 Hedge Fund Bear Crispin O'Day says personal gold ownership could become illegal if inflation spikes. Well, history sure does repeat itself. Let's dive into this and talk about this. Surging inflation could prompt governments to outlaw private gold ownership and use the metal to stabilize currencies Hedge Fund Manager Crispin O'Day said in the recent letter seen by Bloomberg. The coronavirus pandemic has forced investors into very safe havens to ride out violent market swings and recession risks. Gold is one of the biggest winners, leaping to the eight-year high and outperforming risk assets to year end today. O'Day added to his gold holding throughout April and recently warned clients that governments could crack down on the precious metal trade if new stores of value are needed during the global economic rebound. And in quotes, it is no surprise that people are buying gold. Of course of course it's no surprise. But the authorities may attempt at some point to demonetize gold, making it illegal to own as private individuals, O'Day wrote. So roughly 40% of O'Day's European asset value sits in gold futures. Bloomberg reported this. While major currencies are no longer linked to precious metals, O'Day fears economic slump may yield great depression-era outcomes. Well, I think he's pretty right on that one. A lot of people forget. History sure doesn't repeat, but it does rhyme. And a lot of people have a short-term memory. So in 1933, this is exactly what happened. It was called Executive Order 6102. So this is straight from Wikipedia. Executive Order 6102 is the United States Presidential Executive Order signed on April 5, 1933 by President FDR, so Frankel D. Roosevelt. And in quotes, forbidding the hoarding of gold coin, gold bullion, and gold certificate within the continental United States. The order was made under the authority of the Trading with the Enemy Act of 1917 as amended by the Emergency Banking Act the previous month. The limitation of gold ownership in the United States was repealed after President Gerald Ford by legalizing private ownership of gold coins, bars, and certificates by an act of Congress codified, which went in effect in 1974. From 1933 to 1974, it was pretty much illegal. Mind you, there's loopholes for collector coins, et cetera, and that. But what people don't understand in 1971 was a great decoupling. So that's when we went off the bread and wood agreement and where the fiat currency just literally went into unlimited printing. But why I wanted to bring this up is I want to talk about the importance of having safe assets and go to show you at the end of the day that the so-called money in your pocket is useless. It's literally paper and it gets inflated on a year-to-year basis, especially now, when we have trillions of dollars. So when you have more than six trillion dollars, and this is a little bit old, it's now north of seven trillion dollars printed, what do you think happens to your money? It inflates away completely. It's useless value. It holds nothing. And so the question is, of course, people are going to rush into gold. Now we see that they're talking about banning gold again. We've seen in 1933 that they made gold illegal. And so the question is, what can you do? Well, this is where Bitcoin comes in. This is where, for the first time ever, we have a digital version of gold, something that has a limited supply and demand curvature, something that is divisible, much more divisible than gold, something that is censorship resistant, and something above all, the key factor towards gold, portable. So the first time ever, I can literally memorize a mnemonic or seed phrase, let's say 12 words or 24 words, I can memorize this and have a digital memory bank vault in my mind, and I can travel around the world with money in my head. And so this is why I'm a big proponent of Bitcoin. And this is why I think gold is really important. Mind you, like I said earlier, even though they banned gold, there was loopholes and obviously people still fucking held the gold. There's a whole secondary market for that. But just the sheer fact that they banned gold and made illegal tells you what's valuable. It's not their banning fit. No, no, no. They banned gold because they want to confiscate everyone's gold. And so ladies and gentlemen, if you're watching this or listening to this, look at the chart, look at the fact that literally your hardworking hours, you work nine to five every single day, you get a paycheck at the end of the month and you said, hey, great, I made my $5,000 and you pay for everything. And you look at the taxes, the greatest tax though is the inflationary tax. And this is what people don't understand. The tax that you see is not the greatest tax. The greatest theft is the invisible tax, which is inflation, the very fact that your dollar loses value on year to year. So on average, we talked about the dollar losing 2% per year. Well, forget about the 2%. I don't even know what you can put it out right now. Let's say 5%, not to mention with the increase in product prices, food has gone up, shelter has, everything has gone up. The Maslow hierarchy of need items have gone up. And so if you're watching this and listening to this and listen, these hedge funds aren't stupid. He knows what's up. Smart people read history. Like I said, history doesn't repeat, but it sure does rhyme. In fact, the other day, it was an interesting story. About two weeks ago, I saw that there was a deal between Iran and Venezuela and Iran paid. I forget if whether it's Iran to Venezuela or Venezuela to Iran, it doesn't really matter. They made a trade and the trade was made in gold. It wasn't for Fiat. It wasn't for any stock. It was for raw bullion gold, the good stuff, ladies and gentlemen, the stuff that had value for thousands and thousands of years. And so here we are in Web 3.0. The digital gold is here. The Bitcoin is our new gold. Mind you, yes, it can fail. But you're talking about Paul Tudor Jones, not too long ago. I'm going to pull this up for you so you can see this. Paul Tudor Jones bets on Bitcoin. This isn't no chump. This is one of the greatest hedge fund managers out there. He's been in a game forever. And here the cell phone goes, he's been in the game forever. But yeah, he's specifically stating 1 to 2% of his portfolio is in Bitcoin. So what did these hedge fund managers know that you don't know? Well, it's not a secret. Our economy shall crash. The fee of currency that you think has value within your pocket definitely doesn't have value within your pocket. So if you're trying to protect the small wealth that you have, if you're trying to protect your family, it would be quite advisable to look into at least having some bullion on the side, some gold coins, and of course, having some Bitcoin. This is the asymmetric returns we're talking about. Now let me show you this, guys. Look at this gold versus dollar. Here's your dollar and here's gold. That's it. And this is not too long ago. This is just recently. We can do a full historical one, but I just want to show you recently from August, right? Here's gold and here's your dollar. This is just a short period of time where gold always wins. And the bottom line, guys, is the governments and I would not be surprised they actually come around and they make gold in some shape or form illegal. I wouldn't be surprised certain places go back again, you know, China does it a million times. Hey, Bitcoin's illegal. But these hedge funds know something. This is the second hedge fund. Obviously, you know, Crispin, they didn't talk about Bitcoin, but he talked about gold and he's reading history. But if you guys want to protect your family, get a little bit gold and get Bitcoin, the asymmetrical protection you have in case of like the what if scenarios is huge. And I'll leave it at that. If you guys want to leave a comment below this video, comment, subscribe, and I'll talk to you guys soon. Peace out.