Macro Analyst Luke Gromen Turns Short-Term Bearish on Bitcoin Despite Long-Held Bullish Stance

Macro analyst Luke Gromen, founder of Forest for the Trees, said on Dec. 20 in podcast "The Monetary Matters Network" that he has shifted to a short-term bearish view on Bitcoin despite holding a long-term bullish position and accumulating most of his holdings below $30,000 in late 2022 and early 2023 without selling. Gromen cited Bitcoin's strong correlation with tech stocks, the prospect that future AI competition will be constrained by electricity rather than semiconductors, Bitcoin's lack of breakout versus gold under a liquidity outlook of "nuclear-level money printing or tightening," and potential threats from quantum computing that "could become an issue in 2 to 9 years." He also pointed to Tether's recent moves into AI and gold, noting that its balance sheet holds more gold than Bitcoin, as factors worth monitoring.