Lawrence Lepard Calls Bitcoin A ‘Liquidity Smoke Alarm,’ Explains Why It’s Lagging Despite M2 Growth - Stocktwits
Lawrence Lepard Calls Bitcoin A ‘Liquidity Smoke Alarm,’ Explains Why It’s Lagging Despite M2 Growth - Stocktwits
Source: Stocktwits
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DW NOTE
M2 growth without credit expansion is a liquidity mirage. If commercial banks aren't lending and households are deleveraging, broad money sits in the monetary base doing nothing. Bitcoin prices velocity, not stock — which is why it can fall even as the Fed's balance sheet grows.