00:002024 was so significant that's when Trump got elected by tilting over the cryptos and what we
00:05found out is cryptos got trumped and the key question is what's next maybe it's the stock
00:10market but the fact is gold and precious metals and silver rallied so far so fast that's never
00:18happened with stock market volatility so low so I think what's happening now is we're turning
00:23into a year that's going to end up like 2008 it's great for traders I used to be one and it's just
00:28getting started so it's only February how far it goes from here I think Bitcoin's reaching good
00:33support on 64,000 it could bounce but I think eventually the whole thing's going to continue
00:38lower and the bottom line is I think when we look back from the future at this year we're all going
00:42to say yeah I wish I'd been in treasuries and treasuries like just a few weeks ago that long
00:46bond was almost five percent yeah you've been bearish on Bitcoin for a long time now Mike so
00:52that's not new I guess what's different this time is just the momentum it's persistently to the
00:57downside for Bitcoin Bloomberg News writes a story about how Bitcoin's dropped below 70,000 and now
01:04below 68,000 is coming as forced deleveraging accelerates what does that look like can you
01:10just walk us through that Scarlett I love how people dig into the the weeds I look at the macro
01:16and there was one Bitcoin in 2009 now there's 28 million the problem is there's things like Shibuino
01:22still worth three billion dollars and then there's Dogecoin still worth 15 billion dollars
01:27there are numbers on the screen that track nothing I think from the future we're going to look back
01:32this is the tulip purge we need to purge all this stuff and get to a base but you can only do that
01:37when you get the stock market at two to 2.3 times GDP to me that's what's happening we're reverting
01:43all that and the bottom line is looking at somewhat politically I think the Trump administration might
01:48realize yeah if we run it hot that means inflation and we're not going to get elected if we get a
01:52little bit of correction in beta maybe the stock market drops 10 percent everything will work out
01:57we'll get deflation the federal ease interest rates will drop yields will drop and energy will drop so
02:02the key thing that's also happened this year is we've never had gold and silver rally at this velocity
02:07with stock market volatility this low and they're too expensive I think what's happening now is they
02:12told us the stock market volatility is just going to revert a bit and just to end with this
02:16180 day volatility on the S&P 500 it's still near an eight year low it's got to go higher
02:22silver boy it was 121 just a couple of coffee ago as Tom Keene would say we're now at 74 and change
02:29down 15 percent today is silver typically less speculative than say gold oh no see it's called
02:37the devil's metal for a reason but typically trades Paul at two I know you were you're you're lining me up
02:42for that quote but it typically trades at two times of volatility in your gold and it's the
02:47lessness silver is you never buy it when you can make statements like I did last week it was the
02:52most expensive ever versus copper and crude oil I'll never be able to say that again the rest of my
02:56career I don't think the key thing about silver is it can easily get back to 50 and it's still so
03:01inexpensive people point out supply and demand there's always supply and demand but when prices
03:05shift this exponentially we're going to get massive supply come on and we're going to hear a lot the word
03:11we'll hear in silver next year is thrifting
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