Fundstrat's Tom Lee: Yesterday's selloff was an 'overreaction' (youtube.com)
Now people are considering taking Trump tariffs seriously. Trump put, Tesla down 15% in a day and on TruthSocial Trump talks about Tesla.
Rage selling, even institutions maybe push a button and liquidate.
Whatever money is invested in crypto is money you can't invest in production, in real investments, so if US becomes crypto king it's sort of institutionalizing weak asset allocation, not real wealth creation. Peter Schiff.
Digital tokens have no value.
Between 1789 and 1920s (1913 creation of Fed), dollar was a weight of gold, $20 an ounce. The dollar maintained its value for 120 years, and over that 120 years the general price of things was reduced 50%, so people had stable prices and consistently falling prices.
You could, as a bank, issue a crypto interchangeable in gold. A gold token through that institution. Peter Schiff. A commodity base would cause politicians to give up control. Gold keeps politicians honest, they can't buy votes or micromanage the economy with interest rates or money supply.
Gold doesn't require anyone to have confidence in it. It doesn't matter. It holds its value nomatter what. Bitcoin relies on confidence.
‘I think if we had a pure free market, Bitcoin would lose.’ Currently, the government prevents competition with KYC, AML, government makes it so expensive you can't use alternatives to its fiat. Ultimate rentseeking. The polzi would fail. Fraud.
‘The way a lot of the inflation entered the system through the QE mechanism was though the financial markets. So the prices that were most impacted initially were asset prices, so inflation was pushing up stocks, real estate, bond prices, moreso than consumer prices.’
You probalby have to double the CPI print to find out what's really happening. The print is 9%, so really it's probably 18% inflation.
The US economy is over-rated, said Schiff. If it was really so great, it'd run trade surplusses, not deficits. It'd be the biggest creditor nation, not the biggest debtor nation.