[00:02] Gold hit more than 50 all-time highs in 2025. It reached $5,589 an ounce last January, its highest price ever. At the same time, Bitcoin touched $16,000 in [00:14] October 2025 and then fell by more than 30%. Two assets that many people consider the same, store of value, scarce assets, but behaving in radically opposite ways. Has gold definitively won the battle? Is [00:30] the narrative of Bitcoin as a store of value dead? Or perhaps you're asking the wrong question? I am Andrea Redondo, founder of El Club deion, a financial advisor endorsed by the CNMV and I have been in the world of investments for more than 20 years [00:44] explain what's really happening with these two assets, why they diverged so much in 2026, what specific vehicles you have available to invest in each of them according to your profile, and how to combine them [00:58] intelligently in a real portfolio. By the way, I'm also going to tell you about a risk with gold that occurred in 1933 that almost no one talks about and that can completely change your strategy when investing in this asset. Let's go. [01:17] gold and Bitcoin, you first need to understand the global context. We are not facing a conventional economic cycle; we are facing what economists call fiscal dominance, an environment in which monetary policy is [01:30] subordinated to the financing needs of the State. The United States' public debt has exceeded 39 trillion dollars, that is, 39 trillion in the Anglo-Saxon nomenclature. Annual interest payments [01:43] already exceed one trillion dollars, and this is not just an American problem. Globally, sovereign debt maturities are projected to reach approximately $40 trillion by 2027. The [01:57] direct consequence of all this is that central banks cannot actually raise interest rates without triggering a systemic debt crisis. To put it simply, imagine you have a very large mortgage. If the bank raises your [02:10] interest rate, your monthly payment skyrockets and at some point you might stop paying the mortgage because you wouldn't have the means to pay it. Now, imagine that, but on the scale of a state with $39 trillion in debt. If [02:23] interest rates rise, even slightly, the interest payments become central banks are trapped. Raising interest rates would mean sinking the very governments that support them. In this environment, in assets with [02:36] limited supply, in other words, those that cannot be printed, are the big beneficiaries, and gold and Bitcoin fall into this category. To that we must add the geopolitical catalysts of the period. Tariffs of [02:48] 25% on steel and aluminum imports, the weakening of the dollar, or even the conflict between the United States were among many other factors. Investors are looking for assets that are not dependent on any state or [03:02] central bank. And now that you have this context, let's see what has happened with gold in recent months. We can say that gold hasn't had a good year, it's had a historic year. More than 50 new all-time highs in 2025, [03:17] an annual return exceeding 65%, the best in over 40 years, and a peak price of $5,589 per ounce on January 28, 2026, more than double the price at the start of the bull run in 2022. To visualize [03:32] bull run in 2022. To visualize this, gold rose from $2,624 in January this, gold rose from $2,624 in January 2025 to $5,589 in January 2026. It did correct afterward, but it remains close to its peak. And you might [03:44] ask, who is behind this movement? It is important to know that there are three main structural engines. The first engine is the massive purchase of central banks. Central banks have been buying more [03:56] than 1,000 tons of gold annually for three consecutive years, levels not seen since the end of the gold standard in 1971. And you might be wondering, why are they buying so much gold? It's not really speculation, it's pure strategy. China, [04:11] India, Türkiye, the Gulf countries, are all diversifying their reserves away from the dollar. As you can see on screen, the percentage of gold reserves compared to other foreign reserves is skyrocketing in all economies of the [04:23] world. And the trigger was the freezing of $300 billion in Russian reserves in 2022. That episode demonstrated something that all central banks in the world are now very aware of. Dollar assets can be [04:37] politically blocked. Gold, physically held outside the Western financial system, cannot be frozen by any other state. That is one of the underlying reasons for the record purchases. We now come to engine [04:51] number two, gold ETFs. This second engine is gold ETFs. GP Morgan projects net inflows of 250 tons into gold ETFs throughout 2026. To put it simply, a gold ETF is a fund that buys [05:07] actual physical gold every time someone invests in it. So every euro or dollar that goes into these funds translates directly into real demand for the metal. And when we talk about 250 tons, we're talking about [05:19] institutional investors, pension funds, asset managers, family offices, and other institutions massively and increasingly putting their money into gold, not just central banks, as mentioned in the [05:31] first engine. And the third driver is interest rates and the weak dollar. The Federal Reserve lowered interest rates during 2025, reducing the opportunity cost of holding an asset that does not generate a coupon, i.e., interest. [05:43] Combined with a weak dollar, the environment is structurally favorable to gold. To give you an idea of ​​the potential that may lie ahead, the two