PBD Podcast Ep. 662 – NYSE's PolyMarket Bet, Gold & Bitcoin Skyrocket, Candace Owens Texts, & Wall Street Woos Trump

Date: October 8, 2025
Host: Patrick Bet-David (PBD)
Panel: Tom Ellsworth, Eric Bolling, Brandon

Episode Overview

This dynamic episode of the PBD Podcast dives into the world of business, finance, and media, exploring headlines that matter in 2025. Main themes include the explosion in gold and Bitcoin prices, Wall Street’s courtship of Trump for major IPO roles, the intersection of politics and unions in the gig economy, and major shake-ups in media ownership (Paramount buying The Free Press). The group delivers unvarnished takes on these issues, drawing from business, investing, and political experience.

Key Discussion Points & Insights

1. Gold & Bitcoin Skyrocketing: What’s Driving the Frenzy?

[2:15–7:23; 40:21–61:47]

• Gold: Patrick opens by showing off a kilo gold bar, bought for ~$50,000, now worth $130,000+. Gold hits a record $4,060/oz.
  • “I bought it for like 50 some thousand dollars. They're apparently $128,000 right now ... and Ken Griffin from Citadel is worried why the price of gold is going up.” – Patrick (02:15)
• Bitcoin: Has soared to $123,000, with weekly crypto inflows eclipsing $6B and institutions piling in.
  • “I think gold’s going to have a hard time competing with bitcoin long term.” – Patrick (07:17)

Why the Surge?

• Unease about U.S. fiscal policy, tariffs, and potential inflation are sparking global interest in assets outside the dollar.
  • “The dollar has lost 50% of its value against gold in the last three years.” – Brandon (44:49)
  • “Citadel’s Griffin calls rush to gold as safer asset concerning now... People are looking for ways to effectively de-dollarize or de-risk their portfolios.” – Tom (41:39)
  • “Crypto versus gold has a lot of upside ... as the banks and central banks get more comfortable owning bitcoin ... you may see the trade go from sell gold, buy bitcoin.” – Eric (45:59)
• Central banks now hold more gold than Treasuries for the first time since 1996.
• Geopolitics, AI-induced asset inflation (“liquidity sloshing”), and nervousness over U.S. government behavior are accelerating the run.
  • “The market capitalization of all the gold in the world is about $27 trillion. Bitcoin right now is about a $2 trillion number—it’s got a lot of upside.” – Eric (45:59)

Crypto ETFs: Mainstreaming Bitcoin Investing

• Spot Bitcoin ETFs now allow traditional investors to easily buy crypto, leading to record inflows.
  • "About a year and a half ago, they got the regulatory approval to turn bitcoin cryptos into ETFs ... allows anyone with a stock account to start trading cryptocurrencies." – Eric (53:28)

Predictions:

• $1M Bitcoin within 3–6 years possible if current trends and instability persist.
  • “I think you can see a million-dollar Bitcoin in three to five years.” – Eric (55:44)

2. NYSE Owner’s $2B Bet on PolyMarket

[61:47–67:40]

• Intercontinental Exchange (ICE), owner of the NYSE, invests $2B in PolyMarket, a crypto-based prediction market for betting on real-world events (elections, sports, economic outcomes).
  • “Very, very, very, very, very, very, very, very interesting … PolyMarket is global access, lack of censorship, predictive markets.”—Tom (63:08)
• Why this matters: Data from these “crowd bets” may become valuable for financial analysis and sentiment, akin to analyst ratings or Vegas odds on sports.
  • “Part of investing—there’s a little gambling feel to it, right?... Brilliant move, Jeff Sprecher.” – Eric (66:59)
• PolyMarket’s prediction accuracy claims as high as 90–94%.
  • _"Probably the best predictive data gathering tool out there." – Brandon (67:00)

3. Gig Drivers Win Right to Unionize in California

[11:10–26:19]

