Investor Luke Gromen said he believes that efforts by US policymakers to weaken the dollar could push Bitcoin back to previous price levels. Gromen said that the US has realized that its defeat to Russia in Ukraine has created a national security crisis and is willing to devalue the dollar to revive the Defense Department’s weapons production capability. Gromen said policymakers have begun to get the money printing machines back up and running on a large scale to provide the resources to revive the defense industry. Noting that the newly printed money is going into Bitcoin and other risky assets, Gromen suggested that Bitcoin will be the biggest winner if the government prints more money. According to Gromen, the S&P index could double, Bitcoin could increase fivefold, and gold could double or triple. Here’s what Gromen says about Bitcoin price and other predictions…
Luke Gromen commented on the Bitcoin price: Pleased
Investor Luke Gromen believes the winds are shifting in the US, creating conditions that could drive Bitcoin (BTC) to never-before-seen price levels. In a new interview on the Julia La Roche Show, the macro guru says he “very much believes” that policymakers in the US will weaken the dollar this year in an effort to rebuild the country’s defense industrial base. Last month, Gromen said he realized the US was facing a national security crisis following its defeat to Russia in Ukraine. The investor noted that the Defense Department is now willing to devalue the dollar to revive America’s ability to produce weapons.
Gromen says he now sees policymakers restarting the money printing machines in a big way to pay for the labor and materials needed to revive the defense industry. Gromen’s remarks are as follows:
Ultimately it’s, ‘Hey, we need to stop XYZ components – China, Vietnam, Mexico, whatever. We’re going to bring it back here. We need to spend 100 million dollars. We don’t have the labor force.
Who cares? Just kick it.
Labor will go up.
We don’t care, we have a printing press. Screw it.
We’re short of steel.
We don’t care, just print it.
They will just print money.
The new dollars will go to Bitcoin
This development is also expected to affect Bitcoin. Gromen says he expects the newly printed dollars to be directed towards Bitcoin and other risky assets. Gromen’s statements are as follows:
They’re going to pay to do it, and they’re not going to let bond market yields go up to try to stop it. And ultimately that cash will flow into stocks, Bitcoin and gold.
The macro guru says Bitcoin will be the biggest winner if the government prints more money. According to Gromen, the S&P will probably double, Bitcoin will probably double 5 times. And gold will probably double, triple, quadruple.
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