previous gold bull runs generated around 500% between 1976 and [05:58] generated around 500% between 1976 and 1980 and 600% between 2001 and 2011. The current cycle since 2022 has accumulated approximately 200%. And keep strategy section later in this video, the data on the [06:12] periods of crisis will surprise you quite a bit. But before we look at that, let's see what Bitcoin did, because in the end we are comparing both assets. While gold was the story of a consistent rally, Bitcoin did not evolve in [06:26] the same way. Bitcoin started 2025 above $94,000 already with the tailwind of the PShvin bull cycle. From there there was some volatility with notable drops and rises until on October 6 it reached its all-time high of [06:40] around $16,000, a gain of 33% in the first 9 months of the year. From that peak, Bitcoin dropped 30% and closed the year around The end result was a year that, in terms of price from start to finish, [06:55] was practically flat. Many investors viewed it as a disappointment. The most optimistic projections pointed to $150,000 or even $200,000 per Bitcoin, and technically they were not reached. But if you only focus [07:08] on the price, you miss the really important part of what happened with Bitcoin in 2025 and 2026. Because the most relevant event wasn't how much Bitcoin rose, it was rather who was buying it. [07:22] Bitcoin spot ETFs, which launched in the United States in January 2024, have completely transformed the market and have done so permanently. Here you can see the capital inflows into these newly created [07:35] cryptocurrency ETFs. To give you an example, the Black Rock Ises Bitcoin Trust ETF alone already holds more than 800,000 bitcoins, close to 4% as you know is set at 21,000,000. And this is not [07:50] speculative money that comes and goes, no, it is institutional capital that that changes the perspective for the future. Wells Fargo, Bank of America, and even Vangard, which for years refused to touch cryptocurrencies, have [08:05] opened access to Bitcoin ETFs to their clients in 2026. We're talking about across the United States who will begin recommending exposure to Bitcoin. This is exactly the same distribution infrastructure that [08:19] took decades to build for gold, being replicated in just a few years for Bitcoin. At this point, you already have a brief understanding of the movements of gold and Bitcoin in recent months. And now is the time to analyze that great [08:32] divergence. And you might ask, why did they behave so differently? Well, I see, because in the end, if both are reserve assets with a limited supply, why did gold shine and Bitcoin, on the other hand, correct? Well, you must [08:46] reasons behind this. The first is that Bitcoin in its current stage of maturation responds primarily to the expansion of global liquidity and not to benefits from both things: [09:00] expansive liquidity and the safety component in episodes of acute crisis. Secondly, there is the selling pressure from the large historical holders. Bitcoin in 2022, no. We are talking about much older coins, some of which had not [09:14] moved since 2010 and began to be transferred after more than a decade of ownership. This graph illustrates it quite well. In 2024-2025, Bitcoin's movement, which was over 7 years old, skyrocketed. And of course, in [09:28] those cases the capital gains were not 500%. Imagine someone who accumulated Bitcoin in 2010 when each unit was worth less than $ with Bitcoin now worth over $100,000. We're talking about gigantic profits for the whales. In fact, there have been [09:42] recent cases like that of a Satoshi-era whale who moved some $180 million worth of Bitcoin to Coinbase with coins that hadn't been touched since 2010. And when these kinds of whales start moving or [09:55] selling part of their positions, the market needs enormous demand to be able to absorb all that supply. And with this we come to the third reason, which is the status of the official reserve. As of today, Bitcoin is not yet part [10:07] of the international reserves of major central banks, unlike accumulating Bitcoin, and even central banks are testing it, but the ultimate reserve asset. [10:20] at historically high levels. In the comparative summary of the key differences between the two assets in the dimensions that matter most from everything we 've detailed so far. In [10:34] short, these are assets that respond to different dynamics most of the time, and that, far from being a problem, is precisely their greatest value when you combine them strategically in the same portfolio . Before we get into the [10:47] practical risks, I want to give you access to something very valuable, because gold and Bitcoin, as you will see later, can have their place in a combined, smart, and well- structured portfolio. But a [11:00] truly diversified portfolio has more pillars than just these two. If you want to know what they are and especially how to fit them together, I've included [11:12] explain other relevant investment pillars and give you practical advice on how to build a portfolio that perfectly suits your investment profile. Before moving on to the practical part, where I will present you with [11:24] various options for investing in gold and Bitcoin, it is essential to review the risks that few people know about, because in the end what I always seek is to convey to you the overall view with the good and the bad. So let's start with [11:37] the gold, with that historical episode I mentioned at the beginning. On April 5, 1933, President