X @Raoul Pal

I can see how despondent everyone is about crypto and the pure chartists are telling you it's all over, but I don't agree...Global Liquidity is the most dominant macro factor in history with a 90% correlation to BTC and 97% to NDX since 2012. It is growing at around 10% a year and is not slowing.GMI financial conditions lead it by 6 months. They are still easing.The air pocket was US Total Liquidty which was curtailed by the shut down. It leads crypto by 3 months and is accelerating from its low 3 months ag ...