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Jim Rickards: Hi, I am Jim Rickards, editor of strategic intelligence. Today I’m going to talk today about gold vs. Bitcoin — it’s a very popular debate. I’m happy to say the gold and bitcoin are both forms and money but it’s a liquidity preference which do you prefer in a crisis? Sara Silverstein: So we’ve been talking a lot about gold versus bitcoin, everybody has. How do you feel about bitcoin? Rickards: Personally I’m very skeptical of bitcoin, I know where the price action is.
Although bitcoin could go up to 20,000, it can go to 30,000. It’s on it’s way to zero — somewhere between zero and 200. It’s a utility token for criminals, terrorists, money launderers, tax evaders — they’ll always find some use for it. So it might not go all the way to zero. Silverstein: And why are you skeptical of the price transactions? Rickards: A couple reasons — number one, there’s pretty good evidence that there’s a lot of fraud going on. Look, every market in the world — gold, silver, stocks, bonds, Libor — every market, you name it.
They’ve all been searching to manipulation. Are we supposed to believe that bitcoin is the only market in history that’s not manipulated? In fact, the fact that it’s unregulated is a magnet for all the manipulators who probably were, you know, The Wolf of Wall Street, you know, 20 years ago. So the point is — imagine the following: you and I are bitcoin miners, right?