Prominent Macro Analyst: Liquidity Easing Requires Nuclear-Grade Money Printing, Short-Term Bearish on Bitcoin

**Bitcoin: Luke Gromen Shifts to Short-Term Bearish (Dec 20) – Key Notes** On December 20th, Luke Gromen—founder of Forest for the Trees and a macroeconomic analyst—told *The Monetary Matters Network* podcast he’s now short-term bearish on Bitcoin, despite being long-term bullish (he bought most of his position below $30k in late 2022/early 2023 and has never sold). His reasons for the shift: 1. Bitcoin remains highly correlated with tech stocks, but future AI competition’s bottleneck is **electricity** (not semiconductors) → dim outlook for both tech and Bitcoin. 2. Bitcoin has failed to break out relative to gold, and the future liquidity environment is: *“Unless it’s nuclear-grade money printing, it’s tightening.”* 3. Quantum computing poses a threat to Bitcoin (a risk 2–9 years out). Gromen also emphasized Tether’s moves as critical: the firm recently invested in AI and gold, and its **gold balance sheet position now exceeds its Bitcoin holdings**.