Sam Unsted

We've had just a long period of time when gold has not been acting in the way that gold traditionally acts.

And even now, doing what it's doing now, it's still not quite doing that.

It's not quite the gold you know.

And I think there's still a lot of air in that market.

So you may well see a bit more volatility come through.

But historically, it does remain pretty elevated.

So that's quite a big shift.

Yes.

And actually that one, so you're just asking about SpaceX.

That was something we actually really did see evidence of.

was retail traders getting rid of their Bitcoin holdings in order to buy SpaceX.

And that was happening actually across all sorts of spaces.

It was happening with some of the high flying kind of chip stocks as well.

That's a great point, actually.

So yeah, so last year we had this debasement trade, right?

This was like, for a few months, this was the idea that the dollar is no longer king and that people are putting their money into gold or Bitcoin.

And that seems to have fritted away over the course of this past year.

I think a lot of the enthusiasm, you know, Bitcoin does rely to an extent on enthusiasm, on investors just being enthused about getting into gold, pumping their money into the ETFs that have now been launched, you know, these kind of institutional funds.

All of those companies, when you have this much equity supply, like SpaceX, when you have this much excitement about a different corner of the market- Sorry, I'm talking about Bitcoin now, not gold.

Yes, sorry.