{"id":3703,"date":"2024-12-04T12:33:01","date_gmt":"2024-12-04T12:33:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3703"},"modified":"2024-12-04T12:33:01","modified_gmt":"2024-12-04T12:33:01","slug":"trump-could-revalue-bitcoin-radically-higher-like-oil-in-1973-says-top-economist","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3703","title":{"rendered":"Trump Could Revalue Bitcoin Radically Higher Like Oil In 1973, Says Top Economist"},"content":{"rendered":"
\n

In an interview<\/a> with Natalie Brunell, Luke Gromen, a renowned macroeconomic analyst and founder of FFTT LLC, shared his insights on former President Donald Trump\u2019s potential influence on the Bitcoin price. The discussion centered around Trump\u2019s campaign promise that he will establish a strategic Bitcoin stockpile and his comparison to oil.<\/p>\n

Bitcoin As \u2018The New Oil\u2019<\/h2>\n

When asked about Trump\u2019s interest in accumulating up to a million Bitcoin over the next few years and its global impact, Gromen delved into historical parallels and strategic economic maneuvers. Gromen recalled Trump\u2019s statement<\/a> at the Bitcoin 2024 conference, where Trump said, \u201cBitcoin is the new oil.\u201d This comment piqued Gromen\u2019s interest, prompting him to explore deeper strategic implications beyond mere \u201cpandering for votes.\u201d<\/p>\n

Gromen recalled Trump\u2019s comment from August where he said<\/a> that he will \u201cpay off US debt with a little Bitcoin.\u201d According to the economist this \u201cwas a really odd comment. I started to wonder if Bitcoin is the new oil. That\u00a0 Bitcoin is going to be inflated like oil.\u201d<\/p>\n

He highlighted a historical event from the early 1970s: \u201cIf we go back in time to late \u201973, early \u201974, oil rose in price by 400% from October \u201973 to April \u201974,\u201d Gromen noted. He referenced an interview with former Saudi Oil Minister Ahmed Zaki Yamani.<\/p>\n

\u201cThere is an interview that was given on CNN International by the former Saudi Oil Minister Ahmed Zaki Yamani in 2010 in which he said there was a meeting of the Bilderberg Group. At this Swedish Island in late \u201873, October \u201873, Henry Kissinger attended and said look the price of oil. [It] is going up 400%. Get on board. And it happened. And again these are not my words. These are the words of the former Saudi oil Minister on CNN,\u201d Gromen stated.<\/p>\n

According to the economist, the US was making \u201cthe oil market big enough to back US deficits\u201d by recycling petrodollars into US debt, effectively ending the gold standard<\/a> and establishing the new oil standard. \u201c[It] basically fixed the US fiscal problem post Vietnam War and after we left the gold standard, it basically put us on an oil standard,\u201d Gromen remarked.<\/p>\n

Gromen suggested that a similar strategy could be applied to Bitcoin today. \u201cI started to wonder if Bitcoin is the new oil\u2014that Bitcoin is going to be inflated like oil was so that it will inflate stablecoins, so that stablecoins will buy a lot more Treasury [bills],\u201d he explained. By significantly increasing the Bitcoin price, the US could potentially attract global capital into Treasury bills through stablecoins, thereby addressing its acute debt issue.<\/p>\n

He referenced a recent report by the Treasury Borrowing Advisory Committee (TBAC), which included two supplements\u2014one highlighting the unsustainable US fiscal situation and another discussing \u201cDigital Assets and the Treasury Market.\u201d Gromen interpreted this as \u201cthe biggest banks telling the Treasury how digital asset markets could help finance this acute US fiscal and debt problem.\u201d<\/p>\n

Paul Ryan, former Speaker of the House, also entered the discussion. Gromen mentioned Ryan\u2019s op-ed in The Wall Street Journal, where Ryan posited that \u201cstablecoins could help the US with its debt problem.\u201d This alignment of perspectives from influential figures led Gromen to consider a coordinated strategy involving Bitcoin and stablecoins to bolster the US economy.<\/p>\n

\u201cWe need a way to weaken the dollar while strengthening the dollar system,\u201d Gromen asserted. By inflating Bitcoin\u2019s value, the US could potentially \u201cincrease stablecoins, increase stablecoin demand for T-bills,\u201d and draw in dollars from around the world into the US financial system. This could simultaneously address the debt issue and stimulate the economy.<\/p>\n

Gromen emphasized that his views are speculative and based on recent observations. \u201cIt\u2019s a relatively new view; it\u2019s not that strongly held,\u201d he admitted. However, he finds the convergence of Treasury reports, political commentary, and historical parallels compelling. \u201cI think they\u2019re looking at it in this regard. I really do,\u201d he concluded.<\/p>\n

At press time, BTC traded at $96,751.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In an interview with Natalie Brunell, Luke Gromen, a renowned macroeconomic analyst and founder of FFTT LLC, shared his insights on former President Donald Trump\u2019s potential influence on the Bitcoin price. The discussion centered around Trump\u2019s campaign promise that he will establish a strategic Bitcoin stockpile and his comparison to oil. Bitcoin As \u2018The New […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3703","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3703"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3703\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}