Macro analyst Luke Gromen has recently turned bearish and significantly reduced his Bitcoin holdings. In the context of exponential deflation driven by AI and robotics, Bitcoin is behaving more like a high-beta tech stock rather than a safe-haven asset. Unless governments initiate nuclear-level money printing, its price will remain under pressure. In contrast, he is highly optimistic about silver. The logic behind silver is more straightforward and simple compared to Bitcoin. He has observed that industrial demand is continuously rising, while the supply side has almost no capacity for rapid expansion. Even with price increases, supply struggles to respond quickly. To put it metaphorically, Bitcoin is like the most sensitive smoke detector on a sunny day, but in the torrential rain of deflation, it’s more like a fragile sail. Silver, on the other hand, is more like a ballast stone, providing stability amidst the wave of manufacturing returning to realpolitik.