You've had a dynamic where money has become freer than free.

If you talk about a Fed just gone nuts, all the central banks going nuts.

So it's all acting like safe haven.

I believe that in a world where central bankers are tripping over themselves to devalue their currency,

Bitcoin wins.

In the world of fiat currencies, Bitcoin is the victor.

I mean, that's part of the bold case for Bitcoin.

If you're not paying attention, you probably should be.

Michael Al, welcome back to the show.

Thanks, Moni.

Very good to be here.

It's great to have you.

And for those of you who have not joined an episode of TFTC with Michael, he's the founder

of Cross Border Capital, which is over 35 years of tracking global liquidity.

Michael also authors a substack capital wars,

which I highly recommend you subscribe to. We're going to talk about his latest piece that he

dropped yesterday. And he also built the GLI, the global liquidity index, which is the most

widely cited liquidity measure in macro. And I think it's very fitting that we're recording today

because it seems like the liquidity cycle may be crescendoing, topping out. And you wrote a

newsletter and published it yesterday talking about what's next for Bitcoin, 30K or 90K. And so I think jumping into just a

state of global liquidity in general, where we are, where we may be going, and then we can

jump into how it may affect Bitcoin as well. Sure. Okay. Let me kick off. Essentially,

...