“Cycles have no respect for trends.” Michael Howell is on the show to explain why global liquidity, not Bitcoin’s four-year cycle, is the force driving Bitcoin, gold and global markets. Michael argues that the liquidity cycle has already peaked and may not bottom until the second half of 2027. He warns that tighter liquidity could create further downside before the next major monetary expansion begins. We get into the five-to-six-year debt refinancing cycle, why central banks are ultimately forced to keep supplying liquidity, China’s influence on the gold market, the growing debt maturity wall, and why the “great debasement” of Western currencies may still lie ahead. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Michael Howell: https://substack.com/@capitalwars

Global Liquidity Has Peaked: What Happens to Bitcoin? | Michael Howell

What Bitcoin Did

[SPEAKER_A] <LYRICS>One's got to be realistic and face up to the fact that the world has changed, and that change in the world is partly a function of China and partly a function of demographics. And the fact is that the West is bust. And you know, the reason that the UK goes through prime ministers every two years is simply the fact there's no money left. They can't fulfill an agenda and they lose the confidence of their party. But that's the reality. And that's probably a fact across Europe as well. And then if you look at some data the data that came out of the Philadelphia Fed last week, you know, you're looking at a lot of demand growth in the US economy. So I think it would be absolutely madness if they tried to do anything like, or even get near, you know, trying to ease policy. I mean, it would just be crazy. I don't believe that that's what they're going to do. I think the strength or the firmness in the US dollar is actually already telling us that that's the direction they're going in. They're going towards more tightness.

[SPEAKER_B] Let's get into this. Michael Howell, the Liquidity King.

[SPEAKER_C] Thank you for coming on the show.

[SPEAKER_B] It's good to speak to you.

[SPEAKER_A] Well, great. Good to be here, Danny.

[SPEAKER_B] I've heard a lot of good things. I know you've spoken to Nick Bartier a lot and James Lavish, the sort of macro people I speak to on the show all the time, all recommended having you on the show. So I'm excited about this. I don't know exactly the best place to start.

Global Liquidity Has Peaked: What Happens to Bitcoin? | Michael Howell

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Global Liquidity Has Peaked: What Happens to Bitcoin? | Michael Howell

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.