Roosevelt signed Executive Order 6102. That order prohibited all American citizens from owning physical gold and [11:52] forced them to surrender it at the government's official price. It was not optional; there were fines, even jail sentences, for those who did not comply. The most well-known case is that of lawyer Frederick Barber Campbell, who had 27 gold bars [12:05] deposited in Chase National Bank. He tried to withdraw them and was criminally prosecuted. This is not a theoretical risk, it really happened. And the choice is not that gold is an unsafe asset, the lesson is that where and how you [12:18] store it radically changes the risk you assume. Physical gold outside the banking system was much harder to confiscate. Gold held in institutional custody at a bank or in a gold-related exchange-traded fund, uh, [12:32] gold ETCs, has a different exposure to potential legal restrictions. It seems highly unlikely that such a scenario could be repeated today , but be careful, because it is important not to forget historical events and to [12:44] learn from them. And now let's delve into the risks of Bitcoin. And here too we need to break a myth. The real risk of Bitcoin is not technological, it's not blockchain hacking or quantum computing. That horizon is [12:58] still far off, and there are ways to enable updates that are already available. Nor is it that the State shuts down Bitcoin. That's virtually impossible as long as the network is still functioning. The real risk lies [13:11] in something much more down-to- earth: the entrance and exit ramps. In 2023 we saw a clear example. Silvergate, one of the most important banks for the crypto industry, announced its voluntary liquidation after [13:23] a heavy outflow of deposits. A few days later, Signature Bank, another bank shut down by regulators in New York. Officially, the causes were liquidity problems, mismanagement, and contagion following the banking crisis at [13:36] that time. But within the crypto industry, many interpreted it as a new version of the so-called Operation Choke Point, that is but making it difficult for companies and users to move between the [13:51] traditional banking system and the crypto ecosystem. And that's the the blockchain, but if accessing banks, exchanges, or dollars becomes much more difficult, then its practical utility is greatly reduced. The good [14:04] news for 2026 is the Clarity Act and the SEC roundtable, which are for digital assets. A favorable framework that could open the door to cannot legally enter today. Pension funds, insurance companies, [14:19] sovereign wealth funds. We're talking about tens of billions of dollars in management. If you risk profile of each asset is quite different and also depends a lot on how you decide to hold it. Physical gold outside the banking system [14:33] offers the greatest resistance to potential restrictions. It is difficult to block your access overnight , but it has two real downsides. Storing it has a cost, and if you [14:45] then portability is also inconvenient. Gold through ETCs or institutional custodians is the complete opposite: convenient, liquid, easy to putting it into the system you assume a different exposure. We already saw in 1933 [15:00] what can happen when gold is in the hands of institutions and the State decides to act. Something similar happens with Bitcoin , but with its own particularities. You see, if you have Bitcoin in self-custody in a [15:12] hardware wallet whose private keys you control and only you have, then you have maximum resistance to theft and total portability. You can move your wealth anywhere in the world without asking anyone's permission. The price to pay [15:24] entirely yours. There's no bank to call if you lose your passwords. And if you hold Bitcoin through ETPs or a regulated exchange, you regain the convenience and easy access, yes, but you again assume counterparty risk [15:37] and the regulatory risk on the on-ramps we just discussed. perfect option. What exists are different options for different goals and different levels of knowledge. The key is knowing exactly what you're [15:51] now that you have the context, the analysis and the real risks, let's look at the more practical part you've been waiting for: how to invest in each of them today. You see, you have four main ways to invest [16:05] in gold. I'm going to review each of them with their pros, cons, and the most relevant specific products. The first option, as you can imagine, most independent option from the financial system. If your main concern [16:19] is a systemic crisis scenario, physical gold outside the banking system any other financial product, as we saw with the 1933 episode. The complexities lie in management, purchase, custody, insurance, and the [16:34] bid-ask spreads, which are wider than in an ETC. The total actual cost usually exceeds the ter of an ETC if you calculate it correctly. For those who want to explore this route, some common and [16:46] Bullion Ball, which allows you to buy physical gold allocated and stored in professional vaults, and which we have already analyzed in another video on the channel. There are also specialized companies such as Gusa or Tabex in Europe. [17:00] international distributors like Amex or directly official mints like The Royal Mint or The Perth Mint depending on your location. In any case, it is always advisable to compare premiums, custody fees, insurance, [17:12] buyback, jurisdiction and the actual ease of withdrawing the metal. And also, platform you choose is highly reliable and