Bitcoin
Next US President Could Fight Massive Inflation by Using Bitcoin to Back Treasuries: Macro Guru Luke Gromen
Macroeconomics expert Luke Gromen says the winner of November’s US presidential election could do something to effectively control rising inflation rates.
In a new interview on YouTube channel What Bitcoin Did, podcaster Peter McCormack asks Gromen what the next US president can do to strengthen the dollar and reverse the trajectory of “massive inflation.”
Gromen says one way to combat inflation now is to offer long-term Treasuries that come with low yields. According to the macro guru, investors will flock to the offering even if the interest rate is low if participants are rewarded with Bitcoin (BTC).
“We’re going to cut the yield on the 30-year Treasury bond, we’re going to issue $5 trillion in 30-year Treasury bonds at 2.5%, and every single one of them will get a boost from Bitcoin…
You can base it on the percentage of par reached on the day you issue them.
There is no credit risk to these bonds. There will never be any credit risk to these bonds. The only risk of holding a long-term Treasury is [or a] The value of a long-term sovereign bond in any country is really the value of the currency.
And I do that, I eliminate all inflation risk.”
A 30-year Treasury bond yielding 2.5% suggests that interest rates are stable for a long period of time.
Gromen explains that large companies rely on interest rates to determine the cost of capital. If interest rates change from time to time, these companies would have to adjust their prices to cover the additional cost of borrowed capital.
According to the macro expert, stable interest rates allow large companies to plan years ahead, knowing full well that the cost of capital will not change significantly. He notes that a fixed interest rate would allow corporations to compete and become highly productive.
Gromen believes that the scenario will eventually lead to price stability for goods and services.
“For so many years, Wall Street has controlled the political discussion in Washington… But the real economy, for most of us, when the lights come on, is this real market that needs to have some semblance of the real cost of capital for 10-, 20-, and 30-year projects…
This cost of capital needs to be solid [and] well understood for us to strategically do what we are trying to do and that is not being allowed.”
At the time of writing, Bitcoin was trading at $66,289.
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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