00:00Bitcoin, digital gold, the new gold, a reliable store of value. Or is it? Look back over the last few months, the Bitcoin price is down 9% in a year, 16% or so over the last six months alone. If you'd invested in, for example, Michael Saylor's experimental Bitcoin vehicle strategy, once known as micro strategy, you would be down 60% from the peak. If you've been in the ETF or one of the ETFs, you may be down 80% from the peak.
00:25And look at real gold, up 24% in the last six months, over 50% over the last year. Real gold is actually hanging on. So what's the Bitcoin fall really all about? It could be about mixed signals to do with U.S. rates. Will they fall in the next meeting? Won't they fall in the next meeting? It could be about rising Japanese interest rates. It could be about institutional lack of interest. And it could just be plain old profit taking.
00:51On the Bitcoin treasury side, the strategy side, maybe it's just a realization that you don't need a corporate shell inside which to hold your Bitcoin. You can just buy it direct. Or maybe, just maybe, it's about Bitcoin trending down to what a lot of people would say is its fair value. Zero.
01:08But either way, one thing that we do know from the last few months, there is one thing that Bitcoin is definitely not. And that is a stable store of value.
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