Bitcoin as a “liquidity barometer” never sat right with me. Basically what they’re saying is: newly printed, easy money sloshes into Bitcoin as people yolo into speculation. Which also means it’ll slosh back out just as fickly. If Bitcoin simply tracks fiat money supply growth, adoption isn’t increasing and neither is your purchasing power. That’d be stagnation. Also, global money supply is ~+9% YoY and Bitcoin is…down, way down.

The real signs of Bitcoin growing are the movement of cash balances and monetary premia flowing into Bitcoin and away from: bonds/debt, real estate, equities, fiat money, gold, art, etc.