(LifeSiteNews) — On this episode of The John Henry Westen Show, Drew Mason, managing partner of St. Joseph Partners, returns to discuss Bitcoin vs. gold, the importance of the Advent season, and more.
I began the episode by asking Mason about the recent surge in Bitcoin as President-elect Donald Trump strongly endorsed the cryptocurrency and predicted its value would soon reach $1 million USD. It is currently valued at around $100,000.
Mason agreed that Bitcoin and other cryptocurrencies have been on fire since Trump’s election victory, and his commitment is really improving Bitcoin’s outlook. However, he cautioned that listeners should really understand what Bitcoin is before considering investing in it.
“I want to say to everyone: We would not tell you, ‘Don’t own any [Bitcoin].’ But the point we want to really drive home is to understand what Bitcoin is. And advisers who tell people, ‘What’s your choice? Do you want gold or Bitcoin?’ and who frame a discussion such that it’s one or the other or that they are similar assets are doing a great disservice because Bitcoin is, at the end of the day, showing all the signs of being a speculative asset,” Mason said.
Then I showed viewers a chart that shows the performance of Bitcoin compared to that of Tulipmania in 17th-century Europe, which has striking similarities.
“It’s hard for us to comprehend this, and it sounds ridiculous, but people got into their minds that the tulip bulb was going to be the center of wealth moving forward, and wealth creation depended on it. And people made the price of the tulip bulb so high that they literally were more than a house in the Netherlands and whole years’ working wages,” Mason said.
“And then, as has happened throughout financial history, something unexpected triggered the awakening to reality, and the price of tulips imploded. And people who had too much exposure, who were thinking of tulips as a safe asset, were wiped out,” he added.
Mason reiterated that the numbers show Bitcoin is demonstrating similar behavior to the tulip bulbs a few centuries ago and thus that Bitcoin warrants caution.
A bit later, Mason turned to gold and highlighted that Trump’s nominee for treasury secretary, Scott Bessent, is a billionaire who has chosen to make gold the biggest portfolio allocation he owns.
“So here’s this billionaire who … is one of the greatest currency traders of our generation. And as he looks at currencies, the dollar, the euro, the yen, the great British pound and gold, he has chosen to make gold the biggest holding in his portfolio because he sees all these flaws, these problems that are maturing in these currencies,” Mason said.
Watch or listen to my full interview to hear more analysis from Drew Mason.
Protect your wealth with gold, silver, and precious metals here.
The John-Henry Westen Show is available by video on the show’s YouTube channel and right here on my LifeSite blog.
It is also available in audio format on platforms such as Spotify, Soundcloud, and Acast. We are awaiting approval for iTunes and Google Play as well. To subscribe to the audio version on various channels, visit the Acast webpage here.
We’ve created a special email list for the show so that we can notify you every week when we post a new episode. Please sign up now by clicking here. You can also subscribe to the YouTube channel, and you’ll be notified by YouTube when there is new content.
You can send me feedback, or ideas for show topics by emailing [email protected].
RELATED:
Federal Reserve cuts interest rates for the first time in years. Here’s what it means for you
How to live with hope in God through secure financial investments
