Philip Patrick

With the benefit of hindsight, it's clear to see what would have happened.

On top of that, the digital gold story just doesn't hold up anymore.

And honestly, it hasn't for quite a while.

Gold is a safe haven asset.

It performs incredibly well during times of stagflation, things like higher inflation, weaker growth, monetary instability, dollar decline.

They all drive gold up.

But what it is, is defensive, volatile.

boring.

It's essentially insurance for a portfolio.

Bitcoin has not behaved that way at all, right?

When liquidity has been abundant, when rates are low, speculative appetite is high, Bitcoin absolutely soars and people can do incredibly well.

When liquidity tightens and when real rates rise, sentiment turns from risk on to risk off, the thing can absolutely plummet, right?

Drop 50%, 60% as we've been seeing.

So gold is on the opposite end of the spectrum to that, right?

You're not going to buy gold and it's worth, you know,

double, triple, quadruple two weeks from now.

By that same token, it doesn't drop in half in a week.

When it comes to risk profile, I'd put it on the opposite end of the spectrum.

As you rightly point out, gold has thousands of years of history.

What we've learned over those years is how it performs in relation to other assets.