Literal liquidity and practical liquidity are different. Literal means you can click a button to sell. You can do that with BTC. You can’t do that with a house. Practical liquidity considers when it is not only possible but also practical to sell. Bear markets historically comprising about 3 of every 4 years, crypto could be considered the most literally liquid asset but not practically liquid most of the time, because most of the time it would be pretty obviously unwise to sell. S&P is somewhere in between on both. It’s not open 24/7  everyday but 6.5 hours per day on non-holiday weekdays you can sell with the click of a button, pretty literally liquid. And also pretty practically liquid as it takes a much less volatile path than crypto on average and if you suddenly need money for something it’s probably not a terribly bad time to sell, it might not be ideal, but it’s probably not going to be down more than 10-20% from the highest you’ve held it. Both literal and practical worth considering.

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