Macro investor Raoul Pal stated on Monday that Bitcoin (BTC) is primarily driven by global liquidity, not daily news or earnings. He cited an 87% correlation between Bitcoin and global liquidity, and a 97% correlation for the Nasdaq Composite index.
Pal, CEO of Real Vision, explained that these assets track the amount of money in the system. He described Bitcoin as a "young, volatile, emotional" asset that amplifies liquidity moves, adding that its current "cold" performance does not mean "something is broken," but rather that it is behaving as expected. Pal attributes global liquidity to currency debasement and expanding government debt, which he says can be projected years in advance.
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Macro Investor Raoul Pal States Bitcoin's Price Is Primarily Driven by Global Liquidity, Not News
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