Peter Schiff joins Anthony Scaramucci to dissect Bitcoin’s explosive rise, debating whether it’s the next financial revolution or a speculative bubble waiting to burst. Schiff reveals why gold continues to outshine U.S. stocks over the long term and issues a stark warning about America’s mounting debt and looming stagflation risks. Don’t miss his take on gold as the ultimate hedge, Bitcoin’s speculative allure, and what the Federal Reserve’s next moves mean for your investments.
Plus, stay tuned for Part 2, coming out early next week, where Peter answers YOUR questions in an exclusive follow-up episode.
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Peter Schiff 0:00
There’s nothing unique or special about Bitcoin other than the fact, yes, there’s a lot of people who believe in it now and who have built up all this computing power and this huge network around Bitcoin. But my belief is the main reason that all of this capital has been wasted and misdirected into bitcoin is based on the belief that the price is always going to go up. And that’s the whole basis of the micro strategy, strategy of continuously buying higher and higher cost Bitcoin with more and more borrowed money, because it’s never going to come down. Because if bitcoin goes down, make MicroStrategy is bankrupt. But, oh, no one cares, because Bitcoin can only go up. I mean, we finally invented an asset that has no downside risk and can only go up, right? I mean, where have I heard something crazy like that?
Anthony Scaramucci 0:54
Hi and welcome to speak up on the wealthy on network. I’m your host, Anthony Scaramucci, our guest today is a a friend, but he’s also a fan favorite, Peter Schiff. Peter is the CEO and chief global strategist of Schiff gold, and also you can see behind him, Euro Pacific Asset Management. Many of know Peter as a prominent economist. I actually first met Peter through his books. He’s written some fantastic, best selling books are still relevant today, and so some of them are crash proof. Had a profit from the coming economic collapse and real crash America’s coming bankruptcy, where Peter does explain that we do have a looming debt crisis, and these things tend to they loom for longer than we all think, but they’re out there. So Peter and I will talk about that as well, but he’s got incredible insight on the US economy, global markets, fiscal policy. One little rub that Peter had and I have with each other is, I like Bitcoin. He doesn’t. We very infamously debated on a stage, this was during COVID on a zoom stage in London. He was against Bitcoin. I was for it. They had people vote. I think he got 75% of the votes. Peter, so You kicked my ass in that debate. We went on to have other debates, of course. But listen, we’re here now. I’d love to hear those thoughts, but let’s start with the US economy, if you don’t mind, sir, in 2006 you accurately predicted a collapse in housing prices. It’s very prescient. It led to the financial crisis. It cemented your reputation as a financial forecaster. But if it’s something else, you’re explaining that the only way the Fed was going to be able to get people out of this was to print money. And they did print money. The national debt has gone up since that moment, Peter, because I did the homework, we were just over $6 trillion in national debt 18 short years ago. We’re now 34 trillion and counting. I guess it’s closer to 35 mark. And also we’ve had a record one year increase. You’ve warned that this could lead to a debt crisis and and so forth. So I want to start there. Is it going to get worse, or how does it manifest itself? Where do you think we are macroeconomically? I know you were just listening to Jerome Powell. What are your macro thoughts before we talk about things like tariffs, by the way, I will also say Peter Schiff got the election right in 2016 he said Trump was going to win. He did in 2020 Peter Schiff said Trump would lose to Joe Biden. He did in 2024 I’m not talking days before the election. I’m talking six months, eight months before the election. He turned to me in a sound studio. I think we were somewhere in Miami, if I remember correctly. He said, Trump’s going to win this election. Trump went on to win the election. So I’m just laying all that out for people, Peter, because people should listen to you. And so tell me where, where you think we are right at this moment. And thank you for joining the show.
