Kyle Reidhead on how liquidity drives crypto cycles

Transcript

GM good morning welcome to the milk Road show The Daily crypto show that hits the mark with Precision just like Olympic shooter Yousef dkes I'm your host Jay Hamilton and today we're joined by Kyle reidhead the master of charts and co-owner of milk Road Kyle on Wednesday's episode we talked about two questions which you asked yourself after the markets dumped over the weekend you said does crypt Tech still work and is the business cycle still intact you answered yes to both of these indicating that you strongly believe that this recent selloff is a dip not the end of the bull the question on everyone's mind

which we actually got quite a bit of comments on was how do you know that what gives you so much conviction that this business cycle is still intact I don't think anyone's arguing the crypto Tech still works but the business cycle is a little bit more up for debate so we brought you back on the show today so that you can explain your thesis on how the business cycle works and tell us where you get your conviction from that we are still in another typical cycle let me begin with my first question which is what is the most important factor that impacts these cycles that we're in I have a working thesis that dates back to the 1940s I was obviously

not around then but uh as you said master of charts I like to look back at charts and and kind of look at history and so I have this working thesis it doesn't mean this thesis is right it doesn't mean it's going to come true but I have a thesis as to what I believe is happening in markets um currently and have been for a while and will continue to over time and and so I'm going to kind of walk you guys through this this comes from um a bunch of different other uh let's say macro gurus that I listen to and sort of their opinions and thoughts and sort of piecing it all together um it what I'm about to explain is is I mean something I've said a bunch although we'll go into more detail but it it very much simplifies the business

cycle and and simplifies the way to invest in markets which is right now we live in a world where we're dominated by monetary policy and that means we are dominated by printing of money in interest rates okay and what I believe is that liquidity is what drives markets I've said this a ton I think you've heard this a lot in crypto everyone says this um the business cycle right now is driven by liquidity and that means central banks printing money taking out debt etc etc okay and so what I always look at is where's the liquidity cycle at because basically if you look at liquidity you can understand where markets go if we look at the chart we have up on the screen right now this is looking at liquidity since 2014 so Global liquidity and every time Global

liquidity Rises Bitcoin Rises every time Global liquidity goes down um Bitcoin goes down it's almost identical except for the fact that Bitcoin overshoots it a lot although that's starting to stop happening H it's still following it like correlated so so so well and by the way this is not just Bitcoin this is all markets real estate tech stocks almost everything that is scarce follows this exact same idea and the idea here is basically as we put more liquidity into the system as we take out more debt as we print more money what's happening is we are debasing our Fiat currencies as we debase Fiat currencies scarce assets go up in price they have no choice but to go up in price we are creating more

dollars or more Fiats but we are not creating as much or more of scarce assets like real estate like Bitcoin like tech stocks right there's only one apple one Amazon Etc yes there can be more tech stocks but they all end up funneling under these seven Meg seven stocks anyway it's pretty tough to get a new big Tech stock and there's only a certain amount of shares you can get of those so technically tech stocks are also scarce and they are growing right and so the the sort of thesis here is that um if we follow liquidity we can follow where markets go and if we look at liquidity it moves in cycles and you can see here that basically what happens is every four years or so we have um a liquidity cycle where liquidity increases and then at the end of that

cycle it starts to decrease and then or starts to slow down doesn't necessarily decrease but the amount of new liquidity coming out lowers okay it decelerates let's call it and then eventually it accelerates again we keep going through these Cycles basically what's happening is governments are taking out more and more debt you heard this all the time of the Doomsday scenario of we have too much debt we have too much liquidity I don't necessarily think we have I mean yes we have a ton but I don't necessarily think that that's the end of the world but ultimately what's happening is that markets are just following central banks and following the amount of liquidity that is coming out and so you can see this in terms of our liquidity Cycles are every four years and so is our crypto Cycles even it's not even just crypto Cycles we

always think of these fouryear Cycles as crypto ones mainly because of the Bitcoin having which also falls along the same uh the same time frame by the way the reason that is true is because these cycles that I talk about liquidity Cycles happened from 2008 in 2008 when we had the financial crisis governments all came together around the world they set interest rates at zero and they started turning into monetary policy and monetary policy took over rather than just like normal business Cycles where it was controlled just by like supply and demand of markets that doesn't happen since 2008 now we are just Cycles based off liquidity and it just so happens that Bitcoin was created the same time as the financial crisis happened right it happened because of that and so it sort of lines up with these four-year liquidity Cycles just because it launched around the same time

that's all uh and so I don't think that it's the Bitcoin cycle or having that that has anything to do with this I think it's more of this liquidity stuff and you can even look I took the the bottoms you can see on this chart here I took the bottoms of Bitcoin for the last three cycles and it lines up almost exactly actually pretty much exactly as you look at this chart with the bottoms of the liquidity cycle for every cycle that Bitcoin has been in existence so far you can also do this with the NASDAQ looking at the bottoms of the NASDAQ meaning tech stocks is also lined up exactly with the liquidity cycle so to me it's very very clear that is liquidity that does this now isn't our our world doesn't always work this way usually when we are not dominated by

