Philip Patrick

We understand very well

It's defensive, and it's countercyclical.

It does very well when things are struggling.

Bitcoin seems to be the reverse, right?

And in climates like this, when people are looking for safe havens, they're looking for wealth preservation, Bitcoin just doesn't achieve that.

So I've always viewed it as a speculative asset, and I still do today.

So as some sort of support for the US dollar, definitely not.

It's really simple.

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Look, nothing has changed in terms of the fundamentals.

It's definitely been a volatile start to the year for precious metals, but again,

quite frankly, it's somewhat welcome.

Silver had run 150% last year.

Gold was approaching 70%.

You know, when we see sort of step backs like this, I think it creates a stronger floor.