Michael Howell: Bitcoin as the Apex Liquidity Asset - CryptoRank
Michael Howell: Bitcoin as the Apex Liquidity Asset - CryptoRank
Source: CryptoRank
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DW NOTE
Michael Howell calls bitcoin the "apex liquidity asset," but liquidity is precisely what bitcoin isn't. Gold is down 22% from its January peak despite the Strait of Hormuz being closed and yields at 5.15%. Silver has halved. If bitcoin were tracking macro liquidity, it would be collapsing alongside them. Instead, it's holding — which means it's either pricing something entirely different or nothing at all.