• Massive law signed: 800,000 California Uber/Lyft drivers can now unionize as contractors without W2 status.
  • “Uber and Lyft dropped their opposition after the preservation of the contractor W2 Gulf was preserved … This maintains 1099 status.” – Tom (13:49)
• Debate: Is this a win for workers or a short-term bump that will accelerate automation, making drivers obsolete?
  • “You want to unionize, you’re going to cost the company more … the technology of driverless autopilot cars is right around the corner. They will be out of business as human beings.” – Eric (15:51)
  • “If people are forcing these companies to accept them as a union, you’re going to drive the cost up … All this stuff accelerates the problem for the worker.” – Tom (25:36)
• Unionization Process Explained: Organizers approach, hold informal meetings, gather signatures—a grassroots “evangelizing” campaign.

4. Trump Uses Tariffs to Fund WIC During Shutdown

[26:19–36:03]

• In a tactical move, Trump directs tariff revenue to fund WIC (Women, Infants, Children food program) during the federal government shutdown, framing Democrats as the villains.
  • “He’s playing politics because the other guys are playing politics. So what is he going to do, just sit there and take it?” – Patrick (32:15)
• Tariffs – Good Policy?
  • Eric: “Great politics, horrible policy ... I’m never ever going to be a fan of this tariff situation ... I’m a free marketeer.” (27:48)
  • Tom: “Use it as leverage but turn them off and get everyone to the table.” (29:42)
  • Brandon: “Is it important to have a strong industrial base and middle class? The goal of tariffs is to strengthen both.” (33:02)
• Hot debate on whether America’s middle class is better off today or in the 1950s, and whether tariffs help or harm.

5. Wall Street Woos Trump for Blockbuster IPO Roles (Fannie/Freddie)

[123:03–130:45]

• Every major bank (Goldman Sachs, Citi, JP Morgan, etc.) is competing for roles in taking Fannie Mae & Freddie Mac public, a deal worth $300–500B and $1B+ in fees.
  • “All of the major banks have been working to land roles on what could be one of the largest stock offerings in history.” – Patrick (123:07)
• Privatizing Fannie/Freddie: Panel agrees it's good to get them off the government’s books, but some question if these New Deal institutions are healthy for the housing market.
  • “It reminds me of how the government started subsidizing student loans ... did this push up the housing market artificially?” – Brandon (129:44)
  • “My concern is that Trump wants to take a piece of this too, right? ... If you start getting government involved in private industry, you’re going to hurt the industry.” – Eric (128:18)

6. Candace Owens Texts, Turning Point, and Donor Pressure

[67:40–83:10]

• Patrick presses Eric to clarify his role on the Turning Point USA board and responds to the Candace Owens controversy (Candace published texts related to Israel allegations after Charlie Kirk’s assassination).
  • “I was an advisory board member from 2019 to 2024 … now I’m on their honorary board.” – Eric (68:41)
• Topic: How wealthy/powerful donors shape organizations and the immense pressures on high-profile fundraisers.
  • “Donor pressure, especially mega donor pressure on recipients, is very, very real.” – Tom (74:21)
  • “If you get into business like this, you have to know that these guys are given $1 million, $2 million … they're probably going to pressure you to do different things as well.” – Patrick (78:19)

7. Media Shakeup: Paramount Buys The Free Press, Taps Bari Weiss for CBS News

[89:06–98:59]

• Paramount/Skydance buy Bari Weiss’s Free Press; Bari becomes editor-in-chief at CBS News, reporting to David Ellison (Larry Ellison’s son).
  • “She’s Bari Weiss … crusaded against anti-woke culture at the Free Press … she believes in these same core journalism philosophies.” – Tom (90:07)
• CBS tries to pivot from last place in digital news consumption.
  • _"CBS was last at 163 million views ... we had 692 million between Valuetainment and PBD Podcast last quarter." – Patrick (92:40)

Concerns About Media Concentration:

• Brandon warns about the growing power of Larry Ellison’s son over Paramount, CBS, and soon possibly TikTok:
  • "I just think it’s something to keep an eye on, that people that think this way have so much control over media assets that shape the youth and the old." (97:06)
• Panel skeptical that a single “ice cube” (Bari Weiss) will truly change CBS.

