'Debt Doom Loop’: System 'Blows Up' Unless Massive Inflation Returns | Lawrence Lepard
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Lawrence Lepard, Managing Partner of Equity Management Associates, discusses how "waves of inflation" will need to return to prevent the financial system from "blowing up". He calls it a "debt doom loop".
Watch Lawrence's last interview with me: • $150k Bitcoin And $5k ...
*This video was recorded on June 28, 2024
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*This video is not financial advice. The channel is not responsible for the performance of sponsors and affiliates.
0:00 - Intro
1:21 - Election and economy
2:29 - Dedollarisation
6:47 - Dollar Milkshake Theory
9:02 - Household net worth
13:10 - Inflation and Fed policy
17:30 - Debt and deficit projections
24:20 - Bitcoin
37:121 - Gold
#economy #investing #stocks
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Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Amber Kay Wright" I've
worked with her for 9 years and highly recommend her. Check if she meets your criteria.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
@@DeborahPowell-u1j You are right! I diversified my $550K portfolio across various market with the aid of an investment advisor, I have been able to generate a little bit above $1.4m in net profit across high dividend yield stocks, ETF and bonds during this red season.
@@JamesHawley-b3k How do I get in touch with your consultant?
@@riberaSlavinskiy Just look up Mildred Geneva Hyder, she's online and you can connect with her from her website.
Well explain thank you for bringing up this video Financial education is indeed required for more than 80% of the society in the country as very few are literate on the subject. The value of the US dollar is declining due to inflation, but it is increasing in comparison to other currencies and commodities such as gold and real estate. I'm worried that rising inflation will cause my 550k in my retirement funds to lose value, But with the help of Sandy Barclays I hit 220k this week from my investment of 45k, I am truly grateful for all the knowledge and nuggets you have given me over the past few months.
Sandy Barclays program is widely available online..
Personally i Think the pandemic has taught people the importance of multiple streams of income, unfortunately having a job doesn't mean security rather having different investments is the real deal.
Over the years, I've been a part of numerous trading programs, sifting through a barrage of information. Yet, nothing has come close to the sheer clarity, depth, and precision of Sandy insights. It's akin to finding a diamond in a coal mine.
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
Sandy gave me the autonomy I need to learn at my own pace and ask questions when I need to she’s so accommodating.
Hard to believe that it took the "debate" for people to start realizing the president doesn't do S**T but smile and sign things in front of the camera. 😂🤣
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Biden has 100 percent cover by the legacy media. That tells you everything you need to know about legacy media. They are Pravda
We are a nation of idiots.
Can we make Larry a weekly guest! He brings so much useful information to the show
I think that's the plan. Create a financial environment where the federal reserve must print until the wheels fall off. Everybody begging for them to print more money and lower rates. This video confirms what I have been thinking. Better load up on silver and gold.
It was our idea, not theirs.
Gold and silver are not going to make an impact. They are horrible long investments.
@@Phila80 It depends on your time horizon. 25 years ago I could buy silver for $4.00 per ounce and gold below $300 per ounce. That's about 8 times for silver and about 8 times for gold. The past 25 years have been good considering how the next 25 years will play out. I believe the last 25 years of silver and gold advances will repeat on steroids.
Bernanke-ites are says you can borrow money and not pay it back.
Who actually pays for the tariffs? The citizens through higher prices. And the government keeps the tariff money. So tariffs are just a another tax on the citizens.
It is all free money for the politicians. All this Bernanke economics works until it doesn't. Then we start over and go back to Austrian Economics.
We are already at 18 for a hamburger, then add 5 per side.
Try about $30 here in Australia!
If you're paying $18 for one hamburger then you're getting took or you need to move. The Midwest to Louisville, a hamburger, fries and a drink at a nice restaurant is still $14. McDonald's #7 large fries and drink is $7+
@@MySteamChannelyou should move
@@MySteamChannel AUD is like 1 cent here in America 🙏
very good interview thx.
