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Benedict Evans says infinite demand for tokens does not guarantee pricing power: "Right now, we're in this period of extreme disequilibrium of supply and demand and price and CapEx and capacity. But just because demand for tokens is infinite, that doesn't mean that you can't get to a different...

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Catherine Austin Fitts: "In gold, the demand for physical reflects a demand for a core position...Silver is...different... because you have so much growing industrial demand... and they have to take physical delivery...But... people are [realizing] inflation is not going away." This clip of Fitts, a former Assistant Secretary of Housing and Urban Development, investment banker, and founder of the Solari Report (The Solari Report | Catherine Austin Fitts), is taken from a discussion with Miles Franklin (Miles Franklin Precious Metals) posted to YouTube on January 26, 2026. ----------------Partial transcription of clip--------------- "In gold, the demand for physical reflects a demand for core position. Okay. And not just by individuals, but by institutions and businesses. Silver is a very different story because you have so much growing industrial demand for silver and they have to take physical delivery. You can't use silver paper to, to build a data center. So part of it is the industrial demand, including national security issues. "But then also if you're going to monetize gold being driven by the people wanting more and more core position, silver ultimately is going to be monetized too. It'll lag, but it's coming in. They want physical. And if you look at the leverage in this, the paper to silver leverage is much greater than gold. "So for two years, you probably don't know this, I'm asked about gold and I just say I'm buying silver. And people keep saying, why are you buying silver? And it's on sale. I'm buying silver because it's on sale. And so the other day I kept saying to our team, I said, I think the sale's over. "But we knew at some point that that leverage was between paper and, whatever. Anyway, so let me keep going. The investment position, the miners have clearly lagged, so they're catching up. But then finally people are beginning to realize, you know, inflation is not going away. "There are many reasons why it could get worse and they need to protect themselves. And so they're going to the trouble of educating themselves. It's a big, for somebody who's never done precious metals, it's a big education. And so, you know, so people are saying, okay, inflation's not going away. I'm going to take the time to do the education. And so I think that's a major factor in the investment part of it anyway. So it's, you know, it's complicated, but if you look at all the factors, we are clearly in the, I would call it the end of the first phase of a long-term bull market in gold and silver. "Now, there are many things that could drive the price way down. You know, a pandemic or a war is very deflationary, as you know, and can drive the price way down. But I think, you know, I think the bull market has quite a ways to run."

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Catherine Austin Fitts on the consequences of $200/barrel oil, if it happens: "we can't drop commercial inventories anymore... [so] oil could go as high as $200" "we're talking about, potentially, a major, major shutdown and layoffs" "I call this Covid 2.0" "if I'm a farmer, it's not just the price [of oil], or the price I have to spend running my tractor, it's the price that goes into my fertilizer and other ingredients" This clip of Fitts, an investment banker, former Assistant Secretary of HUD, and founder of the Solari Report (The Solari Report | Catherine Austin Fitts), is taken from an interview with Greg Hunter (Greg Hunter) posted to Rumble on June 6, 2026. ---------------Partial transcription of clip---------------- "Here's the thing. If you look at the current energy prices, we've all been protected because two things are happening. The— Many of the countries that have sovereign strategic reserves, like the United States, have been running down the reserves. "And we are running down the reserves, you know, down to where they were during the Biden administration because of COVID 1.0. I call this Covid 2.0. "But the other thing is that the commercial inventories have been falling and we are approaching probably by mid-June, the level where you can't drop them anymore because you have a certain, you know, you have a certain supply that has to protect and keep the pipeline and other energy infrastructure going... "I was asked this last week to do an interview talking about what AI and automation were doing to employment. And what I said is, don't worry about AI and automation. If you look at what's happening in the energy market, if we really do hit that wall and we can't drop commercial inventories anymore and the strategic reserves won't drop anymore, oil could go as high as $200. "Because now people all around the world are going to have to compete for oil. And the only way that the price, is going to resolve supply and demand is you're going to shut down a whole bunch of capacity. That's why I call it Covid 2.0. You know, we're talking about potentially major, major shutdown and layoffs "We have energy independence, we don't have price independence. So, you know, it's one thing and it's not just price of oil. So if I'm a farmer, it's not just the price, or the price I have to spend running my tractor, it's the price that goes into my fertilizer and other ingredients. "So if we just had another story in Money and Markets about a rice farmer in Asia, who didn't plant because it was going to cost $33,000 to plant her small rice farm and she was going to make $22,000, you know, because your, your costs go up, but that doesn't mean your revenues go up too, right? "So, you know, we're taught we're talking about something that can ripple through the economy. Now, if you look at what happened yesterday, I haven't read the language, but Congress, the House, voted that the president couldn't continue the Iran war without a war resolution. "Four Republicans voted with the Democrats, and that's how it happened. And I think part of it is they can see this wall coming and they know what it means."

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