Paul Tudor Jones

They're interesting as a pair in the sense that if I just look at since Liberation Day, you've had about $40 billion of inflows into a combination of Bitcoin and Ethereum ETFs, and you've had a like amount of inflows into the combination of gold and silver.

But if you think about it,

The vol adjusted 40 billion that goes into Bitcoin because it's got, had say five, six times the vol of gold was really a much, much bigger bet on crypto than it was on precious metals.

And yet,

Gold has outperformed Bitcoin since that period in time.

So clearly, retail has made a mistake in terms of trying to figure out which of the two debasement trades were going to outperform.

And I have to admit, until a couple of weeks ago, I thought Bitcoin digital gold was going to outperform Bitcoin.

Again, the historic stores of value.

I think they're both probably still good, but my guess is, again, we're here in the fourth quarter, momentum into the end of the year, that of those two, it appears that gold and silver are going to outperform crypto.

I'm always gonna be a trend trader.

I'm always gonna follow the momentum.

And I'm not gonna be so prideful that I'm gonna try to outguess what the market's telling me.

I think I'm probably looking past current conditions and I'm just thinking about the future and we're in a

Fiscally constrained time.

So why is it that the president is hell-bent on finding a Fed chair that's going to have easy money?

Because the only way that we can reduce our debt to GDP, that you can even begin to deal with a 6 percent budget deficit, is to have the lowest

funds rate you can possibly have to lower your interest costs, to stimulate growth, et cetera.

The only way to reduce debt to GDP is to have, obviously, nominal growth exceed your interest rate.

So in a situation like that,

particularly given where we are in this economic cycle, where we are now.