What Is Bitcoin Telling Us? | Michael Howell, Macro Analyst

About this episode

Could Bitcoin be signaling the next liquidity recovery before the rest of the market sees it? Global liquidity expert Michael Howell returns to Bankless to revisit his 2027 outlook, explain why Bitcoin's $70K level matters, and examine whether the next market rebound could arrive sooner than expected. Ryan and David dig into rising Treasury yields, the Fed and Treasury's evolving relationship, Michael's "Treasury QE" thesis, and the four phases of the liquidity cycle. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 00:00 Is Bitcoin Signaling an Early Liquidity Recovery? 07:35 The $70K Bitcoin Level That Could Change Everything 11:08 What's Really Driving Treasury Yields Higher? 19:55 Michael Howell vs. Ray Dalio on the Future of Bonds 28:48 Inflation, Economic Growth, and the Liquidity Squeeze 35:02 The Four Phases of the Liquidity Cycle and What to Own 41:07 Can the AI Boom Defy the Market Cycle? 51:08 Treasury QE and the Fed's New Liquidity Playbook 1:01:06 Why China's Liquidity Could Be Driving Gold 1:06:19 Bitcoin vs. Gold as Monetary Inflation Hedges 1:11:08 How Much Could Global Liquidity Grow? --- RESOURCES Michael Howell’s Substack https://capitalwars.substack.com/ Global Liquidity Index https://www.glindexes.com/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures