“The Debasement Trade” - Luke Gromen on Gold, Bitcoin & The 100 Year Reset

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Technology, Tech News, News

4.7 • 1.2K Ratings

🗓️ 3 November 2025

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Luke Gromen makes the case that “debasement” isn’t a trade, it’s the new regime. We unpack why assets look strong in dollars yet stagnate in gold/Bitcoin terms, the global reserves shift back toward gold, how a U.S. gold reprice to $10k–$20k could fund a balance-sheet reset, the risks of “paper gold,” Bitcoin’s potential catch-up (and a possible East=gold, West=BTC split), AI as an accelerant, and a pragmatic portfolio framework for navigating a 100-year reset. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Intro 4:15 How Long is The Trade? 11:23 Gold vs Treasury Reserves 19:34 Gold All Time Highs 23:17 Gold Buying Pressure 29:08 Back to The Gold Standard? 37:37 The Transition 43:10 Central Bank Gold Accumulation 49:20 Gold Demonetization 57:00 Types of Gold 1:05:17 Gold vs Bitcoin 1:10:06 The Future of Bitcoin 1:16:19 4-Year Cycles 1:19:02 Tokenized Gold 1:24:19 100 Year Reset Portfolio 1:28:25 Closing & Disclaimers ------ RESOURCES Luke Gromen https://x.com/LukeGromen "The Debasement Trade" https://x.com/LukeGromen/status/1974184554782220583 FFTT, LLC https://fftt-llc.com/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

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0:00.0	When is the debasement trade in?
0:02.4	The answer is never.
0:04.2	It's never, you know, it's a good time maybe takes them on a dip. Sure. Can you have 20, 30% corrections? Sure. So, you have 20, 30% correction is a stock market all the time. No one's ever like, oh, it's over. You know, the stock market's over. No, it's a currency issue. It's a currency issue. The choices we have made over the last 30 years with borrowed money, they're coming home to roost.
0:26.9	And what that looks like is it's not a debasement trade.
0:29.8	It is a debasement secular trend.
0:34.3	And, you know, the behavior is very big.
0:36.2	You don't sell rallies.
0:38.1	You buy dips.
0:46.5	Luke Grumman, I want to start with a chart. This is a chart that you put up not too long ago. And this is a chart of the S&P in various denominators, let's say. One is a denominator on dollars, so cash, the way investors tend to view their portfolio.
1:00.9	The other denominates stocks in the S&P in gold terms, and the third kind of denominates it in Bitcoin terms.
1:07.7	Now, in U.S. dollar terms, over the last five years, it seems like everything is booming.
1:13.7	We've got stocks up triple digits. We've got homes up, double digits. Like, everybody is more
1:19.8	wealthy, right? But then you start to look at this in gold terms, and you realize that stocks
1:25.3	and homes, they're flat to negative, that real wealth is actually
1:30.0	stagnating.
1:31.3	Then, of course, you look at it in Bitcoin terms and it's like, oh, my God, what happened?
1:35.3	This is bleeding in Bitcoin.
1:36.8	What's the story here?
1:38.1	What is the big story?
1:39.7	Is this debasement?
1:41.9	In a word, yes.
1:50.2	This is the big story of our time, I think. You know, the chart shows S&P, NASDAQ and home prices in dollars gold and Bitcoin. And it's telling you the use
	...

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