MARKET VIEWS
Crypto-Hype, Crypto Winter and the Relationship between Bitcoin and Global Liquidity
by Brunello Rosa and Nato Balavadze
13 February 2025
In this paper we discuss:
- Bitcoin as a macroeconomic asset;
- The correlation with global liquidity;
- The Bank of England’s perspective on money creation;
- Central Bank policies and Bitcoin in particular during easing cycles;
- The role of public debt;
- Ten-week lag: A fascinating correlation; and
- Whether the ongoing crypto hype will be followed by a crypto winter later on.
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Download PDF: Bitcoin - February 2025
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