Tom Lee

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.

So if anyone is trying to liquidate their crypto holdings, and there has been capitulation, people saying, I'm really done with crypto entirely.

So they're going to sell their Bitcoin and Ethereum.

And I think we're in that phase.

The difference, I think, is that Ethereum actually does have measurable activity that we can look at.

We can look at wallets opened and created, transactions done on the Ethereum network

or even the amount of assets created on the blockchain, which is called real-world assets or total value locked, those have actually all been rising and actually going up parabolically because Ethereum is benefiting from Wall Street's focus on tokenization.

Tokenization is the idea that Wall Street wants to redo parts of its business

on a public blockchain because it actually speeds up the product and it reduces delays.

It's what they call finality.

And so Ethereum's really benefited from that.

We know just for instance this year alone, BlackRock has announced its further support of creating a common blockchain.