He walks through how gold's breakout in 2024 carried into 2025, why central banks are buying bullion, and what true sound money really means in contrast to fiat and tokenized claims. Along the way he admits an ironic role in shaping crypto adoption while urging readers to consider real commodities and trustworthy custody in hard assets.

He opens by noting an ironic personal effect: even as a critic of crypto, he has helped popularize Bitcoin for some people:

I don't remember where it was where they listed me as being one of the most influential people in crypto, even though I was the only person on the list that was critical of crypto, but they still acknowledged the fact that I was influential. And in fact, you know, I know firsthand that despite my criticism of crypto, a lot of people own Bitcoin in particular because of me. So I have influenced a lot of people to buy Bitcoin, even though that was not my intention. I may have influenced a lot more people to buy Bitcoin than the people who have advocated Bitcoin.

From there he turns to markets, framing 2025 as a continuation of the bullish momentum that began in 2024 for gold. He explains how political events shifted sentiment and how that affected gold stocks:

I think that the events of 2025 are really a continuation of the events of 2024 because gold had a huge year then as well. That's when gold really broke out above 2000 and went from 2000 to 3000. And then it went from 3000 to 4000. Obviously, the election of Donald Trump, a lot of people thought that would be a game changer for gold. A lot of people got bearish on gold after Trump won and gold stocks in particular got sold off pretty hard in the fourth quarter of last year, mainly because of the Trump victory, which people thought would be perceived as being gold negative.

He sketches a broader thesis: when gold starts producing consistent returns, the Bitcoin story loses its appeal. He sees a multi-year gold phase ahead, comparable to the run from 1999 to 2011:

Because look, everybody is making money buying Bitcoin and no one's making money in gold. And that changed in 2024 when gold finally broke out. And I think gold is now in another phase, similar to what we saw from 1999 to 2011, where we're going to see steady and substantial gains. And I think that's the environment where the whole Bitcoin narrative is going to fall apart. Because once gold is performing and gold bugs are being rewarded, they don't need to look for an alternative.