BlockBeats News, December 20 — Luke Gromen, founder of Forest for the Trees and macroeconomic analyst, stated on the podcast “The Monetary Matters Network” that he has been very optimistic about Bitcoin for a long time. He bought most of his positions below $30,000 at the end of 2022 and the beginning of 2023, holding them ever since without ever selling. However, he has now turned short-term bearish on Bitcoin for the following reasons: 1. Bitcoin’s price movement remains highly correlated with tech stocks. But in the future, the bottleneck for AI competition will be electricity rather than semiconductors, so the outlook for Bitcoin and tech stocks is not optimistic. 2. Bitcoin has not experienced a breakout relative to gold. The future liquidity environment is “unless there’s nuclear-level money printing, it will be tightening.” 3. Quantum computing poses a threat to Bitcoin. “This could become an issue within 2 to 9 years.” Luke Gromen emphasized that the movements of Tether are a very noteworthy factor; they have recently invested in AI and gold. Their gold holdings on the balance sheet are larger than their Bitcoin holdings. These are all points worth paying attention to.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds
Bitcoin BTC$67,345.02 tends to outperform traditional safe haven assets like gold in the two months following major global crises, according to new analysis from Brazilian crypto exchange Mercado Bitcoin.
The study, led by Rony Szuster, head of research at the Latin American crypto platform,
CoinDesk56m ago
A simple explainer on what quantum computing actually is, and why it is terrifying for bitcoin
This week, Google published a paper describing how a quantum computer could theoretically derive a bitcoin private key in 9 minutes, with ramifications that stretch to Ethereum, other tokens, private banking, and potentially everything in the world.
Quantum computing is easy to mistake for a
CoinDesk1h ago
Bitcoin and the US dollar have a 'symbiotic' relationship: BPI exec
US dollar-pegged stablecoins and Bitcoin (BTC) share a “symbiotic” relationship, mutually benefitting from rising adoption, according to Sam Lyman, head of research at Bitcoin Policy Institute (BPI), a Washington DC-based digital asset advocacy organization.
“Bitcoin is beneficial to the US
Cointelegraph3h ago
Ex-UK Chancellor backs bitcoin as alternative to failing systems
Kwasi Kwarteng, the UK’s former Chancellor of the Exchequer who served just weeks in September 2022, is re-emerging with a new focus on bitcoin, monetary history, and long-term economic thinking.
Reflecting on the infamous mini-budget in an interview with CoinDesk, he was candid about the
CoinDesk3h ago
