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- Bitcoin Becoming Technological Equivalent to Gold Amid Wave of Global Disruption, Says Investment Strategist Luke Gromen
Bitcoin Becoming Technological Equivalent to Gold Amid Wave of Global Disruption, Says Investment Strategist Luke Gromen
Closely-followed investment strategist Luke Gromen says Bitcoin is en route to becoming the “blood brother” of gold as the world goes through a period of massive disruption.
In a new installment of What Bitcoin Did, the founder of economic research firm Forest for the Trees (FFTT) explains how Bitcoin and gold have very similar fundamental natures.
“I think it’s a technological manifestation of gold. What is physical gold? Physical gold is just energy expended, stored, and portable. And that’s effectively what Bitcoin is. If you look at it from a purely monetary aspect, that part to me has been apparent for a long time and continues to be apparent that they are blood brothers in the monetary world.”
Referencing the Strauss-Howe generational theory, which predicts a huge upheaval every 80 years, Gromen believes that humanity is currently in the middle of a “great disruption,” something that can lead to a restructuring of the financial and political systems.
“I think we’re waist-deep and maybe chest-deep in a fourth turning, and it’s this generational theory where every four generations you go through these great disruptions, and I think we’re in the midst of a great disruption and I think there’s a number of things driving these great disruptions. I think the pace at which technology is changing is very disconcerting. We as humans have had 10,000 years of evolution and we’re used to seeing things change in a linear manner which means very little at all in our lifetimes. And in the past 30 – 40 years, we’ve seen these changes governed by Moore’s law which is just faster and faster and faster.
Big picture: I think what we’re living through, partly technology-driven, partly financial-driven, is basically promises that were made are no longer able to be kept as a society to broad stretches of our society. This is something happening not just in the US but around the world.”
Gromen also says that big-money players are starting to look into the top cryptocurrency as the world deals with economic and fiscal uncertainties.
“There’s definitely been a lot more interest in it at the institutional level. And I think you’re starting to see some of that in the recent press releases where Fidelity launched a Bitcoin fund. Real players are interested in being in the space. I think that when you see headlines like that you should take that as a read on the level I have been seeing and being asked about over the past 12 – 18 months.”
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