Bitcoin, gold and various stocks soared in value after former President Donald Trump declared victory last week. James Rickards, financial expert and author of MoneyGPT, knows why.
“The immediate reaction to President Trump's election was a rise in stock prices, and for good reason. His economic policies, deregulation, discipline, and what I call the Green New Scam” It basically eliminates wasted investment in things,” Rickards told Jill Savage. Stu Brugiere On “Blaze News Tonight.”
“So he has a lot of things that are very good for stocks. But there's something bigger than Trump. Something bigger than the electoral process, and that's the economy itself,” he continued. He pointed out that the economy could fall into recession within a month.
“We may be off to a tough start because there are so many signs of recession in the world, but the same thing happened to Ronald Reagan in 1982. He went through one of the worst recessions in U.S. history. But after that, it ended with very strong growth. My first term is over and I'm entering my second term,” he explains.
While Rickards believes that Trump's presidency will be generally good for the economy, he is less convinced about Bitcoin as a popular form of currency.
“I've been studying Bitcoin for a long time,” Rickards said. “If you want to buy Bitcoin, knock yourself out. But I don't really think of it as a form of money.”
“It's just a form of gambling. I don't really think of it as an investment. There's no use case for Bitcoin. Now, can you make money? Certainly, a lot of people have experienced it. So, My attitude is I'm not a Bitcoin basher,” he added.
When it comes to gold, its value hasn't really gone up, Rickards explains.
“It's not that gold is going up, it's that the dollar is crashing right before our eyes,” Rickards said. “What's actually happening is you're watching your dollar evaporate. You're watching the dollar collapse.”
“The main reason is that people are looking for alternatives to the dollar. I'm not saying the dollar will go away. We can't get out of the dollar completely. It's too big for that,” he said. added.
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