I think a debate between prof Werner and prof Hanke would be amazing!
12:50 "The next coming event" that will bring more money printing. An ominous statement.
I think we are close to US Dollar endgame. No they wait for the crash, steal everything from everyone and then roll out the CBDC. Doesn't take a genius to see that is what is next.
Another great interview. Thanks!
The difference between now and 1929 is the government will default, not the stock market. Warren Buffett said stocks are overvalued and why Brookshire is not investing. What is happening is investors and the world understands we are heading to default and they are desperately trying to set up another system. If they can agree on a currency remains to be seen. So far not very promising for a new world currency.
The market will decide what the new money will be. I’m betting on Bitcoin because of its properties.
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The dollar will eventually collapse, I doubt we will see it in our lifetime, it's the worldwide currency this will take a long time to unwind. The longer the better it gives us more opportunity to buy digital currency.
You will all be wrong. There will be no digital currency nor will bitcoin be the main currency. They have been talking doom for 60 years. Everyone will be long gone before there are any changes.
Awesome David
🎻
Just another excellent interview and talk with David Lin and Lawrence Lepart .I always learn new financial information from watching David Lin’s vids. Keep this vids coming.
Solid analysis.
Larry Legend making the podcasts rounds. He’s on🔥
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Awesome David. Lawrence wow, really enjoyed your straight talk.
Fantastic!
Smart guy. Thanks David.
Four rib eye steaks at Costco were 71.00. I looked at my wife and said a I could buy a pair of shoes for that.
Who eats meat anymore? It is too expensive.
newsflash - inflation is a tax
Yes!!! Was hoping for a video today!!! Thank you!
Remember Davids face when Lawrence Lepard said he was "balls deep in on this trade" on their last interview. Awesome quote i use now.
Lol
😂 I missed that one
He's talking out of hisash if he thinks bitcoin is sound money.
Bitcoin is no more "sound money" than Sam Bankman Fried's bitcoin ponzi scheme was a legitimate business.
@@jcgoogle1808stick to cash then bub
The visual is not appealing
Bitcoin IS NOT MONEY. No one transacts in it. It's extremely volatile. (e.g. - 6.5% in the last 5 days) Two pillars that define what money is: A medium of exchange and a stable store of value. BTC fails on both. I love Lawrence Lepard but I just do not understand his affection for Bit-con.
So why would he suggest it ? He must know something we don’t .
Bitcoin is money with zero counterparties. It's free fair money where everyone plays by the same rules.
You need to read "Broken Money". Let me ask you. Up until the internet came about do you think full survice stock brokers thought their jobs were at risk? No of course not. But they are all but extinct. Why? Efficency. Why would I call a broker up and tell them to buy 100 shares of APPL that costs me 20 bucks, and another 20 bucks to sell. So 40 bucks. And it was slow. BTC is way better than the dollar in all respects except one. And that exception is it is not accepted everywhere. But the cool thing, even now, is that you can convert BTC to almost any local currency. Read the book before you pass judgment on something you are not educted on. You are probably just spouting off ... the exact thing the elites that control the dollar want you too.
Farkkk This episode is far 🔥 best …… the guy is genuine can sense it ✅
Satoshi Bankman-Fried
Gordon Gecko: Greed is Good. U.S. Government: Debt is Good. 😂😂😂
Brandon ‘diapers are good’ 😬
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What Gordon said is greed, for lack of a better word, is good
@@annegaynor9627 Really? For lack of a better word?
@Resmith18SR yes- now. Before it WAS greed is good. 🤔
You can't tax if 34% of GDP is government spending. It's a multiplied tax at this point and new taxes cut the GDP.
This is very good. Especially toward the end. Both guys have a very structured and interesting conversation. David Lin man, this guy has it dialled in! The fact that he has this all on youtube for anyone, is also commendable.
8:42 Doesn't he mean the best money has the highest stock to flow? That would fit Gresham's Law too.