Peter Schiff 3:58
Thanks a lot, Anthony, for having me on. I should have worn a tie. I didn’t realize you’d be so aggressive. No,
Anthony Scaramucci 4:03
no, I had to go to the deal book thing, you know, so were you. I was up there, and I said, You know what? I got to go. I’m missing the Jerome Powell speech, but I saw Sam Altman this morning. And if you didn’t
Peter Schiff 4:15
miss, you didn’t miss much, you pretty much said exactly what you would expect him to say, exactly. But you know, what surprised me, Anthony is that the bubble has gone so big without any adverse consequences. You know, in fact, one of the questions that pal got, you know, was, you know, are you, does the amount of debt impact your decisions on raising rates? Which, of course, it does. But he lied and said, Oh no, no, no, we’re nowhere near there. I mean, we don’t even consider how much debt the US government has. We raise rates to whatever level we think is appropriate. We’re not in a position yet where the government has so much debt that interest rates are significant factor. Well, it’s a very significant factor. We’re already spending what, 1.2 trillion. A year on interest payments on the debt. You know, a year from now, it’ll probably be 2 trillion a year. And you know, if the Fed had to raise interest rates much higher, it could be three or 4 trillion. I mean, those are sums that are impossible for the government to collect, and so obviously the Fed is cognizant of that. But I’m surprised that, you know from the launching of QE one, which you know, when they first launched it, they didn’t call it QE one, because they all assumed it was going to be one and done. I was one of the few people that said, No, this is the beginning of a process that will never end. But we’ve now added $30 trillion of debt, and, you know, everything seems to be okay. I mean, the dollar is relatively strong against other currencies. I mean, it’s not absolutely strong, and that, you know, prices have gone up a lot, so the purchasing power of the dollar has gone down. But relative to the euro or the Japanese yen or other currencies, the dollar is doing pretty well, and interest rates are still relatively low. You know, the government is paying four and a half percent on a 30 year Treasury that seems ridiculously low given the enormity of the debt and the probability that it’s going to get inflated away. So, yeah, the bubble has gone on for a lot longer than I thought, but the process of sustaining that bubble has done a lot of damage to the underlying economy. That is why Donald Trump won in 2016 it’s why he lost in 2020 and it’s why he lost again in 2024 because for the average American, life is getting worse, not better as a result of all this debt and inflation, and the public doesn’t buy all the rosy data coming out of Wall Street and the administration that the economy is great, it’s growing. Unemployment is low. People are struggling. They’ve been struggling for over 10 years, 12 years in this inflation economy, they’re working harder and harder and having less to show for it. People now have two or three jobs when they used to have one, they have no more savings. They have record amounts of debt. They’re paying record high interest rates on that debt, on their credit card, and so they’re desperate for the situation to change, but unfortunately, none of the candidates, and I think Trump would be included, have the guts to actually do what’s needed. I mean, even though Trump has now got himself surrounded by Elon Musk, who’s like a new found Ayn Rand, you know, libertarian free market guy, you know, posted stuff from Milton Friedman, you know, I don’t see and I don’t know Trump is as well as you do. I’ve never really worked with him, but, you know, I just base what he did in his first term, and I don’t see a huge transformation. I think Trump said what he needed to say to get elected. I think he, you know, said a lot of things that appeal to the libertarian community, to the crypto community. He said a lot of things that he probably doesn’t mean because he wanted donations and he wanted votes, but I don’t think that, you know, we have a real mandate for legitimate reform like they have down in in Argentina. I just think Trump’s going to try to try to blow more air into the bubble, whether he succeeds in making it bigger or it blows up in his face, you know, we’ll see.
Andrew Brill 8:27
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Anthony Scaramucci 9:08
Well, I mean, you said a lot there. I want to test a few things on you get your reaction to some of them, because one of them is lower middle income people, and what the struggle is going on there. But one of it is we have people in our society that are modern monetary theorists, and so we have young people. I’m going to try to explain it. If I don’t do a good job, you step in and explain it. But there’s a group of people that believe that the government can just print money. Deficits can go on as far as the eyes can see, and it’s not really that big of a deal. And you just, you’re taking tax revenues from people as a result of social policy, and you want to be a little bit Deacon, something of the rich, and you want to redistribute to the poor. That’s more or less what I read in Stephanie Kelton book, okay? And if I’m if I’m wrong, you’ll correct me, or you’ll add something to it. But what you’re saying. The book. I did read it, yeah, and I interviewed her. I read it and interview her. And what you’re, what you’re saying, is something that I do believe that, unfortunately, that sounds good on paper, but it has this deleterious effect for lower and middle income people, because if you’re, you’re cheapening the money by can constantly monetizing it. The assets go up in monetary terms. My Peter, as hard as this is to believe for me, my dad paid $16,000 for the house that I grew up in in 1962 Zillow would suggest that it’s worth over $800,000 today, and it’s a very small house, one that one, one bathroom, three small bedrooms. But that’s what we did. We monetize things,
Peter Schiff 10:45
Anthony, if you if you do the calculation, in the 1960s the price of gold was $35 an ounce. And so if you figure how many ounces of gold your father paid for that house, I bet that it’s actually cheaper. Now, you know, in terms of gold. So it’s not that the house is more valuable, it’s that the dollar is a lot less valuable. So you need a lot more dollars.
