Ever since around 2013/2014, bitcoin’s price has closely followed the rate of change in the growth of global broad money supply (M2) in USD terms.

In other words, from the perspective of macro investors (which are generally different than network users), it is the asset that best serves as a pure-play on changes in global liquidity. It’s a hedge against monetary inflation, not CPI inflation.

Notably, the dollar index relative to other major currencies strongly affects global monetary inflation.

So in order to have a view on price within any intermediate term timeframe (eg the people calling for new ATH prior to the next halving), it’s important to have a view on global monetary inflation and liquidity, because that is primarily where new external demand comes from.

Right now, bitcoin is a coiled spring on the supply side (fast money is out, coins have rotated towards strong illiquid hands), but the demand side (and thus the price) is largely a question of global liquidity.

Been wanting to see one of these in person since I first watched Mad Max.

Nostr. It's done! Will post video soon.

Well, I reckon this is just about ready for oiling and final prep before painting )). Almost finished the sanding process to tidy it up.

The woodcarving of #bitcoin pleb #8 approaching finality!

I am not sure what you meant here.

nostr fixes this 🫡