Every asset ALWAYS functions in the context of macro constraints. Bitcoin has many people buying and selling it from many countries. Regardless of what popular narratives say, every single person has their Bitcoin cross-collateralized with something else. If a person is running a portfolio with leverage and begin to have a drawdown, they typically

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how crypto fits into the current macro environment

Global Liquidity takes an international perspective, considering liquidity created by multiple monetary authorities, including central banks outside the US like China's PBoC. It also accounts for private sector credit provision through various channels, such as banks, repo markets, and shadow banks. Importantly, it embraces the concept of the... See more

In this debt-dominated system, policymakers face the necessity to continually expand liquidity to prevent crises that could arise from collateral shortages and rollover risks. This constant expansion of liquidity in the broader financial system, aimed at preventing instability, makes assets that can hedge against currency debasement, such as... See more