Luke Gromen: The United States Can Surpass China And Russia If It Adopts Bitcoin

According to macroeconomist Luke Gromen, the United States stands to profit from accepting Bitcoin (BTC) rather than perceiving the asset as a threat.

Gromen stated that embracing Bitcoin as a sovereign asset can provide the United States with a competitive advantage over global competitors such as China and Russia, during a Natalie Brunell podcast interview on September 14.

According to Gromen, Bitcoin may be an alternative for the US, especially if China and Russia decide to hoard gold, which would result in a bond market meltdown. However, the macroeconomist noted that officials in the United States now view Bitcoin as a danger to the currency.

“Bitcoin can be a sovereign asset of the United States, it could really be a huge positive asset for the U.S.

I think ultimately the powers that be associated with the financial side of the U.S. absolutely see it as a threat, it doesn’t have to be. It depends on how we could use it. If we came out and said all right Russia and China you want to stockpile gold we’re going to settle trade in BTC.

Like boom, it totally blows up the bond market. We would have an economic boom,” he said.

Gromen recognized that the rise of BTC poses a danger to the dollar, but ruled out the chance of it supplanting it. In this sentence, he cautioned that the rise of Bitcoin should not be regarded as a bubble:

“It’s not bubble, it’s telling you what’s happening. It’s been a very good indicator of liquidity up and down and so I think it’s a threat. I don’t know that it necessarily needs to replace the dollar. I don’t think that it will.”

Furthermore, Gromen stated that Bitcoin is constantly at risk of being harmed by government actions. While alluding to the Chinese government’s promotion of the major cryptocurrency outlaw, he stated that while the government may crack down on Bitcoin, the chance of the asset breaking is quite low.

The most obvious recent example is the White House’s announcement of its first crypto framework, which calls for the regulation of digital assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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