Tom Lee

I think that led to a real rethink about how people want to be positioned.

And as you know, gold suddenly surged.

And that gold surge...

became quite expensive for investors because gold has about a $30 trillion network value now.

Gold surged almost 20% in two days.

That was a $6 trillion swing.

Well, the entire crypto market is about $2 trillion.

So gold made a very large volatile move over a weekend, which again could have triggered another set of margin calls for anyone short, especially gold and silver.

And then crypto, of course, was really the source of funds.

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.