has very good ratings from its users. We now have the second option, which is [17:26] physical gold ETCs. It is the most practical for most investors. In Europe, due to UCI regulations, there are no ETFs for a single commodity like gold. What exist are ETCs, exchange traded commodities, which for the [17:38] practically identical to an ETF. Two of the best known for investors in Spain and Europe are the Iserge Physical Gold ETC, with a TER of 0.12% and the Invesco Physical Gold ETC also with costs of 0.12%. ISERS is [17:54] Europe's largest gold ETC with over €32 billion currently under management and the gold backing it is held in GP Morgan's vaults in Spanish investors is that you cannot [18:06] directly from Spain because products have the key information document in your language. But the ETCs I just mentioned are traded in dollars, so if you wish you can [18:19] have exposure to gold through the USD without leaving the European regulatory framework. movement of gold and the dollar, which has historically added an crisis. If you are a Latin American investor, you will have [18:34] access to American ETFs, although you should always review the specific conditions of the platform you use. This gold mining ETFs and individual stocks. Note that with these [18:47] options you are not investing directly in the metal; it is equity, although gold sector that is traded on the stock exchange. Therefore, it is not the same. Mining companies tend to behave like leveraged gold; that is, when the metal rises a lot, [19:02] the mining companies rise even more, and when it falls, they fall even more and have their own additional volatility. You can access this sector in two ways. The first is through a diversified ETF, such as, for example, the Banec Cold Miners Uthits [19:16] ETF, which provides exposure to the world's largest producers in an automated way. And the second is by buying individual shares of specific companies such as Newmond, Barode or even Angico Igo, the three [19:30] allow you to choose more precisely, but also requires more knowledge of stock analysis and good monitoring. In either case they function as a complement, never as a replacement for physical gold or [19:44] through an etc. And the fourth option is investment funds with exposure to gold. You should know that there are actively managed funds accessible from common platforms in Spain. As an example, one of the best known is [19:58] the BGF World Gold Fund Black Rock, which invests mainly in gold mining companies around the world. Remember that these types of assets are generally more expensive in terms of fees, with TERS ranging from 1.5 to 1.75 per year, [20:14] compared to the 0.12% of the ETCs I mentioned earlier, and in most cases they have not managed to outperform a passive ETC in the long term. But the truth is, it does have one advantage. At least in Spain, [20:26] unlike ETCs, they do allow transfers between funds without tax until the time of redemption, which may be relevant depending on your situation and these are the most interesting options from my point of view for investing in [20:39] gold that we have been reviewing as a summary. And now we're going to do the same, know that the situation is somewhat different. There are more options, yes, but the regulations vary considerably depending on where you are. The first option is [20:54] direct purchase on exchanges. You can buy Bitcoin directly on platforms like Binance, Coin, Base, Kraken, and even Biti. All of them are regulated under the MICA regulations. in Europe or are in the process of [21:07] obtaining the license soon. The advantage is that you are the actual owner of the asset. If you also move it to a self-custody wallet, a hardware device such as Ledger or Trezor, you eliminate the counterparty risk of the [21:20] Exchange. And if you decide to keep it on certain platforms, you can then by lending your bitcoins to other users in exchange for interest, something offered by services like Nexo or the savings sections of some [21:33] mentioned. It's not a feature of Bitcoin itself, but an important to fully understand the conditions and risks before activating it. The downside is that it requires managing private keys, digital security, and [21:47] taxation, which can be somewhat more complex. And here the fundamental rule applies : not your keys, not your coins. In other words, if the exchange goes bankrupt and your bitcoins are on the platform, the risk of loss is real, as we [21:59] saw, for example, with FTX in 2022. The second option is Bitcoin ETPs in Europe. As with gold, there are no Bitcoin ETFs in Europe under UCI regulations. What do exist are ETPS and ETNs, [22:12] physically backed by Bitcoin that for the retail investor work very similarly to an ETF. These products are not listed on the Madrid stock exchange; they are accessed through brokers with access to markets such as Xetra, [22:25] Interactive Brokers or trading platforms are stock market options where you can find them, and since 2025 KishaBank has been offering Invesco Wisdon Tree ETPs directly through its digital banking platform . Other [22:38] this trend soon as well. The table you see on the screen shows four of the most relevant ETPs available in Europe today. This brings us to the third option, which is American Bitcoin ETFs only for LATAM or [22:52] with an American broker. Residents of the European Union cannot purchase these ESMA regulations. That's why I introduced you to the ETPs that are available in Europe earlier, but if you live in the Americas, the