Peter Schiff

If that was the case, they would buy gold.

They're speculating in it.

um but the central banks right these big central banks are not going to be able to put large quantities of their dollar reserves into bitcoin uh there's just it's not a reliable long-term store of value for them that's what they're looking for they're looking for something to replace the dollar to back up their currency and

Are they buying Bitcoin?

No, they're not buying.

I mean, El Salvador bought some Bitcoin.

I mean, you have some foreign governments that have sovereign wealth funds where those sovereign wealth funds have kind of bought some Bitcoin ETFs or maybe they bought strategy, which was a big mistake.

But because these investment managers are under a lot of pressure, just like any other manager, to perform.

And so a lot of these crypto-related assets went up.

And so there was a pressure, hey, I need to put these in the portfolio.

And so you have allocations.

And then the crypto community tries to pretend, oh, these governments are buying up Bitcoin.

They're not really buying Bitcoin.

The managers of these sovereign wealth funds have taken a small allocation.

I think that's all going to stop because this is going to blow up.

You know, the people who are putting money into crypto now into Bitcoin are going to lose a lot of money.

They're the exit strategy.

I mean, that's why Bitcoin hasn't gone up.

You know, Bitcoin's real high watermark was four years ago.

It's down about 40% priced in gold over the last four years.