{"podcast":{"title":"What Bitcoin Did","slug":"what-bitcoin-did-255500","podcast_index_feed_id":255500,"rss_url":"https://feeds.fountain.fm/UZSKQcrOnhqYS1JopxGg","website_url":"https://www.whatbitcoindid.com","image_url":"https://feeds.fountain.fm/UZSKQcrOnhqYS1JopxGg/files/COVER_ART---DEFAULT---0a1f1653-8859-4ba3-8eb9-93d728c8ade0.jpg","author":"Danny Knowles","episode_count":193,"summary":"What Bitcoin Did unpacks Bitcoin’s role in reshaping money, freedom, and the future of finance.","last_synced_at":"2026-08-01T10:18:49.396430+00:00","page_url":"https://stenobird.com/podcast/what-bitcoin-did-255500"},"episode":{"title":"Global Liquidity Has Peaked: What Happens to Bitcoin? | Michael Howell","slug":"global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell","published_at":"2026-07-22T16:29:49+00:00","page_url":"https://stenobird.com/podcast/what-bitcoin-did-255500/global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell","show_page_url":"https://stenobird.com/podcast/what-bitcoin-did-255500","url":"https://fountain.fm/episode/n90bCkgUsUHkP1fv6qQ0","audio_url":"https://feeds.fountain.fm/UZSKQcrOnhqYS1JopxGg/items/ue7OCtiBVZXIc9mJbxnh/files/AUDIO---DEFAULT---d5e019a0-8206-429d-b0d4-678f95c6fc16.mp3","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","meta_description":"“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 Bi…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3917,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/what-bitcoin-did-255500/episodes/global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/what-bitcoin-did-255500/global-liquidity-has-peaked-what-happens-to-bitcoin-michael-howell.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}