Anthony Scaramucci 11:08
So my point story that I want you to respond to, this monetization hurts these families. It cripples these families. In fact, frankly, it’s caused the rise of this political anger. Am I wrong about that, sir? And if I am, tell me,
Peter Schiff 11:23
No, no, you’re right. And in fact, what the monetary modern monetary theorists, you know, whatever they want to call that, you know that nonsense, what they overlook is that government is a burden on the economy. You can argue whether the burden is necessary or unnecessary, but government needs to be paid for by the people, right? There’s no other source of it, because government itself isn’t productive. It saps the productivity of the private sector to cover its operating costs, and so that you measure the cost of government by what it spends, not what it collects in taxes. And so if there’s a difference between what the government spends and what it collects, which in the United States, there’s a multi trillion dollar difference every year, the public has to pay for that one way or another, we don’t get all this government for free, and if we just print the money to cover the deficit, that doesn’t mean, you know, it’s, it’s a freebie. What happens is, the value of all the money that already exists goes down. Prices go up, we, you know, and those additional prices, those price hikes, that’s how we pay for the bigger government. We pay for it through inflation and a reduction in the value of our money. So if we’re just going to keep on pretty money to pay for government, we’re going to keep on paying higher prices for everything we want to buy. And so when people now have to have two or three jobs, the reason they need all these jobs is because they have to pay for the government. They’re working for the government now, not for themselves, right? They’re working to cover all these deficits. That’s what’s going on.
Anthony Scaramucci 13:07
Yeah, it makes me sad, Peter, because I grew up in a family where we relied on my dad’s income when I was a child, based on his labor, so it was his time and energy going to work, and we relied on that. And so if you paid him $1,000 but you had inflation of 8% you only you left him with $920 of purchasing power. You stole 8% of his labor, 8% of his time. You know, it’s just, it just isn’t fair. So, so, but it’s not changing you and I both know that. So what do you think happens? Let’s talk specifically. What what do you think the Federal Reserve does in the year 2025
Peter Schiff 13:46
Well, you know, I’ve been arguing for quite some time now that the economic data did not tell the true story. And in fact, that’s why I believe Trump was elected. I mean, if the economy was as great as Powell claims it is, you know, as the media claimed it was, as Biden claimed it was har you know, Harris would be the next president. All the exit polls showed that it was a pocketbook election that people were voting for change because the economy and inflation were the number one issues, and the economy and inflation are only the number one issues when they’re bad, if they’re good, nobody cares about it, and they vote for other things. So I think we’re going to continue to get weaker economic data. Like all the data we got today was extremely weak, from the ADP numbers to the ISM numbers, factory orders. I mean, I think we’re going to keep getting more downward revisions to a lot of the numbers, we’ve gotten multiple downward revisions now to the Non Farm Payroll numbers over the past year, year, year and a half, I think it’s very possible that we’ve been in a recession for most of 2024 and I think that will continue into 2025 and so as the data gets stronger to support that, you. The Fed is going to try to continue with its rate cuts, but I am expecting a return to quantitative easing. Now, I was on a panel down in New Orleans, like a couple weeks ago, and on that panel, Danielle Demartini Booth was there, and she I mentioned that I thought we were going to have a return to QE. And what she told me is, no, they can’t do that unless they go to zero first, that somehow they can’t launch quantitative easing unless they have a zero bound. Now, I had never heard of that before, but it’s my bet that if that’s what the rule is, they’re going to violate that, because I don’t think they’re going to be able to get back down to zero, but I do think they’re going to restart the QE engine, because I think that they’ve already lost control of the long end of the bond market. Is one of the forecasts that I made that I got right recently. I was saying that when the Fed cuts rates, that was going to be the bottom of the long term rates and that they would go up. And that’s exactly what they’ve done. Ever since the Fed cut rates, long term rates have gone the other way, and I think that’s going to continue, and that’s going to be very problematic for the Fed, because it’s going to be harmful to the economy, to the housing market, and when we’re in a recession, or when the recession gets worse, I think the Fed is going to be pressured to try to lower long term rates, and the only way it would be able to do that is by buying the long term bonds, and the only way to get the money to do that is to print it. So I think we’re going to have a resurgence of inflation. We’re going to have a weaker economy, stagflation. That’s the one thing that, of course, the Fed has no plan for. I thought it was almost humorous, and even it got a laugh out of Powell, a reporter asked him at the last press conference, what’s your plan for stagflation? And he laughed and said, our plan for Stagflation is to is that we’re not going to have it, and so they’re just hoping that there is no stagflation, but that unfortunately, where we’re going.
