So, Luke Gromen—a macro investor who probably wears socks with sandals and has a profound fondness for spreadsheets—thinks Bitcoin (BTC) might just be the financial cosmic ray we never asked for but secretly need. Apparently, it’s about to mess around with US Treasuries like a caffeine-fueled toddler in a china shop.
In his latest transmission from the echo chamber that is the macroeconomist’s lair, the guy who founded Forest for the Trees (which, no, does not sell lumber), informs us that the Trump administration has cracked open Pandora’s chest of executive orders and unleashed a Strategic Bitcoin Reserve. Because why not add digital gold to the government’s collection of shiny things?
According to Luke, when Bitcoin catches a bullish fever, all these dollar-anchored crypto thingamajigs suddenly get popular, which then somehow magically pumps up demand for US Treasuries. Yes, it’s like a financial Jenga tower built with roller skates on a trampoline. Interesting and terrifying.
“By the way,” he says, probably while adjusting a suspiciously old pair of glasses, “the Trump folks are dreaming up ways to shove T-bills into stablecoins, because nothing screams ‘stable’ like blending ancient government IOUs with futuristic digital tokens.”
“And hey, when Bitcoin prices rocket to the moon (or crash back to Earth), stablecoin fans get twitchy, which means more love for T-bills. It’s a love triangle that somehow works, if you squint hard enough.”
“In short: The US government desperately needs a balance sheet makeover, and Bitcoin might be the sidekick it never wanted but desperately needs. So yeah, we’re still awkwardly dancing with Bitcoin for the mid-to-long haul.”
Meanwhile, stablecoin heavyweights like Tether and Circle are hoarding T-bills the way a squirrel hoards nuts before winter. As of December 2024, Tether’s stockpile amounts to over $94.47 billion invested in these government IOUs—clearly, stablecoins’ security blanket is woven from Treasury paper. Circle, not to be outdone, clutches $22.047 billion worth of T-bills as of February to back USDC.
If that wasn’t enough, Congress is rolling out two stablecoin-themed bills—the STABLE Act of 2025 and the GENIUS Act of 2025 (because acronyms are funny)—which require stablecoin issuers to back their tokens with real, boring, actual assets. No fairytale ponies here.
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2025-04-28 15:08