Summary
This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.
Bitcoin BTC$63,599.91 continues to trade in a narrow price band, and two of its biggest corporate believers aren’t blinking.
Simon Gerovich, CEO of Metaplanet, and Michael Saylor, executive chairman of Strategy, two of the cryptocurrency’s biggest corporate holders, have doubled down on their argument that BTC’s maximum issuance of 21 million coins beats infinite money printing, whatever the price is doing this week.
On Sunday, Gerovich pointed out that the global M2 money supply has reached an all-time high of over $100 trillion, calling it a bullish long-term tailwind for the cryptocurrency.
“Bitcoin’s price has decoupled from liquidity over the past year. But supply schedules don’t change,” Gerovich stated. “21 million will always be 21 million. When the money supply expands forever, you hold the asset that can’t. That’s why we hold hard money.”
Bitcoin’s price has decoupled from broader liquidity expansion over the past year. Even as M2 money supply swelled, BTC has nearly halved to $63,500. The divergence is consistent with previous market cycles, in which bearish trends bitcoin’s price temporarily detached from rising macroeconomic liquidity.
Saylor voiced a similar opinion in a different framing. He stated that understanding bitcoin requires first understanding money itself.