Anthony Scaramucci 16:58
Well, you said a lot there, and you forced me to do a quick calculation, and you are correct, by the way, it would have cost 457 ounces of gold, priced at $35 per ounce. And of course, if we priced at today’s price, 457 ounces of gold would be approximately $1,250,000
Peter Schiff 17:22
so that has house went down, which makes sense,
Anthony Scaramucci 17:25
the price house went down. And so, so that’s
Peter Schiff 17:28
how capitalism works. Prices go down, right? There we, you know, how much more efficient we are building than we were way back then. I mean, the tools that we have that we didn’t have available, you know? So, yeah, I mean, capitalism, you know, allows for prices to come down. Unfortunately, the government often steals that benefit away from people by creating inflation, because people think of inflation as prices going up, but it’s also prices not going down the way they should.
Anthony Scaramucci 17:57
I think, you know, it’s it makes me sad, Peter, I’m not gonna, I’m just, that’s all I can say. It just makes me sad. I want to go to gold and precious metals for a second, because big part of your story, big part of your narrative, you’ve been advocating for gold over other asset classes, including, of course, cryptocurrencies. You You see gold as an ultimate hedge in terms of protecting against one’s wealth erosion, given everything that you just said. So tell us where you are on gold. Gold’s had a very good year. Am I right in saying that? Yeah, I mean, it was an all time track
Peter Schiff 18:31
for its best year since 1979 until the election. And it’s had a setback, you know, with with Trump, because we’ve had a big rise of the dollar. And so gold hit New all time highs in euros and in pounds, but not in dollars. And so it’s still going to be a great year for gold, even if it’s not the best since 1979 but you know, gold has had a great century millennia. Mean, nobody really talks about it, but since the beginning of this century, January 1 2001 gold has beaten the S, P. It beat the Dallas. You beat the NASDAQ. In fact, if you, if you go to the bottom of gold in 1999 that was the bottom of the bear market that went from 1980 to 1999 about a 20 year bear market in gold. Since that low in 1999 it’s outperformed the US stock market. So you wouldn’t know that from, you know, the way the pundits talk about gold in the market. And I expect that trend to not only continue, but to accelerate. I still think that US stocks are very expensive historically relative to their earnings, and I think the earnings are going to come under a lot of pressure in the adverse economic environment that I think is coming, and so I think you’re going to continue to see us stocks lose value priced in gold, though, they may continue to gain value priced in dollars. I mean, because the dollar could lose a lot more value than stocks, at least, companies are real businesses. The dollar is just a piece of paper. You know, we created out of thin air. Right? And so I think people should own gold as an alternative to the dollar or the euro or the yen or any of these fiat currencies that I think are, you know, being being debased. It’s not an investment per se. It’s not a productive asset. It’s a commodity. And so you can hold it as a store of value. Gold is unique among commodities and that it doesn’t tarnish or decay, so you don’t have to worry about it losing its value. And gold is very expensive, so you can store a lot of gold in a shoe box, right? So it for most people, you know, all the gold that they can afford is is easily stored. You know, by themselves. They just have to make, you know, keep it safe. Make sure nobody, nobody steals it from you. But you know, obviously, you know, you mentioned that you and I had a Bitcoin debate, that I that I won. Well, I You won, and that, you know, Bitcoin is a lot higher today. Bitcoins almost $100,000 I was probably double what it was when we had that debate, maybe higher. I forget which one I actually
Anthony Scaramucci 20:56
went back and looked. I went back and looked, Bitcoin was 34,000 were, as you and I are speaking, is around 9697 but, but you know, Trump has also contributed that, President Trump’s electoral success and the issues around Bitcoin regulation, cryptocurrency regulation. But you know, I listen to you. I know I’ve seen you on a daily Brunel at other places, but here on wealthion, give us an update on where you are. I saw you at actually one point, express some regret. Typical trader in you, you were like, you know, hey, I regret not buying some right, because it went up. But I’m really want to talk about the fundamentals and the risks associated with cryptocurrency from your opinion. Give us that update from your mouth to our network listeners,
Peter Schiff 21:46
