Tom Lee

So I think in many ways, crypto still hasn't recovered from October 10th.

And then we had what I consider some macro shocks.

that got people really interested in gold, but there's so much gold held that you had to sell something else to actually own your gold.

That's a great question.

I mean, that's that has been the existential head scratching because a lot of people in crypto say, hey, isn't Bitcoin supposed to track gold if you have geopolitical tension or central bank easing or we're talking about dollar debasement?

But there is one scenario where gold will do well, but crypto will do poorly.

And that's if the entire currency system itself is questioned.

Meaning, if there is a point where we say, we're so concerned about chaos...

that I don't care about the dollar.

I don't even want to own anything that's dollar-denominated, and especially if it's a digital dollar, right?

Because Bitcoin is digital money.

In that scenario, gold would do well, but stocks and crypto would go down.

So I think in some ways, the market became convinced itself of the idea that

You know, gold's going up so much because we could be facing a much more calamitous scenario.

And I think part of that has to do with Warsh was kind of a little bit of a shock to markets.

So that's one scenario where crypto would do badly, stocks do badly, but gold as well.

But the other thing to keep in mind is that if you look at rolling through your history, Bitcoin is still positive and outperforming inflation, which means Bitcoin is still actually a good store of value.

If we look back at the history of gold, I think it's about 15% of the time gold's had a negative rolling three-year return.

So in some ways, both are stores of value, but they're just going to be working at different times.

Well, yeah, Ethereum has really been caught up in the crypto sell-off because it is the second largest crypto.