According to Perez, the cryptocurrency Bitcoin has collapsed and lost 25 percent of its value. He attributed this to a conspiracy, explaining that investors' mindsets are to make money fast given that the entire crypto sector quickly made money. However, Perez remarked that this money is not actually real money.
The Health Ranger Mike Adams cited the example of cryptocurrency exchange firm FTX Trading Limited, which he said has been operating a huge digital Ponzi scheme. FTX's disgraced former CEO Sam Bankman-Fried could potentially face criminal investigations and prosecutions, he added.
"Apparently, he took depositors' crypto money and then used that to make riskier bets on other platforms or with other vehicles. But the bets turned against them because the stock market's falling, interest rates are rising, housing bubbles [are] bursting. That rippled backward … to the point where they had to halt all withdrawals because they didn't have any coins for the people who thought they had money in the system," said the Natural News and Brighteon.com founder.
According to CNBC, FTX already filed for Chapter 11 bankruptcy protection on Friday. Bankman-Fried posted on Twitter that he "f---ed up and should have done better."
Adams added that the firm has a shortfall of $8 billion of withdrawal requests, putting it in need of emergency funding. Other firms such as Sequoia Capital had put $210 million into this company like a lot of other investors. "Now, it appears to be worth zero as of this moment," he said.
Binance, a separate crypto exchange, then announced on Nov. 9 that it will not push through with acquiring FTX "as a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations."
Perez ultimately remarked that physical silver and gold and mining stocks could save the economy.
"This is the only place to go," he pointed out. "I've been letting people know that when everyone gets blown out of their positions, whether it is stocks, housing, real estate and now it's crypto, they really have no other option to go to except the safe area. They've got to put on the gold and silver life jackets."
Elsewhere in the show, the duo touched on a Reuters article about Binance helping Iranian firms trade $8 billion despite the sanctions placed to cut Iran off from the global financial system. (Related: Report: Crypto exchange Binance still serving Iranian clients, allowing them to trade despite sanctions.)
According to the article, three-quarters of the funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities.
"Nobody's reporting this news," Perez told Adams. "An $8 billion in transaction while Iran is selling military drones to Russia, using them against Ukraine. The fireworks are just about to begin."
He also pointed out that Binance backed out of its plan to acquire FTX after the Department of Justice (DOJ) discovered its links with Iran. The Reuters article noted that "the investigation began as the leading crypto exchange platform Binance, boasting 120 million users, came under scrutiny by DOJ for possible money laundering violations."
Adams, meanwhile, noted that Binance has invested $500 million in Twitter. This amount allegedly contributed to the buyout of the microblogging site.
"I won't be surprised if that deal comes unglued. And then it could potentially unwind the entire Twitter deal and set off a series of wipe outs. But then again, Elon [Musk] unloaded $3.9 billion in Tesla stock. Maybe he sees that coming and had the cash to make up for any losses there if Binance goes out the window here."
Visit CryptoCult.news for more on the imminent cryptocurrency collapse.
Watch the full conversation between John Perez and the Health Ranger Mike Adams on the "Health Ranger Report" below.
This video is from the Health Ranger Report channel on Brighteon.com.