yeah, I get a kick out of, like, some of the crypto people trying to make something out of the fact that I say, Oh, I regret not buying Bitcoin, as if I’ve changed my opinion. I mean, obviously, when I first learned about it, and I don’t remember exactly what the price was. I forget if it was above or below $1 I mean, I really can’t say, but it was around $1 when I learned about it. And I had money. It wasn’t like I was poor back then. I had money. So I could have, I could have put 10 grand, 100 grand, you know, I could have put something into it, and I’d be a multi billionaire today, assuming I hadn’t sold it. But, you know, I don’t know what I would have done had I bought it back then, how much I would still have I mean, I have no idea, so it’s hard to say, but clearly, you know, I should have taken a chance on it. I didn’t do it. But that doesn’t mean that I, you know, I believe in it. I mean, just like I have underestimated how big the bubble can grow with us debt, right? How much money the world would lend us before we had a debt crisis? I overestimated, I guess, the intelligence of individuals, you know, and now companies, with respect to understanding Bitcoin and, you know, I had no idea that the bubble could could get this big. I think what’s really happened recently? You had two things. You had the introduction of the ETFs and Wall Street coming in and buying up Bitcoin that pushed up the price. I mean, obviously nobody is buying Bitcoin in an ETF because they want to use it for anything. No, they’re not using it as a currency. They’re just gambling on appreciation. And I think that kind of started to, you know, to wear off. And then, of course, you have MicroStrategy Michael Saylor, single handedly, I think he’s bought in the last month, 11 and a half billion more of Bitcoin. A lot of it was borrowed money, but the rest of the money he raises just by, you know, selling shares of stock. So he’s just been this crazed buyer that not only has pushed up the price, but has caused a lot of other people to buy it, to front run his buying, to try to make money off of the buying. And now you have Senator Loomis introduced this ridiculous bill to create a strategic Bitcoin reserve, which there’s nothing strategic about Bitcoin, and we certainly don’t need to have a reserve of it. But I think that the potential for this, and you had all these guys down at the Bitcoin Conference in Nashville, RFK Junior and Trump, you know, paying homage to the Bitcoin crowd, really pandering to that community, promising them this Bitcoin reserve, which is really a payback for their donations and their support. But I think that the prospect of the US government buying, you know, a million Bitcoin, regardless of the price, just buying every single month and never selling. You know, the Loomis bill says you can’t sell that Bitcoin for 20 years. I mean, what kind of reserve is it if you can’t use it? But So, but, you know, with all this stuff happening, I mean, that’s really what’s, what’s pushed up the price of Bitcoin, but I still think it’s a bubble. I still think it’s not digital gold. I mean, Powell got that wrong today. He was asked about Bitcoin, and he said he doesn’t see it as a competition to the dollar. He doesn’t see it as a currency. He said it’s just like gold, which it’s nothing like gold. So he doesn’t understand gold. Leader, that’s another thing Powell pal doesn’t get, but I do think it’s gonna collapse. Yes, a lot of people made money on Bitcoin. A lot of my neighbors have made a ton of money on Bitcoin here in Puerto Rico. You probably know some of them, and they, they always like to tease me about about the I didn’t get all damn
Anthony Scaramucci 25:17
Moorhead. So you know not, not to be self promotion. But, you know, Dan, I wrote this book. Dan came to the book party last night here in New York. Yeah, he’s here, you know, I guess I would say something to you that I would ask you to consider and get you to respond to. And I guess, you know, and there are people out there say that there’s more uses for gold and just jewelry, and there’s some industrial uses, and I accept all of that. But is there a database? A bank is a database. A bank is a spreadsheet. It’s a regulated spreadsheet. You have your assets on that spreadsheet. I have my assets on a spreadsheet. I move assets to you. There’s a spreadsheet. Is there a case to be made that this is an impregnable, fully distributed, fully decentralized spreadsheet, and that there’s value in that network, and as as 10s of millions, if not now, hundreds of millions of people are on that network, that there’s value in that Network. And so, yeah, that would be the Robert Metcalf explanation of the network effect. We say there’s no value in that network. So, so did bitcoins value is zero
Peter Schiff 26:31