references [23:05] Americas, the references are the IBIT from BlackRock and the FBTC from Fidelity. the largest in the world and backed by two major management companies, planet. The fourth option is indirect access through shares or ETFs [23:19] Bitcoin-related exposure within a conventional UCITS equity ETF , there is, for example, the Banec Crypto and Blockchain Innovators UCITS ETF. You will also be able to directly buy shares of companies such as [23:32] MicroStrategy, now renamed Strategy Aecas, or Coinbase, among many others. But be careful, it's important to make an important warning. These companies do not exactly replicate the price of Bitcoin and [23:45] have their own additional business risks . It's not the same as having exactly the same as what I mentioned earlier about mining and full map of options for both assets, but choosing the [24:00] investment vehicle is only half the job. The other half is knowing how to put your money to work, how much to each one, and with what logic. So now the with what logic. So now the question is, Rob? Uh, and this isn't the [24:12] wrong question. The correct question, I think, is rather how much of each of them, for what objective, for what investment profile, and with what time horizon. Let me explain why, and to do that I need to introduce you to a [24:26] simple concept. When evaluating an investment, it's not enough to just look at how much you've earned. You should also review how much risk, how much volatility you have had to assume or endure in order to obtain that return. We need to compare [24:39] apples to apples, not apples to pears. Imagine two portfolios that experienced a rollercoaster of brutal ups and downs, while the other has grown much more calmly. The second option is better for your well-being [24:52] as an investor, especially if you have a conservative or moderate profile. And that is precisely what the Sharp ratio measures . How much return do you get for each unit of risk you have taken? The higher the ratio, the better the reward for the [25:05] risk taken. A Wisdom Tree study published in November 2025, based on data from 2013, compared the performance of the two assets using this logic. The result was surprising to many. Despite its [25:18] historically had a Sharpe ratio of 0.7, slightly better than gold's, which stands at 0.6. And if we put the world's most popular index , the SP500, into the equation, its Sharpe ratio between [25:30] 2020 and 2024 is around 0.65, meaning that those who weathered the Bitcoin roller coaster were proportionally well compensated for it. Not better in absolute terms, as if we consider its evolution since 2013, [25:44] but in terms of profitability per risk assumed. First, the most the two assets separately, but what happens when you combine them in the same portfolio and do it intelligently. And this is where the [25:57] key piece of information comes in. The long-term correlation between gold and Bitcoin is only 6%. That means they operate on completely different dynamics, and in terms of portfolio management, that's pure gold, no pun intended. When two assets do not [26:12] move in the same direction at the same time, the negative impact of one can be offset by the positive behavior of the other. The result is a with better risk-adjusted returns than either of the two assets [26:25] separately. And the same Wisdon Tre study quantifies it. Adding just 1% Bitcoin to your traditional stock and bond portfolio measurably improves its efficiency with minimal impact on maximum drawdowns, [26:38] increasing them from 24% to 25%. One percentage point more of maximum risk in exchange for a real improvement in the risk-adjusted result. And why does adding this diversification to any investment portfolio work? [26:51] Because each asset protects against different threats. Gold tends to rise consistently when there is inflation. They had geopolitics or negative interest rates. Bitcoin, on the other hand, performs best when the [27:03] long-term devaluation of fiat money and the disruption of the traditional financial system . They are two shields for two different types of storms. And beyond what I just defined for you, let's focus for a moment on the [27:17] data regarding crisis behavior. In the seven episodes of S&P 500 declines exceeding 12% since the birth of Bitcoin, gold generated an average return of 4.7% with positive results in six of the seven episodes. [27:30] Bitcoin, meanwhile, lost an average of 35% during those same episodes. That doesn't asset; it means that every asset has its role in the portfolio. Gold is the [27:42] stabilizing anchor, the bicon is the long-term asymmetric return engine, and the two together are more powerful than either one separately. And perhaps now the question that comes to mind is, "Okay, Andrea, and how much weight [27:54] own investment portfolio?" Well, this, as you can imagine, is the million-dollar question. And my honest answer is that there is no universally correct number. What I can give you is a general guideline. Both [28:06] gold and Bitcoin function as complements within a much more diversified portfolio, not as its core. We are talking about small positions that in most cases should not exceed 10-15% of [28:19] your total portfolio between the two assets together, and in some profiles even much less will suffice. From there, the specific allocation between one and the other, and the total weight you give to each of them within your portfolio, depends on [28:31] time horizon, your actual tolerance for volatility, your of