31:08 "and then it started appreciating in price"... In other words, buy because someone is probably going to want to pay more for it down the road.
“Recession, repression, it’s all the same thing.”
th-cam.com/video/tfcC_6CwZhY/w-d-xo.htmlsi=t5G8YfQ6Dj-BVSTE..😊
@@2nostromo No, it's spelled differently.
No! A recession is when your neighbor loses his job, a depression is when you lose yours, and a recovery is when Jimmy Carter loses his, when the American people were crying out in pain, their president took Refuge behind a dictionary. Ronald Reagan
The US government needs to be more creative. The US Congress solution to every problem is to spend more. Alot of their policies are not cost effective.
Great show, David!
Mr. Lepard's not afraid to call out the architects of this pathetic situation.
Bit corn only has value in your mind.
Lyn Alden, Lawrence Lepard, Stephen Hanke are your TRILOGY. 💪🏼💪🏼💪🏼
Powell is running out of tools in his toolbox.
What are you talking about?
Powell isn't the problem the senileoleJoeBribem and the demcorats' DEFICIT spending 6 to 8% of GDP,. generating only 1 to 2% GDP growth,.. giving Powell and Americans a stcky "reported" (but more like 10%) 3 to 4% inflation. rate.
Hahahah. The FED does nothing. They want us to think they do. What does the FED Funds rate mean anyways... it means it is the lending rate that banks give eachother over night. They control that which really just follows the 2 year yield anyways. No the 10 year yield is what matters. The FED does not control that. It will surge because folks want more yield to lend to a the US government that is acting like a 17 year teenager that has all their credit cards maxed out and asking for more credit cards. Sure theft will lend to the US but not at 4.5%... try more like 12 or even 18 percent. Folks do not undertand the absolute devistation this is going to cause.
"Ladies Love Legendary Larry Lepard" -- Lars Larsen
He’s such a stud he can call Natalie Brunell ‘Laura’ and get away with it. 👊🏻
sound money was a term for something real you can hold and drop on the counter and it’s makes a sound, that’s not bitcoin
Sound money is anything that has the attributes of hard money (scarcity, divisibility, transportability, verifiability, fungibility, durability). Bitcoin is objectively the hardest money in human history. It is better than any other form of money based on these attributes, and it is the first provably scarce asset.
Bitcon
@@TruthBeToldAlways100 Bitcoin was never money and will never be money, it is nice for gambling, but the rest is only for the church of bitcoin-believers 🙂
@@TruthBeToldAlways100Gold easily trumps bitcoin. It is scarce, the cap for it can never be removed, and my favorite, it can be used without electricity.
Larry's a LEGEND. Thanks for having a cool channel Mr. Lin.
You're almost at 200k subs, congratulations 👏👏👏
Thanks!
@@TheDavidLinReport The ONLY solution to the U.S. debt problems would be a dramatic increase in demand for the dollar (and dollar derivatives) worldwide. The good news is that at least $1 trillion dollars are going to be taken out of both NVDA and AAPL stonk alone. Larry and the rest of the inflation advocates will be proven dead wrong. We've got oil, stocks, gold and silver assets, real estate, etc etc trading at multi-year highs with VIX volatility about to confirm the "final" target low. It's simply stunning how the trading compooters have gotten everything lined up so perfectly for #CrashAndBurn. I see that the shitcoin that is Bitcoin is right now approaching its last low end target at $56.5K before it falls into the abyss below. Maybe your next headline will be about how the Bitcoin shitcoin scammers once again "almost" collapsed the entire finan"shill" system...just like 2022. I'm the only person on the planet who notices these things. Now you know what happens next being that I am in fact the ONLY one who sees it coming.
Should we draw a distinction between USD as the unit of account vs. as the reserve currency?
