For years, Peter Schiff has been dismissed as the perennial gold bug—an economist frozen in a pre-digital era, warning of inflation and debt long before the world cared to listen. Yet as Bitcoin and Ethereum struggle through what Schiff now calls a “full-blown bear market,” his long-held thesis about the supremacy of tangible value—and the fragility of financial euphoria—seems to be gaining new traction.

In an era when the siren song of cryptocurrency continues to seduce investors with promises of quick gains and decentralized utopia, the steady wisdom of Charlie Munger stands out like a granite monument in a shifting desert.

The promise of crypto has always been different. It sells the dream of quick riches, of skipping the long grind, of being clever enough to catch a wave before the world catches on.