(Kitco News) - Investors are in a fake market based on a monopoly game, which is why gold and Bitcoin are hitting record highs at the same time, according to Gary Cadone, CEO and founder of Cardone Digital Ventures.
Cadone participated in a panel discussion with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, and Gareth Soloway, Chief Market Strategist at VerifiedInvesting.com, as they weighed in on the current market conditions following price rallies in gold and Bitcoin.
"I think we're going to war. You look at all the charts on everything, they look like war charts to me," Cardone told Kitco News. "We have a fake market. We just have to admit this is a fake market; it's a monopoly game. You can say we're not releasing funds into the world, but we are indeed releasing large amounts of money. We're producing fiat."
Cardone noted that the situation is dire, with the U.S. losing its ability to control the world, which is dangerous from a geopolitical perspective. “This is a global market now, and people are going to print to survive. And they're going to take other actions to survive,” Cardone explained.
Wars = money printing
Cardone pointed out that the U.S. is already at war, and that equates to more money printing despite all the rate hikes by the Federal Reserve.
“It’s happening in at least four countries I know of. We're at war. It’s machinery, equipment, and that is printing,” he stated. “This is a Ponzi scheme. It's just shuffling nuts so that the Senators and the Congressmen don't have to say, we actually just created a trillion dollars worth of money supply because we made a commitment to give Germany some new tanks. We're just moving things around on the chessboard. This is what gold, silver, and Bitcoin were established for.”
Bitcoin and gold
Cardone, who has Bitcoin as his second-largest position, revealed that he continues to buy the cryptocurrency at these record highs.
“This does not bother me at all. In fact, I would suggest that today’s [price], risk-adjusted, is better than it was at $15,000-30,000, pre-ETF,” he said. “Now we know how much real volume is showing up here. And that volume is just the beginning.”
For Cardone’s updated Bitcoin price projection and whether he sees a pullback in Bitcoin and when, watch the video above.
Soloway said he is bullish in the long term but warned that a correction in the markets could trigger a pullback in Bitcoin. “If the bubble we see in the stock market and many other places starts to burst,” Bitcoin would fall, he explained.
For Soloway’s price analysis, watch the video above.
What happens if the U.S. doesn't have an election?
Back in December, Cardone appeared on Kitco to warn that a black swan event could derail the U.S. election. Click here to watch that interview.
During the March panel, he said that the U.S. is about to find out how good its Constitution and Supreme Court really are.
“I am not convinced we will have an election because of the very fact that how bizarre this is getting to be,” he said. “I think we're at civil war in the United States right this moment. The only difference is that there are no muskets or dead bodies. The dead bodies are other people in other countries, and we're supplying the weapons.”
For Cardone’s election analysis and potential black swan events, watch the video above.
The easiest way to derail a U.S. election would be a cyberattack, Cardone added. "We've had three or four cyber incidents already. We're not being told what's happening. There is an absolute war going on. We're not asking enough questions," he said.
Soloway also stated that the right questions are not being asked. "There's so much more going on behind the scenes, and we’re sitting here arguing about these little things,” he said.