or Well, you know, look, they like to compare Bitcoin to the internet, right? And the beginning internet, well, Bitcoin came around in 2009 2010 so you know, it’s what is it? 50, you know, 15, 1415, years it’s been around. And, you know, I know, in the first 14 or 15 years of the internet, I noticed a very big difference in my daily life. You know, I went from never using the internet to constantly using the Internet. In fact, I today, I can’t even be without the Internet. I mean, my whole everybody, I’m on my smartphone all the time. The internet is probably the most important thing in my life. You know, as far as something that I use, something that adds value to to what I do. In contrast, you know, Bitcoin has been around for those 15 years, it hasn’t changed. The thing, I mean, other than the fact that some people have gotten rich because they bought it a long time ago, and other than the fact that if I turn on CNBC, all I see is Bitcoin commercials and people talking about Bitcoin, as far as in the real world, it’s done nothing. It’s changed. Nothing. Blockchain has changed, nothing. Crypto nothing has changed because of Bitcoin. So, you know, you have a cult, you have all these conferences, and people go and talk about it. You know, I was just in over the weekend. I was in St Bart for, you know, for Thanksgiving, I come on the plane to come back be a little prop plane, and the pilot sees me says, oh, when you when you’re gonna buy bitcoin? You know, the guy’s mining Bitcoin in his spare time. He’s, you know, flying this, this, this plane for a living. He lives here Puerto Rico. But, I mean, apart from people trying to make money off of Bitcoin, it hasn’t done anything. So I don’t see the value to Michael Saylor, I see his interview goes, it’s the only asset in the history of the world that has limited supply? No. I mean, has he not noticed that there are hundreds, 1000s of other cryptocurrencies, many of them have supply caps exactly like Bitcoin, I mean, and there’s an unlimited number of cryptos that somebody can create. You could create one, I could create one, and we could limit the supply to whatever we want, you know. So the key is not limiting the supply. The key is the utility of the asset. That you’re limiting the supply of gold is the most useful metal in the world. There are more uses for gold than any other metal we have. It has properties that are very unique to gold and that are very special, and that are very valuable to mankind because of the things that we can do with gold. But there’s nothing unique or special about Bitcoin, other than the fact, yes, there’s a lot of people who believe in it now and who have built up all this computing power and this huge network around Bitcoin, but my belief is the main reason that all of this capital has been wasted and misdirected into bitcoin is based on the belief that the price is always going to go up. And that’s the whole basis of the micro strategy, strategy of continuously buying higher and higher cost Bitcoin with more and more borrowed money, because it’s never going to come down. Because if bitcoin goes down, make MicroStrategy is bankrupt. But, oh, no one cares, because Bitcoin can only go up. I mean, we’ve finally invented an asset that has no downside risk and can only go up, right? I mean, where have I heard something crazy like that? So I don’t see the real value there. You know? I don’t, you know. I. We, I make payments all the time, very quickly. You know, with my credit cards, I’ve used Zelle, I use PayPal, I use Venmo. We have all kinds of ways that I can send money instantly, anywhere I want, very quickly. Cost nothing. I don’t see where, where I need Bitcoin to do any of that. I don’t, nobody, nobody uses Bitcoin for that. So I, you know, I don’t see what, what value it actually brings. I mean, it’s a sexy story that everybody tells to try to justify the price and getting people to buy it. But, you know, there are they. In fact, they view, they’ve already admitted that it’s not, it’s not good as a, as a, as a medium of exchange. Nobody even pretends that anymore.
Anthony Scaramucci 30:47
Well, I mean, listen, you know you and I have always been respectful each other, and obviously I disagree with you, but this is you’re a guest on my show, so I’m not going to rebut you. This is a show for you to espouse your information to our viewers. I, you know, I, I do think it goes down. Obviously, I’ve experienced high volatility in Bitcoin. I’ve been through a bear, few bear markets with Bitcoin, and I’ve seen it drop as much as 80% since I’ve owned it, but at least three occasions went down 50. So if people think it just can go up, I would just want to warn everybody here that Bitcoin is still, in my mind, an early adopting technology asset, and Peter’s mind is worthless. I don’t think it’s worthless, but I do think it has high volatility as it’s adopting so let’s go to let’s go to viewers questions, which I think are important, Peter and again, thank you for coming on. This is a good one. This is from Robert from New York. How would, how will Trump’s policies affect gold, if at all? Okay, my dear audience, we’re going to stop it right there. Peter’s answers here. Many questions were too good, and they merit a separate speak up episode coming to your screens early next week. So stay tuned, and in the meantime, have a great weekend.
Andrew Brill 32:05
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