Bankless “The Debasement Trade” - Luke Gromen on Gold, Bitcoin & The 100 Year Reset
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Nov 3, 2025 
Luke Gromen, a macro investor and founder of FFTT, dives into the new regime of debasement, explaining why traditional assets may appear strong in dollar terms but stagnate when viewed through the lens of gold and Bitcoin. He highlights the geopolitical shift favoring gold over treasuries and argues the implications of a possible gold revaluation. Additionally, Gromen discusses the risk factors surrounding paper gold and the potential roles of Bitcoin as the global financial landscape evolves. His insights provide a thought-provoking framework for navigating a 100-year reset.
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Dollar Gains Mask Real Wealth Loss
- The market rise in dollar terms masks real stagnation when measured in gold or Bitcoin.
- Luke Gromen calls this a debasement secular trend, not a short-lived trade.
U.S. Fiscal Reality Resembles Brazil 2000
- The U.S. fiscal situation today is not like 1980 and more resembles Brazil around 2000.
- That means sustained debasement where you buy dips and don't sell rallies in hard assets.
The Reserve Flip: Treasuries To Gold
- Central banks flipped preferred reserve holdings from treasuries to gold around 2025.
- Luke argues this signals strategic reallocation driven by geopolitical distrust of Western sovereign debt.
