Bitcoin Gets CRUSHED As Trump Escalates War Fears & Oil SURGES! What’s Next?

**Scott Melker** (0:00)
Bitcoin is once again getting crushed, trading back below $66,000 this morning because Trump, in his speech about the war, apparently failed to calm markets or to give people the firm belief that the war would be ending soon, oil prices would be coming down, and we would see a stabilizing of the global economy. But in the background, it's not just about Trump and Iran and oil. There's actually quite a bit happening that's unique to the crypto market. It's just that price is failing to react because of the macro context. We have a very familiar face here joining. We got Dave Weisberger who's going to help me break that down and also dispel a few other myths circulating in the market. Let's go.
What is up, everybody? I hope that you're all having a wonderful day. I completely lost sound there, so hopefully I can hear. I'm gonna bring out Dave, and we're gonna find out. Good morning, sir, how are you?

**Dave Weisberger** (1:11)
I'm doing okay. It looks like the green light's on my microphone. Can you hear me?

**Scott Melker** (1:14)
I can hear you. I think what happened was StreamYard had a glitch on the intro music video, which often happens with StreamYard. But then we panic over here, and we start running around and scrambling, thinking that something's come unplugged, or that somebody like blew a circuit. But none of that happened, and we've got you, and we've got you nice and centered. We were having fun trying to get you zoomed in. I don't even know where to start, man. I'm going to be honest with you, there's so much.

**Dave Weisberger** (1:38)
People always need to remember something about markets. It always matters not what the news is, but what people expected in the delta in the news to what people expected. That's what it boils down to. It always is. It doesn't matter whether we're talking about corporate earnings, it doesn't matter whether we're talking about, well, pretty much anything in this particular case, for whatever reason, people in the market, the rumor was wildly circulating that Trump was going to announce tonight something or last night, something major that would indicate that the Straits would get open, that we have a path to peace, yada yada.

**Scott Melker** (2:13)
I thought it was going to be the opposite, by the way. I thought I was going to say ground mission to get this done.

**Dave Weisberger** (2:17)
Well, okay, but that's interesting. But the market was clearly pricing in something good. Oil was on its trajectory, pushing its way towards 105, 106 or so.
And it went down to like 98 And at the same time, gold went up, silver went up. And silver is interesting because silver and Bitcoin are almost been perfectly correlated recently. I don't know if you noticed that. Silver is down 7% today. It's not surprising.
It's become the Nuvo Industrial Medal. And so the fact that silver and Bitcoin are new, there's nothing Bitcoin centric about what's happening today. But anyway, Trump comes out and basically repeats his normal talking points. He more or less quoted truth social. And the markets are like, holy fuck, he doesn't know what's going to happen. Remember, everyone in the market, in the media market, is very negative on Trump. And so, it's just that's true. I mean, look, the mass media is against him, thinks that this is going to be a disaster. If you watch ex Mario's account parades out these supposed experts, who don't have a frigging clue, but of course, what do they say? They say that the world is going to end, we're going to have nuclear weapons dropped, all sorts of other stuff. And so Trump comes out and repeats his normal talking points about, okay, we're obliterating this, we're obliterating that, we're winning. You've never seen anything like this before, yada, yada, yada. And the market's like, holy shit. And it doesn't matter which echo chamber you're in, the echo chamber is saying negative stuff about Trump. So of course, what's going to happen. And in fact, it's exactly what did. Oil now is at 112, pushing higher. And weirdly, and I've never seen this before, Scott, so I don't know what to make of it. The US West Texas crude is higher than the Brent future. Now, I'm going to guess because I'm trading like 15, 20 bucks lower. Yes, right.

**Scott Melker** (4:11)
Yeah.

**Dave Weisberger** (4:11)
So the fact that Brent is lower now, it's probably because they're two different months. I don't know. I'm looking at trading economics for because I like that view of all the commodities as it puts them all there and you get gold on the same page. But it's weird. I mean, these markets, Gary Cardone said yesterday on spaces, he goes, these markets are weird and it's really hard. The only things that we know for sure are that if oil goes up and he loses control of it, it goes towards 150 or 200, it will trigger a demand shock. It's already doing it. Airplanes flying, prices have just gone way up. I'm going on a trip in a couple of weeks, we were going to meet somebody and they said, no, forget it. The plane tickets are way too expensive to go. So you're going to see a big demand shock about that. And put on my economics hat for a second. The fact that people are looking at this is like, oh, well, inflation is going to go up because of oil, so the fed is going to hike rates or isn't going to cut rates, just proves just how dumb most economists are, certainly the ones in the fed.