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.
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