers was actually higher than in Korea.
"We need to flood China with Apple Cars, even if it means acquiring new factories."
"Acquiring factories and producing cars isn't a problem, but won't we end up with excess inventory?"
"If there's leftover stock, we can sell it elsewhere. And to preserve the Chinese government's face, we might as well pretend we're expanding new factories. That way, they'll be willing to spend on building EV infrastructure."
Before the regression, China's EV market had been dominant.
China accounted for nearly half of global EV sales—reactions to electric vehicles were overwhelmingly positive there.
The same was true for iPhone sales.
China was the country that bought the most iPhones in the world.
Given China's exceptional love for Apple, EVs released under the Apple Car name were highly likely to be equally well-received.
"Are you sure about this? If we build EV factories in China, there's no way to prevent technology leaks."
"It doesn't matter. Even if they copy the technology, they can't replicate the brand image."
The Chinese market was a double-edged sword.
With a population of 1.4 billion, it offered massive revenue potential.
Yet, it was also a market fraught with risks, including potential technology leakage.
But it didn't matter.
Fakes can never surpass the real thing.
"Then we'll acquire the Chinese auto factories and adjust production by expanding existing facilities."
"If inventory accumulates, we can sell it to other countries. Don't worry—just scale up production confidently."
"Okay! Now, onto the next schedule, right? Dimon's been waiting eagerly."
"At least we can rest a bit while on the move."
***
At the CITI Group headquarters, Dimon was waiting in the chairman's office.
As soon as I arrived and the door closed, Dimon greeted me with a smile.
"The response to the Apple Car has been phenomenal! Taewoo Group's stock is rising day by day, and there are even articles claiming that Apple has once again created an innovation."
"There are still about two months until the launch. The key is maintaining this momentum until then."
"Two months isn't that long. And we've decided to build large-scale EV charging facilities at both CITI Group headquarters and FinTech Bank."
Dimon looked genuinely pleased, as if it were his own achievement.
It made sense—FinTech Bank had inherited Apple shares from SAVE Investment, making it a shareholder in Apple.
"Even if the Apple Car doesn't sell much right away, the era of electric vehicles will come soon enough. Installing charging facilities now won't be a loss."
"I've heard rumors that GM is collaborating with Apple to produce the Apple Car. Is that true? Those rumors alone have boosted GM's stock significantly over the past few days. Thanks to that, Berkshire and we have seen some nice gains."
The major shareholders of GM were Taewoo Group, FinTech Bank, and Berkshire Hathaway.
We had bought the stock at its lowest point, and thanks to the Apple Car rumors, GM's stock had risen more than 30%, yielding substantial profits.
"Soon, GM and Apple will officially announce that they're producing a large SUV version of the Apple Car. So these aren't just idle rumors."
"Then GM's stock will surge once again. It won't solve all accumulated deficits, but it will certainly help."
"Stock prices alone won't solve the problem. GM's deficit will only be addressed once the Apple Car is launched and actual sales are generated."
"Anyway, I've once again resolved to trust and follow whatever you say, Chairman. Who in the world would think that the automotive and mobile industries could collaborate to make a car?"
"That's enough flattery. More importantly, I'm curious how much Bitcoin has risen compared to GM's stock."
The real reason I wanted to meet Dimon despite his busy schedule was Bitcoin.
Among the commercial banks, FinTech Bank was the only one capable of handling Bitcoin transactions, and it was about time the Bitcoin price began to form.
"Indeed, the price is rising faster than before. As of yesterday, it's trading slightly above $2."
"It's already crossed the $2 mark? That's faster than I expected."
"Thanks to Taewoo Group, isn't it? Bitcoin can be used for item transactions on the game platform, as well as for music, OTT services, and more, so the user base is growing. There are even companies now specializing in Bitcoin mining."
The speed was far faster than before the regression.
Back then, Bitcoin hadn't even reached $1—it was barely above $0.25.
But with my involvement, Bitcoin's price had surged more than fourfold, and it continued to climb rapidly.
"People are starting to realize that Bitcoin can make money."
"The number isn't that high yet. Still, there are some who are mining Bitcoin on their personal computers as a hobby."
"There will come a time when they realize the Bitcoin they mined as a hobby is like a winning lottery ticket."
"But can we just sit on our Bitcoin? Wouldn't it be better to realize some profits gradually? Selling even 30% of the Bitcoin we hold could be a huge help."
Finally, Bitcoin's price had begun to form.
From Dimon's perspective—having run a Bitcoin exchange all this time without any profit—it was only natural that he wanted to realize some gains.
"Why cut open the goose that lays golden eggs? Even if you sell now, each Bitcoin is only worth about $2."
"In your view, Chairman, how high do you think Bitcoin's price will go?"
"At least $30,000, wouldn't you say?"
"...$30,000, not $3? That means it has to rise ten thousand times from the current price. I expect Bitcoin to keep rising steadily, but will it really go that high?"
I smiled.
Before the regression, I had seen Bitcoin's price surpass $30,000 with my own eyes. That's why I could smile confidently.
"Who would have predicted the IT bubble would rise so high? Who would have expected the U.S. real estate market to reach such heights?"
"Do you think Bitcoin will experience a similar frenzy, like IT or real estate?"
"It's structured in a way that it inevitably will. And for that to happen, we need to enhance trust in Bitcoin."
All financial investment products rely on trust.
In a sense, Bitcoin was very much like a financial product, so building credibility was essential.