Days like today clearly demonstrate that Bitcoin is not digital gold. We heard negative economic news, which caused gold and the Japanese Yen to rise 2.2%, and the Euro to rise 1.5%. The Nasdaq fell 2.2%. Bitcoin plummeted 3%, following the decline of riskier assets rather than the rise of safe havens.

Trump is now claiming that today's weak jobs report and the downward revision to the previous report were manipulated to embarrass him. He says the good news is that the country is doing well. So, when the numbers are good, they're real. But when the numbers are bad, they're fake. What a joke!

The Bureau of Labor Statistics (BLS) calculates employment data with biases. If the errors were random, revisions would swing back and forth. Since revisions are almost always downward, this must be by design. The government knows that the media and markets pay more attention to preliminary figures than to revisions.

As long as Trump keeps firing government statisticians, he should fire everyone responsible for the CPI and GDP data, who have been underestimating inflation and overestimating economic growth for years.

Trump has imposed a 39% tariff on Swiss imports. Does anyone really believe Rolex will absorb this tariff and sell watches in the US for 39% less than in other countries? Of course not. All new Swiss watches legally sold in the US will see a 39% price increase.

Trump fired the woman in charge of the government's jobs statistics, accusing her of prioritizing politics over accuracy. But what was Trump's reasoning for firing her? Was it because he had overestimated job growth every month since he became president, or because he corrected those errors today?

A Bitcoin strategic reserve would be the ultimate waste of taxpayers—worse than the bank bailouts of 2008. Forcing the American public to become “baggage holders” in a Bitcoin pyramid scheme would be a new low in American politics, confirming the worst fears of our founding fathers.

The fact is, the U.S. economy and labor market are both weak. The only strength is inflation. Tariffs will only exacerbate consumer pain. The Fed is powerless to combat stagflation. I think it will stimulate hiring, but even with rate cuts, rising inflation will lead to higher unemployment.

How can the Fed ignore tariffs when it has no idea how much of the price increase in any given month is due to tariffs and how much is due to underlying inflationary pressures that would have pushed prices higher anyway? Tariffs could become an excuse to deny that inflation is accelerating.

Gold prices fell by over $60 a barrel on the previous two Fridays after the jobs reports "beat" expectations. Today's $60 rebound merely erased some of the losses it would have otherwise seen. Given today's disappointing figures—and the significant misses in May and June—gold should break through $3,500.