Everyone called 2025 the year of the Great Debasement trade. Michael Howell says it never actually happened. And what comes next could be the biggest monetary regime change in 70 years.

Michael Howell, liquidity expert and founder of CrossBorder Capital, returns to break down why global liquidity, not M2, is the real driver of Bitcoin, why the bond market just broke a 70-year-old pattern, and why the true debasement trade has not even started yet.

Here is what we cover:

• Why M2 is the wrong metric for Bitcoin and why global liquidity has a 13-week predictive lead on crypto prices

• The BES dollar basket explained and why Bitcoin remains the dominant driver even against Ethereum and Solana

• Why the real economy and financial economy are pulling liquidity from each other right now

• The AI capex boom draining liquidity from financial markets and starving Bitcoin of fuel

• Why the 30-year Treasury yield breaking 5% is a bigger deal than most people realize and why Howell thinks 6% is coming

• The 1951 Treasury Fed Accord parallel and why we may be entering a similar regime change today

• The $40 trillion debt threshold and why the average tenor of government debt is quietly being shortened everywhere

• Why Scott Bessent's yield curve management is printing money without ever calling it printing money

• Why Howell rejects the idea that the debasement trade started last year and what the actual tipping point looks like

• China's PBOC liquidity injections and why gold's move has been a China story, not a Western one

• Bitcoin's global liquidity cycle model and why it points to a bottom around the middle of 2027

• Why Howell is not a believer in the four year cycle and what he thinks is driving Bitcoin's cycles instead

• The best monetary hedge for a high inflation regime and why crypto's multiplier effect means even a small allocation matters enormously

This is one of the most technically rigorous breakdowns of global liquidity and its relationship to Bitcoin you will find anywhere.

🔔 Subscribe for weekly Bitcoin and macro analysis.

SPONSORS

🟣 Download the Rhino App 👉 https://rhinobitcoin.onelink.me/66Ka/bnews

Use Promo Code: "BITCOINNEWS" for $21 of FREE Bitcoin when you deposit the first $100 USD into your account.

🔴 Subscribe to our newsletter Bitcoin News Weekly [FREE]👉 https://bitcoinnews.com/subscribe

bitcoin #bitcoinnews #finance

finance #macro #macroeconomics #bitcoinnews #crypto #cryptocurrencywallets

❗ DISCLAIMER ❗

Bitcoin News is not a financial adviser. All opinions expressed by us or our guests in these videos is for informational purposes only, and should not be treated as investment or financial advice of any kind. Any information provided during the video is general in nature and does not take into account the viewers specific circumstances.