Tom Ellsworth
👤 SpeakerAppearances Over Time
Podcast Appearances
I think crypto this week lost $500, $600 billion.
$2 trillion since the high in October.
Tom, what's going on over here?
So what has happened is, remember crypto...
IT'S GOING TO BE A HEDGE AGAINST INFLATION.
IT'S GOING TO BE AN ALTERNATIVE TO FIAT.
IT'S GOING TO GO THIS WAY WHEN THE MARKETS GO THAT WAY.
HERE WE HAVE THE BIG TEST.
WE'VE GOT LAYOFFS, WE'VE GOT GOLD, WE'VE GOT THE U.S.
DOLLAR WEAKENING, WE'VE GOT A K-SHAPED ECONOMY WHERE THE CONSUMER IS INCREASINGLY UNDER STRESS.
Whereas Wall Street with PE, especially in tech, has been doing okay.
And so we're all waiting for the shoe to drop.
The shoe to drop is the market and some economic things and some layoffs and everything.
And all of a sudden, Bitcoin goes with it.
Bitcoin was supposed to be different.
And so right now we're trying to figure out, Pat, remember what everybody said, just don't worry about it.
Get a little bit of Bitcoin.
It's an inflation hedge.
It's an inflation hedge.
That was one of the core selling points.