8. Woke Gym Charges White Customers Double

[84:27–88:26]

• Nova Scotia gym charges white clients $30/drop-in, BIPOC $15, igniting debate on racial double standards.
  • "So what would happen if the reverse was happening? ... Is it impossible to be racist against white people today?" – Brandon (85:46)
  • _"They don't think of equality today, they think of equalizing." – Tom (86:19)
  • _"Affirmative action failed at the Supreme Court years ago ... they’re just laying in wait until Trump’s not in office anymore and they just push this stuff right back." – Eric (87:42)

9. American Manufacturing Case Study: Sharpie Brings Jobs Back

[101:27–110:23]

• Sharpie brings pen manufacturing back to the U.S. (Tennessee), achieving higher efficiency and cost competitiveness without offshoring.
  • "This is really cool to see an American company say, hey, we're going to do it." – Tom (104:25)
  • Discusses the broader issue of U.S. capital trapped abroad due to tax code.
  • "Bring down to zero the corporate repatriation of funds ... You're a big international company ... as long as you earmark half for capital investment in a U.S.-based entity hiring Americans." – Eric (107:19)

10. Compensation vs. Culture: Which Matters More?

[110:23–123:03]

• Analysis of a Wall Street Journal piece: Can you attract/retain talent with pay alone, or is culture king?
  • "You have to have a blend, and it starts at the top. I've seen it … you can have all the money in the world and it's just so toxic, nobody stays." – Tom (113:03)
  • “If you guys are all pushing toward the same idea, eventually the money will come. But it starts with culture.” – Rob (119:50)
  • _"If you can find a way to mix the two … very, very special." – Patrick (119:59)
• The new generation may value culture/memorable environments more, having not experienced true economic downturns.

Notable Quotes (with Timestamps)

• On Gold vs. Bitcoin:
  • “Gold’s going to have a hard time competing with bitcoin long term.” – Patrick (07:17)
• On Union Pushback:
  • “The more you push, you want to unionize, you’re going to cost the company more money ... that technology of driverless autopilot cars is right around the corner. They will be out of business as human beings.” – Eric (15:51)
• On Donor Influence:
  • “Donor pressure, especially mega donor pressure on recipients is very, very real.” – Tom (74:21)
• On Media Power:
  • _"Larry Ellison’s kid ... is going to have all these media assets ... definitely someone to pay attention to and keep an eye on." – Brandon (97:06)
• On Compensation vs Culture:
  • "I think culture is more important because if you guys are all pushing toward the same idea, then eventually the money will come. But it starts with culture.” – Rob (119:50)

Memorable Moments

• Patrick physically weighs a gold kilo bar on set as a prop to the gold rally commentary.
• Live jokes and banter about calling the “woke gym” to ask for a minority discount as a Middle Eastern.
• Mid-episode “shout out” to Aaron Judge for a home run, and banter about sports betting lines as an analogy for prediction markets.

Important Timestamps

• [2:15–7:23]: Gold & Bitcoin price surge, background.
• [11:10–26:19]: California gig drivers unionize, union debate.
• [26:19–36:03]: Trump uses tariffs for WIC funding, tariff debate.
• [40:21–61:47]: Deep dive: gold/crypto, dollar devaluation.
• [61:47–67:40]: NYSE’s PolyMarket bet.
• [67:40–83:10]: Candace Owens, Turning Point, donor politics.
• [84:27–88:26]: Woke gym, race-based pricing.
• [89:06–98:59]: CBS & The Free Press, media consolidation.
• [101:27–110:23]: Sharpie “re-shores” manufacturing to the USA.
• [110:23–123:03]: Culture vs compensation in business.
• [123:03–130:45]: Big banks courting Trump for Fannie/Freddie IPO.

This episode delivers a candid, sometimes combative, yet always entertaining look into the stories driving business and politics in late 2025—peppered with expert insider takes, historical context, and future-gazing speculation.