 My guest today says Bitcoin is far from being a safe haven, but it's instead very risky business. Jeff Christian, managing director of CPM Group joins us now. Jeff, welcome back. It's good to be here. So, not a fan of Bitcoin. Why? Well, I think Bitcoin is the ultimate pet rock, if you will. I mean, it's very funny because today I was reading an article about Bitcoins and the guy made the comment that Bitcoin, the activity that you're seeing in Bitcoin is reminiscent of the buying that you saw in the tech stocks in 1999 and 2000 just before they blew up. And I think that it's just a gigantic speculative play. It has no tangible asset behind it and it's a scandal waiting to happen. Are we seeing investors that are interested in gold flocking to Bitcoin, abandoning gold for Bitcoin? Well, the investors we talk to are rational humans and they tend to because they're talking, you know, by virtue of the fact that they're talking to us, we tend to see and speak with and service investors who are fundamentally and macroeconomically driven. So these guys really want to know the fundamentals of an investment market they're getting involved in and they want to know the macroeconomic underpinnings for buying or selling that asset. Those people are simply avoiding Bitcoin because it's completely divorced from those realities. What you are seeing are speculative people buying. We do have some investors who are long-term gold investors and they will trade Bitcoins on a day basis, but they go home neutral every day because they see it just as a speculative play. But a lot of people would argue, hey, I made a lot of money off of this Bitcoin rally. A lot of people make a lot of money out of other Ponzi schemes and other scandals and prostitution and drug dealing. Just because you make money on it doesn't mean that it's a legitimate activity for human activity. What's the biggest misconceptions surrounding Bitcoin? What would you like to clarify for a lot of people who are new or want to expose themselves to it? I don't know misconceptions, but I can say this. If you look at currencies, a national currency, the value is based on the full faith and credit of the government that's issuing it and it has unlimited supply and it has no tangible backing. If you look at gold in contrast, the value is based on the faith in gold of the market. There's no government that's issuing it. It has limited supply geologically and it has a tangible asset, gold. If you look at a Bitcoin, it is based on the full faith in the market of the value of the Bitcoin. There's no government backing it. No one actually knows who's backing it. There's evidence that a lot of the people backing it actually have criminal background. The people who issue it say that it's a limited supply, but the people who the government that issue national currency say, oh, it's a limited supply too. Bitcoin supplies and cryptocurrency supplies are only limited by virtue of the fact that the people who are issuing them have said, oh, we won't issue them. They can change that tomorrow as national governments have for 5,000 years. There's nothing behind it. It's a computer chip that disappears overnight if somebody decides to. Jeff Christian, Bitcoin is a pet rock for you or electronic pet of some sort. Thank you so much. Thanks so much. You're welcome.