Kingsview CIO Scott Martin On Fox Business News – ‘Your World’ with Cavuto 11.21.24
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NEIL CAVUTO: All right. I want to show you something that is startling in and of itself. I’m not talking about the 450 point sprint in the Dow today, but Bitcoin, it is now closing in on $100,000 a coin right now hovering around the $98,000 level. It has run up better than 40% since the election of Donald Trump a couple of weeks ago. It’s up about 133% this year. There are a number of catalysts for this optimism that whatever the President-elect is going to do, it’s going to ignite the economy and really sort of re-brew animal spirits that go beyond stocks to so-called rogue currencies that are hardly rogue anymore, that have gotten to be very popular because a lot of countries are building up reserves of them today. They started a lot of ETFs, electronic trade funds that are beginning to trade options. They’re their own ETF options. Another way to expand the pool of people who can invest in this. So all the beneficiaries are from Bitcoin to all the ancillary players, Scott Martin, the Kingsview Asset Management, CIO with us right now. The stock runup is startling enough if you think about it, Scott, but what’s been going on with Bitcoin we’re past the Ken it survivor, not survive stage. I don’t know whether a hundred thousand dollars coin does the trick, but I do know we are past the point of killing this thing. As some have argued, some in Washington have been trying.
SCOTT MARTIN: Yes, it looks pretty good for the coin itself, doesn’t it, Neil? Now the funny part about Bitcoin is why are you, Mr. And Mrs. Investor owning it? Are you owning it as an alternative to stocks and alternative to bonds? My goodness, as you mentioned in your lead in maybe an alternative to our good old US of a dollar, which is scary to think about that maybe there’s a replacement coming down the road there, which I hope doesn’t happen because as we rack up all this debt, we need the reserve currency, ladies and gentlemen. So let’s leave that off the table for now. But Bitcoin, Neil to our RUR and our records has a value in a portfolio nowadays because it’s doing something different than stocks doing something different than bonds, doing something different than gold, even different than this jacket here as I wear it, and look at Bitcoin as a possible viable investment going forward.
NEIL CAVUTO: Some people look at this, Scott, I talk to them and say, be careful what you wish for. This thing is a dollar killer. This thing is a traditional currency killer. This thing is loved by the mob and nefarious forces because you could secretly buy and sell things without people tracing you. It’s not quite that simple anymore, but that is a concern that if this puppy is doing great, that means other investments might not do great for very long, that it’s a harger dangerous things to come. What do you think?
SCOTT MARTIN: Woof, woof. I agree with you and I’ll tell you what, as we look at Bitcoin and some of these other alternatives that are out there, Neil, they are a little bit new age. They’re a little bit different than what we’re used to traditionally, and it’s something that you must keep an eye on going forward because of that risk to our domestic currency. But it’s no longer a bitty situation, let’s say, when it comes to Bitcoin and some of these other coins, because some of them won’t make it. Bitcoin obviously kind of the leader here, the most heralded, the most fanfare. So the reality is, if you’re against that kind of replacement of the dollar, just buy some of the Bitcoin ETF as we have and ride it along.
NEIL CAVUTO: Alright, real quick on this, a lot of countries are building up reserves of Bitcoin and some of these other players, Ethereum and what have you, and then you have this move afoot right now for more mutual fund companies and big investment banks to include it in their diverse portfolios. That can only increase the base of buyers, I would imagine, right?
SCOTT MARTIN: It’s an unbelievable self-fulfilling prophecy, my friend. When we have a limited supply, a limited value, let’s say, of the Bitcoins that are out there, as you get more buyers, as we’ve seen with inflation, the prices go higher, it almost feeds itself, and therefore more people come in and chase the thing and push it up higher. So it’s a pretty wild ride so far. Something that I think we’ve seen, as you mentioned, since the election, going from 75K all the way up to nearly a hundred, that could continue to push itself along as we see more buyers come in here.
NEIL CAVUTO: Alright, thank you very much my friend.
