After former President Donald Trump declared victory last week, the value of Bitcoin, gold, and various stocks skyrocketed. Financial expert and author of “MoneyGPT” James Rickards knows why.
“The immediate reaction to the Trump election was stocks took off, and with good reason. His economic policies, less regulation, drill baby drill, basically getting rid of wasteful investment in what I call the ‘Green New Scam,’” Rickards tells Jill Savage and Stu Burguiere on “Blaze News Tonight.”
“So he has a lot of things that are going to be very good for stocks. However, there’s something bigger than Trump. There’s something bigger than the electoral process, which is the economy itself,” he continues, noting that in the next six to nine months, we may be going through a recession.
“There are a lot of signs of recession out there, so we may get off to a rough start, but the same thing happened to Ronald Reagan in 1982. He had one of the worst recessions in U.S. history but finished with very strong growth toward the end of his first term and into a second term,” he explains.
While Rickards believes that Trump’s presidency will overall be a good thing for the economy, he isn’t so sure about Bitcoin as a form of currency in general.
“I’ve studied Bitcoin for a long time,” Rickards says. “If you want to buy Bitcoin, knock yourself out. But I don’t really think of it as a form of money.”
“It’s really 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? Absolutely, a lot of people have. So my attitude is I’m not a Bitcoin-basher,” he adds.
As for gold, Rickards explains that the value of it isn’t actually getting higher.
“It’s not that gold’s getting higher, it’s that the dollar is collapsing in front of your eyes,” Rickards says. “What’s really happening is you’re watching your dollar evaporate. You’re watching the dollar crash.”
“The main reason is people are looking for alternatives to the dollar. I’m not saying the dollar is going away. You can’t totally get out of the dollar. It’s too big for that,” he adds.
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