It recently exceeded its previous all-time high of around $69,000, which was set in November 2021.

What are your thoughts?

Doug Casey: Right now, the world runs on the dollar standard. Almost all international trade is done with the US dollar. Still, it's increasingly apparent to everybody worldwide that the US dollar is the unbacked liability of a bankrupt government.

So, the dollar's on its way out—but what will people go to—another fiat currency with the same problems or even more serious problems?

Who wants to trust another government piece of paper written from even less stable countries than the US? So, in the future, more trade is going to be conducted with something else.

I think there are two alternatives: one is gold, and the second is Bitcoin. The problem with Bitcoin is that it's the new kid on the block. Many people are unfamiliar with it and don't trust it because of its lack of history. But at the same time, there are 8 billion people in the world. Due to its mathematical formula, there can only be 21 million ever issued. And of that, 21 million, over 19.6 million have already been mined.

And of those, it's estimated that about 4 million of them have been irretrievably lost. Bitcoin is a unique and viable form of money—and the world is becoming more and more electronic. I think there's going to be much more demand for it.