U.S. Treasury Action to Blame for Bitcoinâs Break From Global M2, Raoul Pal Says
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最新报道：Global Macro Investor founder Raoul Pal notes that bitcoin's correlation with global M2 money supply has broken down since July, despite historically tracking it with a 12-week lag. Pal attributes this deviation to the U.S. Treasury replenishing its General Account by issuing $500 billion in bonds, draining liquidity from risk assets like crypto. With the Treasury's balance now near $800 billion, Pal believes the liquidity drain is ending, potentially allowing bitcoin to resume its M2-driven trajectory toward $200,000 by 2025. However, continued all-time highs in tech stocks and gold suggest broader risk appetite remains strong.
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