Nothing digital is sounder than Gold 🤦♂️🤡 lights could go out tomorrow and take 20 years to come back 😉
The spice must flow! Spice = debt
Great guest
I would agree with his comment about trusting the financial info coming from the government. How many lies does it take before people understand its all BS.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Terri Annette Moore is among the most accomplished portfolio managers in the industry, widely acknowledged for her outstanding work. I highly recommend taking a closer look at her impressive portfolio.
Appreciate this recommendation, hopefully I can get some insight to where the economy is headed and strategies to beat inflation with when I hear back from Amber.
Larry Leopard is my favorite bitcoin-gold guy. I would like to know if he prefers Larry or Lawrence?
Take away the cap on social security and the problem is solved. You don't discuss that because the rich are the ones that benefit from the cap and since you live longer you get more social security than the average person.
The rich don't use Social Security. You may he referring to the upper middle class?
Agreed. this is a no brainer
4:09 Don’t believe everything that is printed or spoken. This article is Exhibit A.
Bitcoin and gold.... protect yourself from the debt spiral America is in .... ❤
Bitcoin is no more "sound money" than Sam Bankman Fried's bitcoin ponzi scheme was a legitimate business.
@@jcgoogle1808it seems that you either don’t know what sound money is or you don’t know what Bitcoin is.
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😢.no cripto currency or Bitcoin will do IT
With all love and respect for the content, who has 45min. to watch?!?! Value-added idea - can you offer a 5min. executive summary? All best.
What an AWESOME name - Lawrence Lepard
The US government will never allow the fiat currency to be replaced by BTC or any other currency they cannot manipulate
Great channel and great guest.
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Take out the top 1% from the household net worth chart to get a much more representative depiction
Other than LT Treasuries, what other investment tool is safer? Every other country will fall before the US.
There will be a huge bounce to treasuries when the Fed drops rates back to zero to float the national debt on low interest.
Yup, we're all Keynesians now and we have to have perpetual Growth, perpetual Inflation, perpetually increasing Debt and perpetually increasing Credit or the System will implode. We literally cannot have Deflation or the System implodes and it all falls down like a House of Cards. Inflation is here to stay, the Fed knows it has to have perpetual Inflation at or above 2%. The Fed is secretly much more scared of Deflation than they are of Inflation, they know that if they lose the confidence of the Markets and if a Deflationary Spiral panic ensues like it did at the onset of the Great Recession, it is truly Game Over and the entire System collapses. The Great Recession was caused by over-leveraged Banks and a Debt Crisis...and today the US and Banks are exponentially more over-leveraged and have bigger Debts than preceding the Great Recession. The only way to keep a Debt Ponzi Scheme at this massive scale going is to perpetually stoke the fires of Debt and Credit. The Fed will pivot quickly once the Recession we are currently in right now takes hold and the Public becomes aware of it and begins to Panic. Once the Public panics and mini-Crash ensues....the Fed will quickly pivot to Dovish Fed-Speak and Dovish monetary policies and they will stoke the fires of Inflation once again. It's a Binary outcome at this point. There cannot be another Great Recession or it's Game Over. There is no saving the System this time around if the Fed loses the confidence of the Markets. Any Panic similar to the Great Recession and any major Crash...this time around....will likely not be recoverable and the US-led Global Economic System will fail for good....to be replaced by a New System that likely will not be led by the US, and will likely be led by China. The Fed cannot let this happen and better be very wise and very careful. If they under-do it and don't pivot quick enough, they risk a Panic and they risk collapsing the entire US-led System.
David when will you invite Peter Schiff on your show?
Hopefully never
They've been calling for $6-10 gas for decades now. I remember them saying this in 2009.
They will be right Eventually
That was before fracking
now that Bitcoin is in an ETF it can be manipulated and will be, just like gold, they will rise and fall a bit but not much. Now the same with ether. I wouldn't count on any parabolic Rises. gold has had a decent run but it's nowhere near as high as it should be considering everything else in the economy.
tariffs are a way to reward savers, better than income tax
Tariffs on a dollar standard is a way to make most products unaffordable and put the companies making them out of business and the people working there out of work. A Bitcoin standard is the only way you can bring manufacturing home and prevent China from paying slave wages.
