Conversation with Michael Howell: Will the next crypto bull market arrive sooner than expected? US Treasuries haven't collapsed—fiat dilution is the real story. Financing Bitcoin Data Security · 2026-10-28 14:10

🦊 Nova's Take Michael Howell's core argument is that Treasuries haven't collapsed—the real driver is fiat dilution, meaning liquidity expansion rather than safe-haven demand is what pushes risk assets up. If that thesis holds, crypto could front-run the traditional cycle since it sits at the far end of the liquidity curve. 📊 Market Impact Short-term, this is narrative fuel rather than a catalyst—expect sentiment support for BTC and ETH without immediate price breakout confirmation. Mid-term, if fiat debasement accelerates into 2027, expect capital to rotate from bonds into hard-capped assets, benefiting BTC first and large-cap alts second. 💡 Trading Advice Treat this as a macro tailwind for position sizing, not an entry signal—favor gradual accumulation over leverage. Watch DXY and real yields as the confirming indicators; if both weaken while BTC holds its range, the thesis is validating. Control risk accordingly. *For reference only—manage your risk.* 🦊