Bitcoin could provide an ‘economic boost’ for the US, financial expert says

Bitcoin, the leading cryptocurrency, has found another ally in macroeconomist Luke Gromen. He recently argued that the US could benefit if it started viewing digital currencies as assets rather than threats.

Gromen made the statement during an appearance on the Sept. 14 podcast hosted by Natalie Brunel.

Gromen is highly regarded in the world of financial research for its ability to provide comprehensive analysis of global and local macroeconomic trends.

According to Gromen, Bitcoin would be an option should economic rivals China and Russia choose to pile on gold, especially in that such a scenario could lead to an “explosion” of bonds. It will benefit the United States. market.

“There will be an economic boom,” argued the macroeconomist.

Is Bitcoin a Threat to the US Dollar?

Unfortunately, Gromen also pointed out a sad truth that has plagued Crypto Alpha for so long.

US policymakers now see digital assets as a threat to the country’s legal tender, the US dollar.

Gromen’s statement comes just days after the first-ever crypto regulatory framework was set in motion under U.S. President Joe Biden, at the height of widespread news reports about the declines and volatility currently plaguing the crypto world. emitted inside.

The Biden administration has recently become aggressive in tightening control over cryptocurrencies through legislation as the asset class has grown in popularity.

Macroeconomist Luke Gromen. Image: Techie + Gamers

At a 2019 hearing, Rep. Brad Sherman expressed his feelings and fears about the potential danger Bitcoin poses to the dollar, which has been seen as the world’s benchmark reserve currency for decades. can remember

Sherman said investors will be wasting a lot of money if cryptocurrencies don’t work. If it actually works and achieves that goal, it could either replace the US dollar or effectively prevent it from serving as the world’s only reserve currency.

Such ideals served the country’s indecision against taking a more positive view of Bitcoin.

Bitcoin Growth ‘Not A Bubble’, Says Macroeconomist

Bitcoin’s price has fallen 7.5% over the past seven days, trading at $20.079 at the time of this writing, according to Coingecko data, but that growth shouldn’t be considered a “bubble.”

In fact, Gromen recognized the threat this growth posed to the dollar. However, macroeconomists were quick to scoff at the idea of ​​Bitcoin replacing established currencies.

Gromen affirmed that this would never happen, and said it wasn’t necessary either. It helps reinforce his suggestion that it should.

BTC total market cap at $382 billion on the daily chart | Source: TradingView.com

Featured image from Foodforfitness.co.uk, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).