The value of cryptocurrency has been dropping dramatically. Thats right, the market has lost 70 percent of its profits. In the past eight months, more than 200 billion dollars were wiped out of the crypto market. Over the weekend, welcome back to unfiltered cryptocurrencies got beat up this week right more than a trillion in value has been wiped out in recent months. Critics are saying a lot of this. I told you so stuff, but is this the end of the crypto craze here to weigh in as chief economist at euro pacific, peter schiff and entrepreneur, patrick bett david peter youve, been on the show before about this topic? Been a tough couple months for crypto is uh. Is this the end or is it if we hit the bottom? Well, we definitely havent hit the bottom. I kind of hope its the end, or at least the beginning of the end before more people have an opportunity to lose more money in this pyramid scheme. But you know you talk about all the value. Thats evaporated its just market value, theres, no real value in bitcoin or any of the other cryptocurrencies. They simply have a price and as long as people are foolish enough to pay that price, uh youll have market value, but the only reason people want any cryptocurrencies is because they think theyre going to get rich. They think theres a greater fool out there thats going to pay a higher price only only they dont realize uh that theyre waiting for a fool and ultimately the the fools that are left holding the bag are, you know, are the losers and i think, unfortunately, theres A lot of people that are going to be bag holders in this, i think a lot of the original investors, the whales uh theyve, been dumping.

I mean they pumped this thing up uh, they paid off all these celebrities and athletes and politicians and they hyped the hell out of it over the past year. They spent all sorts of money on commercials and conferences and they dumped out all this stuff to the public and and they were cashing out and now the bottoms dropping out of the market, and we have a long way to fall, patrick ill. Let you respond your thoughts on that. Well, listen. This has got to be peter fishers, favorite season, because his phrase moving forward for the next six to 12 months. Gon na, be, i told you so peter you ought to buy a shirt that says i told you so and enjoy it for a year – uh, maybe 18, 24 months, but ill. Take a couple things here. The the part we got to be thinking about is peter. May be right, heres the thing when, when disruption and change happens, we dont know whos right, theres, a side where its the way, its always been done, thats afraid of change, thats more of peters camp, which is gold equities. This is what we got to be doing. They have no clue what theyre doing its a scam its this theyre, trying to pump and dump you dont know what were doing. Okay, fine, he may be right, but he may also be wrong and then theres the other side which the younger generation is saying peter.

We just dont like the way youve been doing things we dont, we just dont trust the fed. We would trust gold if our money was backed by gold, but its not and your dream of the government and our currency being bought back by gold. Its going to take a lot of convincing and a lot of powerful people to say yes for that to happen so because of that peter, we think youre a little bit naive and youre oblivious to whats taking place. We want to take it in a different direction, because we no longer trust the centralized monetary system. We want it to be decentralized, but im going to tell you this here dan for us to be thinking about. No one is a hundred percent. Certain whos gon na be right. Its gon na take about 12 to 24 months, maybe 36 more months for us to know whether peters camp is right or whether their camp is right. But if theres one thing that we know when you watch the younger generation years ago, when snapchat came out, i wasnt on snapchat. I was on facebook and instagram im in hawaii. This girl named phoebes telling me. Let me teach you about snapchat and i got on snapchat. We have to pay attention to what the youth is saying, because they just may be right all right. Let me let peter i got about just under a minute left im gon na tie it on time, but your response to that.

Well, the the youths you know can be setting the trends in music and fashion, but you dont want to take your investment advice through them. Uh, you know, investment advice is better taken from people who have been around their season, uh that they have more experience and wisdom and look, i dont trust the central banks either and if you, if you like gold, theres, nothing that says you cant have a cryptocurrency Backed by gold, you marry all of the positive aspects of a cryptocurrency with the the the benefits of gold. You have something thats, stable store of value media of exchange unit of account you dont have to reinvent the wheel. You just have to bring it into the 21st century uh with blockchain thats, an interesting idea, guys 10 seconds just 10 seconds 10 seconds. I got it right if he 10 seconds. If its about taking advice from the wise, we should take advice from janet yellen and nancy pelosi and they got it wrong. So peter remember when you were 20s and 30s. These guys may be right. I got ta run guys, im, sorry great debate. I love having you on the show. You two are terrific.