Episode
Global Liquidity Has Peaked: What Happens to Bitcoin? | Michael Howell
- Podcast
- What Bitcoin Did
- Published
- Jul 22, 2026
- Duration seconds
- 3917
- Processing state
not_requested- Canonical source
- https://fountain.fm/episode/n90bCkgUsUHkP1fv6qQ0
Actions
POST https://stenobird.com/v1/public/podcasts/what-bitcoin-did-255500/episodes/global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/what-bitcoin-did-255500/global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
“Cycles have no respect for trends.” Michael Howell is on the show to explain why global liquidity, not Bitcoin’s four-year cycle, is the force driving Bitcoin, gold and global markets. Michael argues that the liquidity cycle has already peaked and may not bottom until the second half of 2027. He warns that tighter liquidity could create further downside before the next major monetary expansion begins. We get into the five-to-six-year debt refinancing cycle, why central banks are ultimately forced to keep supplying liquidity, China’s influence on the gold market, the growing debt maturity wall, and why the “great debasement” of Western currencies may still lie ahead. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Michael Howell: https://substack.com/@capitalwars