Fund managers , founders and strategists on where they think markets go next.

1. Are governments now propping up markets, and at what cost?

   Liquidity, central banks and the Treasury: who is really setting prices, and what that does to what your money buys.

   Also on this question

   • Michael Howell
   • Larry Lepard
   • Doomberg
   • Tavi Costa
   • Clem Chambers
   • Vincent Deluard
   • Joe Consorti

   

   Q

   What is going on in these markets that's different to the markets that you used to play in?“What is going on in these markets that's different to the markets that you used to play in?”

   A

   Where's this crash I was promised? ... It's all about liquidity and they basically have outlawed recessions and bear markets, but at what cost?“Where's this crash I was promised? ... It's all about liquidity and they basically have outlawed recessions and bear markets, but at what cost?”

   • 

     On what inflation does to an income, and what it does to savings.

     Main street inflation destroys your income. Monetary inflation, the devaluation of the currency of denomination, destroys your wealth.“Main street inflation destroys your income. Monetary inflation, the devaluation of the currency of denomination, destroys your wealth.”

   • 

     On the Treasury buying back its own bonds.

     What Bitcoin and gold are sniffing out ... they're seeing that this ends in money printing. This is yield curve control.“What Bitcoin and gold are sniffing out ... they're seeing that this ends in money printing. This is yield curve control.”

2. Is AI a boom, a bubble, or both?

   Where the money for AI comes from, who earns it back, and what it does to work.

   Also on this question

   • George Noble
   • Emad Mostaque
   • Jack Gamble
   • Larry McDonald
   • Santiago Santos
   • Ed Dowd

   

   On whether the AI build-out is a bubble.

   Bubbles are a feature of capitalism. We had a railroad bubble and after the bubble burst we had railroads.“Bubbles are a feature of capitalism. We had a railroad bubble and after the bubble burst we had railroads.”

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     On why he spends more of his time on AI than on crypto.

     How big of a wave do you want to be riding? There's a trillion dollars of AI capex that is going to be deployed in the next couple years every year. ... Do you want to be riding a small wave or do you want to be riding a big wave?“How big of a wave do you want to be riding? There's a trillion dollars of AI capex that is going to be deployed in the next couple years every year. ... Do you want to be riding a small wave or do you want to be riding a big wave?”

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     On where the AI boom ends.

     I think the coming crash in tech is going to be spectacular.“I think the coming crash in tech is going to be spectacular.”

3. Who buys Bitcoin from here?

   Wall Street advisers, ETFs, companies that hold it, and the guests who are not convinced.

   Also on this question

   • Ryan Rasmussen
   • Cory Klippsten
   • Mark Yusko
   • Iskandar Vanblarcum
   • Joe Consorti
   • Anthony Scaramucci

   

   Q

   What do you think happens to Bitcoin over the next few years?“What do you think happens to Bitcoin over the next few years?”

   A

   I think it comes under a lot of challenge. I'm not incredibly bullish on Bitcoin.“I think it comes under a lot of challenge. I'm not incredibly bullish on Bitcoin.”

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     On the advisers at the big Wall Street brokerages, cleared to put clients into Bitcoin ETFs from January 2026.

     That's the next wave of capital. And I cannot overstate how massive of a tidal wave it is and how slow it's currently moving and how early we are in its adoption.“That's the next wave of capital. And I cannot overstate how massive of a tidal wave it is and how slow it's currently moving and how early we are in its adoption.”

   • 

     On what he buys.

     Analog money that can't be printed, gold, and digital money that can't be printed, Bitcoin.“Analog money that can't be printed, gold, and digital money that can't be printed, Bitcoin.”

4. What holds its value when the money does not?

   Gold, silver, Bitcoin and the case for money that cannot be printed.

   Also on this question

   • Stephen Leeb
   • Francis Hunt
   • Doomberg
   • Larry Lepard
   • Tavi Costa

   

   Q

   If you are Treasury Secretary, what would you do here?“If you are Treasury Secretary, what would you do here?”

   A

   I would monetize gold. There is a way that you can pick your price of gold and essentially depreciate the dollar against gold.“I would monetize gold. There is a way that you can pick your price of gold and essentially depreciate the dollar against gold.”

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     On why his house has gone up in price.

     The house didn't get more valuable. The money got worse.“The house didn't get more valuable. The money got worse.”

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     You don't buy gold to get rich. You buy gold to avoid becoming dirt poor.“You don't buy gold to get rich. You buy gold to avoid becoming dirt poor.”

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     On how much gold China really holds.

     There's strong, powerful arguments that China probably holds 60,000 tons of gold.“There's strong, powerful arguments that China probably holds 60,000 tons of gold.”

5. Is the next financial system being built on crypto?

   Stocks, payments and AI agents moving on-chain, from the people building it.

   Also on this question

   • David Schamis
   • Ryan Navi
   • Fahmi Syed
   • Illia Polosukhin
   • Iskandar Vanblarcum
   • Bart Smith

   

   On how small crypto still is.

   The total market cap of crypto is still less than Nvidia, one stock in the United States.“The total market cap of crypto is still less than Nvidia, one stock in the United States.”

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     Q

     Do you think that privacy is the last missing layer of blockchain, or is there something else?“Do you think that privacy is the last missing layer of blockchain, or is there something else?”

     I think it's a combination of both privacy and identity.“I think it's a combination of both privacy and identity.”

   • 

     On how AI and blockchains fit together.

     AI is a front end and the blockchain markets is a back end.“AI is a front end and the blockchain markets is a back end.”

Guests' views, not advice. Not for UK residents.