course, the rest of the assets you already have in your portfolio. It's not the same for someone who has a 20-year horizon and can sleep soundly seeing [28:44] 50% drops in part of their portfolio, as it is for someone who is 5 years away from retirement and needs stability. The first can afford to invest more heavily in probably needs more exposure to gold and less to the crypto sector. And there is [28:58] an additional factor that should be taken into account: your goal regarding passive income. Gold does not generate any kind of return simply by traded companies in the sector that distribute dividends, such as mining companies, in which case [29:11] you would receive a return, but other than that , gold itself does not. Bitcoin, on the lending it through landing platforms at an interest rate or with more advanced strategies such as Bitcoin wrap to be able to staking. [29:25] It's an additional layer of return that gold simply cannot offer, although it's advisable to fully understand the conditions and risks of each platform before determine more precisely what exact amount of these assets makes [29:38] sense for your portfolio, the right step is to do that analysis with your particular situation on the table. And there is a management rule as important as the initial weight: rebalancing. Bitcoin has an [29:50] annual volatility that ranges between 50 and 80%. A 4% position can easily become close to 10% of the portfolio if Bitcoin rises by around 150%. Even if the rest of the assets don't move. Review and [30:03] adjust your position at least once a year or when your weight deviates more than two or three percentage points from the target. And if you want to take there are two strategies that can [30:16] long-term profitability, both in gold and beacons. The first is DCA or dollar costaging. Instead of investing everything at once, with LSAM, you invest a fixed amount periodically, for example, every month, regardless of the price. This way [30:31] you buy more when the asset is cheap and less when it's expensive, without having to guess the perfect market moment. We've discussed this way of investing in more detail in another video on the channel. And the second is the [30:43] important corrections to add positions below your average entry price. In volatile assets like Bitcoin, drops of 30 or 40% are not an anomaly; they are part of the cycle, and for those who understand them as an [30:56] opportunity rather than a threat, they can make a huge difference in both strategies require knowledge, discipline, and a very clear understanding of your risk profile before applying them. But if you master them, they are among [31:09] the most powerful tools you have to multiply your profitability and expose yourself to positive wealth accidents. And as we reach the end of the video, I want to share my personal opinion with you. You see, in my own case I have [31:21] exposure to both asset classes and with different investment strategies for each of them. In both I apply DCA, investing a fixed amount periodically regardless of the price, combined with a strategic DIP by [31:34] significant corrections to add positions in both at times I deem appropriate after conducting my own fundamental and technical analysis. I have been accumulating positions in gold for over 20 years, and part of my exposure is [31:48] allow me to generate a layer of passive income via dividends that the physical metal alone does not offer. As I've already mentioned, with Bitcoin I complement passive income generation strategies through lending. These are, therefore, [32:02] strategies that work for me and that I have refined over time, but they experience before applying them. The important thing is that you understand that there is no single correct way to have exposure to these assets, but rather [32:16] a range of tools that you will be able to incorporate into your portfolio as knowledge in the pillars of investment. However, the message I would like you to take away after watching this video is this. The gold or Bitcoin debate [32:29] is a poorly framed debate. The two are assets born at different times, with different histories and with very diverse functions. But what unites them is precisely because the money printed by the State has a [32:44] structural credibility problem, and that problem is not going to disappear. Gold has been the answer to that mistrust for 5,000 years. Bitcoin has been speed unprecedented in financial history. None of them are [32:58] perfect, none of them are the solution to everything, but together they form part of something that very real diversification with different logics for different types of economic situations. The person who understands that doesn't ask which of the [33:12] two, they ask how to intelligently combine them within their well-built and diversified portfolio. That's exactly the right question you need to ask yourself. I'd love to read your opinion in the comments section [33:24] below and hear if you already have either of them in your portfolio, gold, Bitcoin, both, and in what proportion. To continue building a well- diversified portfolio from the ground up, remember that you have access in the [33:36] first link in the video description to the free mini-course on of thousands of people have already received and loved. And now that you have much more gold and beacons and what the smartest way to invest in them is, in [33:50] this video that I leave here I share it with you because it will be very useful for you next video. I wish you very happy investments.