In a recent interview with Kitco News, entrepreneur Gary Cardone voiced concerns regarding a potential event that could significantly impact the upcoming 2024 U.S. elections and the economy as a whole. Recognized for his expertise in economic trends and market dynamics, Cardone articulated his apprehensions, suggesting that a substantial event, akin to the pandemic, could unfold between now and August.
Cardone stated, “I’ll be staggered if something substantial, what most people would refer to as a Black Swan, doesn’t happen. I would make a $50,000 to $100,000 bet that sometime between now and August, there is some event like a COVID-19, 911-type event. I can’t tell you what that’s going to look like, bigger than Ukraine, bigger than Israel, bigger than all the people that are protesting that nobody wants to talk about across major cities all over the world.”
Additionally, Cardone expressed his belief that the United States is currently experiencing a state of civil unrest, likening it to a civil war without muskets pointed at each other. He emphasized the deep divisions between politicians, highlighting the lack of agreement on fundamental issues.
He asserted, “When the red politicians and the blue politicians can’t agree on what pencil to use, we’re pretty much at war. We just don’t have muskets pointed at each other yet.”
In addition to his concerns about political and social unrest, Cardone shared his investment outlook for the near future. He predicted that gold and silver would “grossly outperform” Bitcoin (BTC), but only under specific circumstances such as a ‘Black Swan’ event.
Cardone acknowledged that gold and silver had not outperformed Bitcoin in the last decade despite certain incidents that might have favored precious metals.
He explained, “I think gold and silver will grossly, grossly outperform Bitcoin, but it is only under that circumstance, in my opinion, that gold and silver will outperform Bitcoin. They have not outperformed Bitcoin in the last 10 years, 13 years or they have not.”
Furthermore, he commented on the prospects of the Bitcoin price trajectory concerning the spot exchange-traded fund (ETF), stating that anticipations for the product’s approval in early January could potentially impact Bitcoin’s price, with a potential tumble to $27,000 if the ETF is not approved.
Finally, Cardone pointed out that if the ETF is not approved, Bitcoin still has other catalysts in place, with a focus on the upcoming halving as a key factor. In conclusion, Gary Cardone’s insights provide valuable perspectives on the potential risks facing the 2024 US elections and the economy. While it is essential to consider various viewpoints, individuals should always conduct thorough research and consult with financial experts before making any investment decisions.
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