No matter what we say, we all decay..You can't win for losing..Death has the final word..ALWAYS..🤔😱
28:39 S&P at high end of range is a no-no. BTC at high end of range ok?
I still ll do not know what the "milk shake theory"is.
Unless we get a productivity boost
The rabbit hole system!
Dollar milkshake theory sounds a lot like extortion.
Debt has two sides that have to stay in balance. That is, the borrower and the lender each have to meet expectations. The current global financial crisis shows we are out of balance. Foreclosure follows as confidence fails.
If AYA doesn’t have good 2nd quarter results, that stock will be cut in half from its recent highs. A 900+ PE is a joke, right now there is SILVERCREST METALS, and then there’s the rest. Silvercrest is the best run mining concern in the western hemisphere
When the shit hits the fan and currencies gets worthless/near to zero, and unrest is in the streets, for sure, every shop-owner or anybody to sell something is needed, will be happy to be paid in a shitcoin... keep on dreaming 🙂
BTC is the future. You and I might not like it but lets face it. It is ourside the system... government can't devalue it by printing more, it is lighter then gold and silver and is the best preforming asset of all time. It's coming. And just like full service stock brokers thought they were never going to lose their jobs to online stock trading... the dollar is going to die. The last thing we want, but will most likely get, is the CBDC. Once we get CBDC no one will have freedoms. If we piss anyone off they just shut your money off. It is ultimate control. BTC gives the finger to the establishment...Gold and Siver can't even do that.
5th. Jesus is LORD
What the he11 does that mean,.. and what does it do for anyone?
i have 0 bitcoin
26:43 Adoption as what?
Does S2F take demand into account?
It will cost half Bitcoin to maintain 1 Bitcoin for 1 decade in energy.
18% of Central Banks surveyed (73 total) by the OMFIF (Official Monetary & Financial Institutions Forum - London) plan to increase USD holdings over next one to two years, up from 6% a year ago.
The average proportion of Central Bank Gold reserves (reported at least) has increased from 9 to 11 percent over the past year. 15% of those surveyed said they expected to increase their exposure over the next one to two years.
Interest in increased holdings of Chinese Renminbi appears to have stalled for the time being.
A number of Central Banks, incl the European Central Bank, National Bank of Poland, NZ Reserve Bank & Reserve Bank of Sth Africa have articulated that delivering returns is a part of their investment objectives.
Based on the FT reporting of the OMFIF survey it appears yet another set of examples where the West is seeking the instant gratification of short-term gains and the East continues a longer foundation growing play of accumulating real commodities and the alternative/solution to ever increasing distrust in fiat currency vehicles - Real money, Gold.
The S&P is nothing but a Tech ETF these days. The next crash, everything will move downward with a Beta of 1.
I believe it's not just Bitcoin itself that will prevail, but rather the underlying idea and its unique characteristics. While it offers fast transaction speeds and the ability to transfer large sums of money, its current volatility raises questions about its long-term sustainability. It's uncertain whether Bitcoin will remain dominant or if a new digital currency will emerge to revolutionize transactions.
When Larry is on, hit the like button even before watching...
If Larry Fink is buying BTC you can rest assure that it will go a lot higher ..but also they won't let you own it
I really don't get how he calls the period since 1982 with the greatest debt bubble in history a "deflationary" period.
It was a period of no commodity inflation but gigantic asset inflation and also with rising prices in almost every service industry you can imagine. It's just that the inflation didn't go into commodities.
Treasuries are being sold off because investors know inflation is uncontrollable since the fed has been unable to substantially reduce the balance sheet and with either Biden or Trump the situation will get worse, However, money is pouring into the dollar because it is the safest place during the global stagflationary crisis.
