The conversation traced back to 2020, when unprecedented fiscal and monetary stimulus reshaped market cycles. Ross argued that since COVID, the U.S. has not experienced a "normal" economy—business cycles have been heavily influenced by central banks and government spending. Despite years of warnings from so-called "perma-bears," he sees no true recession, only delayed cycles. Key forward indicators are now turning positive. U.S. manufacturing has been in contraction for years, but recent PMI data and new orders suggest a revival. Ross believes this clarity, especially around tariffs and fiscal policy, will spark growth and lift risk assets, including Bitcoin. On geopolitics, Ross voiced concerns about U.S. vulnerability in energy and manufacturing compared to China, warning of a possible conflict in the next few years. However, he also highlighted optimism in AI, robotics, and Bitcoin as transformative forces that could reshape the global economy. For Bitcoin, Ross stressed that liquidity remains the biggest driver. He sees price lagging behind where it “should” be but expects a sharp move higher as the U.S. economy strengthens. While cautious about eventual cycle peaks, he remains bullish into 2026, when he expects Bitcoin to potentially reach new highs. He also warned that the AI-driven manufacturing comeback may not bring jobs, but instead lead to structural unemployment, forcing society to rethink economic models and possibly consider measures like universal basic income. Overall, Ross remains short- to mid-term bullish: “The economy is about to take off, and with it, Bitcoin is finally set to run.”
