Let's start on the fact that, yeah, this would actually be a positive for crypto.

There's no question about it.

Where the negative comes in, I mean, this is just pouring fuel on an inflation fire.

I mean, what causes inflation over here?

Oh, maybe tariffs, if not tariffs, let's actually hand everybody cash.

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Hey, everyone, this is your market's outlook on CoinDesk. I'm Jen Sanassi. On today's episode, we are joined by Theo Trade co-founder, Don Kaufman. Hey, Don. Hey, how you doing? Thanks for having me on.

I'm doing well. Thank you. Thanks for being with us. Now, there's a lot going on. And so let's just start here. Talk to me about the current climate for traders. What are you watching? All right. So right now, what am I really looking at? I mean, the endless, obviously, AI squeezed to the upside, which at this point, I think everybody's kind of aware that it's a bubble. It's a bubble of some type. Those can go on for a lot longer than anybody anticipated. But when it comes to more of the crypto marketplace, what I'm actually watching right now may surprise a lot of people. I'm looking at

gold and it's outperformance. I mean, it's just been stellar. For those that have been around for

while, we've termed crypto, you know, like the digital gold. And you just, you have to wonder

where it is and why it isn't the player that gold has actually been on a year-to-date basis.

I mean, I can make an argument, all right, you got me. Bitcoin has ripped in the last

couple of trading sessions, but it still pales in comparison right now. It's about half the

return on a year-to-date basis that gold is seeing. Gold, of course, outperforming the S&P 500. And you just mentioned Bitcoin that is

...