24 November 2025
The Real Crypto Cycle: What Happens When Global Liquidity Peaks | Michael Howell
Bankless
About
Global liquidity veteran Michael Howell joins to map out the “master variable” driving asset prices: a 65-month global liquidity and debt refinancing cycle that underpins booms, busts, and the recent “everything bubble.”
He breaks down the coming debt maturity wall, rising repo stress, the shift from Fed QE to “Treasury QE,” and a new capital war between a US dollar stablecoin system and China’s gold-backed strategy.
Plus, what all of this means for Bitcoin, gold, equities, and how to position as the current cycle rolls over.
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We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
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TIMESTAMPS
0:00 Intro
0:45 Global Liquidity: Theory of Everything?
14:49 Will it Go Up Forever?
24:50 Where Are We in The Cycle?
34:23 Asset Allocation
47:14 Can The Monetary Regime Break?
58:55 China Gold vs US Tech
1:04:29 Crypto & Gold
1:08:03 4-Year Cycles
1:12:40 AI Bubble
1:15:14 Global Liquidity Limitations
1:18:39 Next 3-6 Months
1:20:24 Assets to Hold
1:21:25 Closing & Disclaimers
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RESOURCES
CrossBorder Capital
https://x.com/crossbordercap
CrossBorder Capital Website
https://crossbordercapital.com
Capital Wars Substack
https://capitalwars.substack.com/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
He breaks down the coming debt maturity wall, rising repo stress, the shift from Fed QE to “Treasury QE,” and a new capital war between a US dollar stablecoin system and China’s gold-backed strategy.
Plus, what all of this means for Bitcoin, gold, equities, and how to position as the current cycle rolls over.
------
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium
------
BANKLESS SPONSOR TOOLS:
🔵COINBASE | ETH & BTC BACKED LOANS
https://bankless.cc/coinbase-borrow
🪙FRAXNET | MINT, REDEEM, & EARN
https://bankless.cc/fraxnet
🦄UNISWAP | SWAP ON UNICHAIN
https://bankless.cc/unichain
🛞MANTLE | MODULAR L2 NETWORK
https://bankless.cc/Mantle
💤EIGHT SLEEP | IMPROVE YOUR SLEEP
https://bankless.cc/eight-sleep
💠BIT DIGITAL ($BTBT) | ETH TREASURY
https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors
------
TIMESTAMPS
0:00 Intro
0:45 Global Liquidity: Theory of Everything?
14:49 Will it Go Up Forever?
24:50 Where Are We in The Cycle?
34:23 Asset Allocation
47:14 Can The Monetary Regime Break?
58:55 China Gold vs US Tech
1:04:29 Crypto & Gold
1:08:03 4-Year Cycles
1:12:40 AI Bubble
1:15:14 Global Liquidity Limitations
1:18:39 Next 3-6 Months
1:20:24 Assets to Hold
1:21:25 Closing & Disclaimers
------
RESOURCES
CrossBorder Capital
https://x.com/crossbordercap
CrossBorder Capital Website
https://crossbordercapital.com
Capital Wars Substack
https://capitalwars.substack.com/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures