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00:00 Josh
How much of Bitcoin’s slide, Ryan, do you think we chalk up to excitement in gold, in silver, in the precious metals. In other words, how how much do you think investors said, well, you know, hey, that looks like a a fun party going on over there. I I I don’t want to miss out on that. I’m going to move there and not Bitcoin.
00:30 Ryan
Look, as a Bitcoin guy, it’s hard not to see what’s happening in the gold market and think that’s a fun party. I don’t want to miss out on it. I think the gold trade has started as a push by central banks to increase their gold allocations in a world where having self- custody of assets, being able to move away from reliance on other governments and other central banks is important. And so we’ve seen central banks increase their purchases of gold, starting really in 2022 and 2023, and it’s been accelerating. I think now gold’s turned into more of a momentum trade. We’ve seen the runaway price of gold and silver and other assets. So I do think that plays a bit of a role here when it comes to what’s happening in the gold market. But the fundamental thesis for gold is that it’s a way to store value outside of any government or bank and to custody your own assets in a world where you’re worried about fiat debasement and you’re worried about spiraling debt and irresponsible monetary and fiscal policy. And those same topics are things that we’ve been speaking about when it comes to Bitcoin for now over a decade. and I think that those themes are going to eventually land investors on the point that Bitcoin is a digital store of value, much like gold is a physical store of value. So I think the same themes drive Bitcoin higher over the next decade as have driven gold, but gold’s in the spotlight right now.
02:04 Josh
Ryan, as always, great to have you on the show. Thank you.
02:07 Ryan
Thanks, Josh.