And so I think that the challenging thing is that here in 2025, because we're on a potential

trend change, it's potentially more volatile year for a lot of risk assets.

Now, this administration is viewed as favorable toward Bitcoin and crypto.

So probably regulation surprises are to the upside there.

Some of the tariff things, while that can impact liquidity, that's more likely

to impact profit margins of companies. So being in assets like gold or Bitcoin can be perceived as

protecting investors from any sort of uncertainties there. And they're more kind of putting themselves

in the whim of liquidity. So the short answer is, I consider the next two years probably be moderately good for liquidity, but more bumps than we've had probably since the regional bank crisis of early 2023.

So we have more twists and turns ahead, but probably still reasonable for liquidity.

Welcome to Bankless, where we explore the frontier of internet money and internet finance.

And today on Bankless, we zoom out and check in on Macro.

We have Lynn Alden on the podcast today who guides us through the climate of capital markets as it stands today.

We have a new president in

office and he's got a new agenda. He's got new interests and priorities as it relates to fiscal

policy and global markets. Donald Trump's wants and desires will ultimately flow back and impact

the health of your portfolio. So we take some time today to understand what Trump wants and what he's

willing to do to get it and what it means for both equities and crypto. But also, it's not just

Trump's show. There's still inflation out there. The Federal Reserve is still doing quantitative

tightening and the dollar is still strong. How do all of these things relate to the United States

government's fiscal policies?

And how does it relate to all the risk assets that we all hold so dear? What's it going to do to our

meme coins? It's always a pleasure to have Lynn on the show. I always feel personally like I just get

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