enjoyed this piece from @fejau. Couple of points that stand out:

> Bitcoin price reflects global liquidity; which until now was mainly in the US

> Current administration policy will likely stimulate liquidity outside of US markets (lower deficits = fewer dollars abroad to buy US assets, increased defense spending mean other countries catch-up with US deficit, weaker dollar = local currencies + rates are more attractive)

> Bitcoin is the cleanest way to get exposure to the increase In liquidity without taking a view on any single local market (e.g. on the EU getting its act together)

fejau

enjoyed this piece from @fejau. Couple of points that stand out:

> Bitcoin price reflects global liquidity; which until now was mainly in the US

> Current administration policy will likely stimulate liquidity outside of US markets (lower deficits = fewer dollars abroad to buy US assets, increased defense spending mean other countries catch-up with US deficit, weaker dollar = local currencies + rates are more attractive)

> Bitcoin is the cleanest way to get exposure to the increase In liquidity without taking a view on any single local market (e.g. on the EU getting its act together)

https://x.com/fejau_inc/status/1912576594083971147

It's great when the big picture for Bitcoin looks good without having to predict really scary, end of the world scenarios.