The dollar will continue to rise as will bond yields as stagflation gets worse
Hermetically sealed single serve freeze dried tacos with little pre-sterilized salsa packets. Because you can't eat gold or Bitcoin.
Interesting.... Bitcoin can transport a "store of value" in seconds until the shtf regarding technology for one reason or the other.
How many Satoshis are there?
If the Fed cut rates to make the debt servicing easier, inflation will heat up. But wouldn't that break the Fed's political independence?
We are in a no win situtaion now. We could inflate our way out of it.. but the debts are so high it would cause massive defaults and unemployment.. less taxes and less GDP. Or we could crash. Crashing is the better of the two options. Either one is horrible.
Once again, high alpha interview with a great guest. Whilt the BTC chops within a range, it's reassuring to have the long-term BTC thesis reconfirmed. Thanks David 🤝🏻
I like this guy but he didn't hear about bitcoin in 2008.
Been hearing the market is about to top and have a massive drop for about 8 straight months now from Felix Zulauf to Ted Oakley to Michael Pento to Mike Maloney to Peter Schiff to Marc Faber to David Rosenberg to Simon Hunt. So, what's the deal?? These are names in the market analyst business that are supposed to each have many decades of market experience. They have all lost their credibility IMHO and there's a dozen more names like them that have done the same but been 100% wrong for months on end.
Exactly I've been hearing this forever now 😮😮😮😮
They know it’s going to happen, not when it’s going to happen. Get ready
Apparently, stocks feel safer because the USA is heading to a default.
The Magic Money Tree. Government printed a gigantic amount of money in the pandemic. They have not stopped. PPP loans, Employee Retention Credits, EIDL, CHIPs Act. Trillions of dollars. That was way more money than the economy needed. Result: inflation, living expenses and assets. Recessions always follow bubbles and this is the greatest global bubble ever. At some point we get a recession.
Don’t know about anything anymore.
Where can I send Larry some sunscreen ☀️ looks like he had a good round 👍🏻 ⛳️ 🥵
Lawrence Lepard: The New Quantitative Easing Guarantees Hyperinflation At Some Point (4 years ago). I guess we are still waiting on that.
Deflation from the 80s to the 2020s?????! I hope you ask him to elaborate on his case of deflation for this time period because inflation was obviously around which he brings up the point of investing in stocks in the 80s for a 40 year bull run. So if this is the case then how the hell was deflation around.
The dollar milkshake theory is bogus. Money is flowing into the dollar not because smaller nations are forced to during tightening but because the dollar has immense liquidity for trade which gold and bitcoin do not. Simple reason. Not complicated.
Every time I hear dollar milkshake, I think cool story bro. It's basically a tail that was made up to Garner clicks, how much pot does Jeff smoke anyways?
My fav
We say the U.S. dollar is the cleanest dirty shirt, but is the Swiss Franc perceived as even cleaner?
They will raise taxes and spend more.
It is always a serious issue if someone is advertising something focusing only on one property of it...not mentioning any problems/issues related to this product. Lawrence is doing exactly that with bitcoin...beware! I don't like what he's doing.
13:17 Reaction? Recession has started because core consumption is no longer rising - into a summer.
Sorry, when you say that Bitcoin is the soundest form of money, you give up all credibility and I can't treat you as worthwhile commentary.
Explain please
@@wimvanaerde6249 Name the central bank or government that is stockpiling bitcoin.
Exactly,..
Bitcoin is no more "sound money" than Sam Bankman Fried's bitcoin ponzi scheme was a legitimate business.
@@wimvanaerde6249
Go to the store or any place and try to buy groceries or anything with bitcoin and tell me it's "sound money".
Worse,.. tell me "its a store of value". It's electrons.
If you think fiats are bad,.. bitcoin is fiat to an exponential.
Its price is based on the greater fool.
Gold and silver are a different story.
But is it the hardest money in human history. Do you know what sound money is? What are the attributes of sound money? If you do know, then you simply don’t know what Bitcoin is.