Says Gromen:
I need to see more aggressive, nuclear printing if you will. We literally have completely put on the back burner this whole AI thing for the last two weeks and I think if this Iran war is over, which they’ve managed to paper over concerns with…
[Last week] here in the US we had 92,000 jobs lost. And you’re seeing job openings in sort of every sector where you’d expect AI to curtail job openings. You’re seeing job openings in freefall in finance, you’re seeing them fall in tech, you’re seeing them drop in services. And just keep hearing more and more and seeing more and more signs in that world that this is accelerating at an exponential rate, and if that’s the case, then our debt-based system consumer credit is going to be a giant smoking crater, because of AI.
FAQ Why did Luke Gromen sell most of his bitcoin? He said bitcoin was not acting the way he expected, while multiple warning signs — including weakness versus gold, bond-market stress, and technical breakdowns — pushed him to cut exposure. What did Gromen mean when he said bitcoin was “not acting the way it should”? He said BTC was not reacting to M2 money supply the way he expected and had gone roughly flat against gold over five years, which he viewed as unusual. What is Gromen’s “nuclear printing” comment about? He said he would need to see much more aggressive money creation and easier financial conditions before becoming more constructive on bitcoin again. Does Gromen still like bitcoin long term? Yes. His comments suggest the issue is timing and macro conditions, not a total rejection of bitcoin’s longer-term thesis.
