‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa
The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and (potentially) bitcoin.

The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and (potentially) bitcoin.
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Tavi Costa is a portfolio manager at Crescat Capital. In this conversation with NLW, he discusses:
- The credit exhaustion moment in the engines of global growth
- The race to the bottom for fiat currencies
- The explosive moment for precious metals
- Where bitcoin might fit in this larger framework
Find our guest online:
Twitter: @TaviCosta
Instagram: @TaviCostaMacro
Website: https://www.crescat.net
See also: US Stock Market Cap to GDP Ratio Reaches 190%, Eclipsing Dot-Com Bubble High
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed

Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.











