Bitcoin (BTC) and gold, two seemingly divergent assets, find common ground in the eyes of veteran macro investor Luke Gromen. In a recent interview, Gromen posits that these assets could flourish as the fiscal challenges in the United States continue to mount.<\/p>\n
Gromen\u2019s argument hinges on the idea that both gold and Bitcoin<\/a> are \u201cduration assets\u201d with fixed supplies and the potential for their face values to rise. In times of fiscal distress, these assets tend to shine.<\/p>\n As the US grapples with fiscal issues exacerbated by relentless quantitative easing and potential shifts in Federal Reserve policies, Gromen believes that this environment will create a fertile ground for gold, oil, and Bitcoin.<\/p>\n \u201c[Gold and BTC will do well] because they are simply duration assets with a more fixed supply and a face value that can rise,\u201d he stated. <\/p>\n \u201cThey do well when a nation has a fiscal problem, and when the reserve currency issue of the world and her allies all have fiscal problems, and hers is at least as bad or probably worse than the others \u2013 even Europe \u2013 then it\u2019s really good for gold and Bitcoin.\u201d<\/p>\n Gromen also delved into the potential ramifications of the BRICS nations (Brazil, Russia, India, China, and South Africa) launching a gold-backed currency. Such a move could undermine the US dollar\u2019s longstanding position as the world\u2019s reserve currency. The prospect of a gold-backed currency gaining traction among these major economies could weaken the dollar\u2019s dominance in international trade and finance.<\/p>\n Meanwhile, the cryptocurrency sector is experiencing a bullish surge, with Bitcoin leading the charge. It has surpassed the critical psychological threshold of $28,000, sparking optimism among investors. Notably, Cryptoinsightuk, a pseudonymous crypto trading analyst, has conducted a revealing analysis of Bitcoin\u2019s relative strength index (RSI) indicator.<\/p>\n\n Cryptoinsightuk\u2019s analysis<\/a> tracks the instances when Bitcoin\u2019s weekly RSI crossed above the 50 mark (green) and then dropped below this level (red). The expert found that, on average, these events led to a remarkable 1,100% price increase for Bitcoin. Such a surge could become a reality in the right circumstances, including a supply squeeze and the introduction of a spot Bitcoin exchange-traded fund (ETF).<\/p>\n As Bitcoin\u2019s price<\/a> currently hovers around $27,539 with a 1.2% decline over the past 24 hours but a 4.9% gain over the last seven days, investors are closely monitoring these developments, eagerly awaiting signs of whether Bitcoin\u2019s bullish momentum will persist in the coming weeks and months.<\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from iStock<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin (BTC) and gold, two seemingly divergent assets, find common ground in the eyes of veteran macro investor Luke Gromen. In a recent interview, Gromen posits that these assets could flourish as the fiscal challenges in the United States continue to mount.<\/p>\n Gromen\u2019s argument hinges on the idea that both gold and Bitcoin<\/a> are \u201cduration assets\u201d with fixed supplies and the potential for their face values to rise. In times of fiscal distress, these assets tend to shine.<\/p>\n As the US grapples with fiscal issues exacerbated by relentless quantitative easing and potential shifts in Federal Reserve policies, Gromen believes that this environment will create a fertile ground for gold, oil, and Bitcoin.<\/p>\n \u201c[Gold and BTC will do well] because they are simply duration assets with a more fixed supply and a face value that can rise,\u201d he stated. <\/p>\n \u201cThey do well when a nation has a fiscal problem, and when the reserve currency issue of the world and her allies all have fiscal problems, and hers is at least as bad or probably worse than the others \u2013 even Europe \u2013 then it\u2019s really good for gold and Bitcoin.\u201d<\/p>\n Gromen also delved into the potential ramifications of the BRICS nations (Brazil, Russia, India, China, and South Africa) launching a gold-backed currency. Such a move could undermine the US dollar\u2019s longstanding position as the world\u2019s reserve currency. The prospect of a gold-backed currency gaining traction among these major economies could weaken the dollar\u2019s dominance in international trade and finance.<\/p>\n Meanwhile, the cryptocurrency sector is experiencing a bullish surge, with Bitcoin leading the charge. It has surpassed the critical psychological threshold of $28,000, sparking optimism among investors. Notably, Cryptoinsightuk, a pseudonymous crypto trading analyst, has conducted a revealing analysis of Bitcoin\u2019s relative strength index (RSI) indicator.<\/p>\nBRICS And The Dollar\u2019s Reshaping<\/strong><\/h2>\n
Bitcoin\u2019s Bullish Momentum<\/strong><\/h2>\n
BRICS And The Dollar\u2019s Reshaping<\/strong><\/h2>\n
Bitcoin\u2019s Bullish Momentum<\/strong><\/h2>\n