monetary policy our world Works where business Cycles are not every four years they are actually just like kind of random they can be five years or six years or seven years and it's a little bit more difficult to understand business Cycles but since the financial crisis and especially since what happened with covid we've moved into a world where we are so far in debt versus GDP that our economies and our business cycle is just simply controlled by monetary policy by stimulus and nothing else and so all you need to understand is what's happening with liquidity to understand what is happening with markets it's a weird world that we live in but it's the way that it works when debt is so high versus GDP now what do I mean by that debt is the amount of money

we're printing or the amount of loans we're taking to pay for whatever it is um and then GDP is the amount of money that the government makes right the amount of money that the US makes is GDP let's call it that it's the revenue think of it like a company okay it is their revenue and what we're looking at is the debt of a company in this case the United States versus the revenue of a company and the revenue of the United States comes from taxes right so the better the economy is doing meaning the more money people are making at their job and the more money people are spending on Goods the more money the United States makes when the United States isn't making a lot of money because people aren't making a lot of money and they're not spending a lot of money we typically have recessions

things don't go as well right and in this instance when we are dominated by monetary policy we have to print more money to make up for the deficit to make up for the amount of money we're not making right now there's one other time well not one I'm sure there's others but there's one other somewhat recent time that we have been so high in terms of the debt versus the GDP that was at the end of World War II okay and this is what's really interesting to me this is what makes me build my thesis around what's happening today because what happened after World War II is very similar to what's happening today before you jump in I just it it feels like a cheat code it's so simple when you say that we are in this monetary policy period since 2008 that has put us into

these fouryear cycles and I feel like every investor sits there and says Well it can't continue how can it continue and it just it seems like a cheat Cod but what you're saying is if markets follow liquidity which they have been doing since 2018 and we continue to have monetary policy and printing then they are likely to continue to follow these Cycles am I correct in that yes it won't continue Forever at some point GDP hopefully will catch up and when the debt to GDP ratio goes down a lot then eventually we will go back into a world where we are not d dominated by monetary policy but we are back to sort of the normal business cycle where it happens naturally what you can think of in in

terms of comparisons here is like right now we have a pacemaker in our heart that's just beating on automation right every second whereas when you don't have a pacemaker your heart might beat 60 seconds you know per minute on average but every beat is not actually one second apart right it might be 1.2 and then it might be like 08 and then it might be 1.4 but on average it's about one but when you have a pacemaker it's just every single exact second your heart beats okay right now when you are dominated by monetary policy we are just like having a pacemaker and that's why our Cycles are almost exactly to the tea every four years it's very weird but that's what's happened the last three four cycles and we've seen this play out in history before which is what I'm going to get to but previous to the

financial crisis for example we didn't have that the pacemaker wasn't in and we would have business cycles that would last eight years and sometimes four years and then 3 years and it was more sporadic and it was actually tough to figure out the business cycle now it's actually quite simple because it's actually just literally every four years which is weird but it just happens to be the way it works but we've seen this play out before now it didn't last for forever but it lasted for like two decades and where we've seen this play out before is actually the only other time that we've seen GDP or sorry the debt to GDP ratio also at the same levels that we see them now and that was back in 1945 is to like 1960 is whatever it was and this was at the end of the world war

so if you think and this is again I'm looking at the US specifically because it's it's the global Reserve currency and in the biggest market so what happened well World War II when it ended 1945 the economies were basically crushed all around the world right half of the population of the US was basically over in Europe fighting they all had to come back okay and basically the economies were put on pause kind of similar to what happened with covid right economies were literally put on pause they couldn't do anything other than like build some military stuff right to help fight the war but when they came back they're like okay our industry is completely squashed there is nothing what are we going to do we've got a bunch of young men that are here that want to start working what do we do and the government's like we're going to

stimulate we're going to print a ton of money take out a bunch of debt in hopes that we can be productive enough in the future that our GDP will go up and we can start to pay off those debts and we won't be so far in debt that is why governments print money it is basically like why do we take out debt why do I take out a mortgage on my house because I think I can pay that back in the future right I'm going to make more money in the future and thus I can pay off that house and pay off that mortgage it's the same thing that govern do when they print money they're printing money today because they think they can be more productive in the future and they can eventually pay off that debt right now everyone thinks it's not possible

right now and we'll see if it is but it was possible and it did work back when World War II finished because what happened was after World War II we had this whole population where they printed a bunch of money they said let's let's rebuild America let's build all these businesses let's get everyone jobs and let's like let's build technology and let's innovate and let's restart our economy and what happened was along with printing a bunch of money everyone who came back from the war was excited they started having sex with their wives and they had a ton of babies okay this is actually true story I know it sounds a little bit weird but what happened was we created the biggest demographic ever in the history of the world that's the Baby Boomers there were so many babies that popped out in the 50s and the 60s

and what happened was over the next 20 years these babies grew up okay and these babies started going to work and what happens when you have the biggest demographic in the world all go to work your economy becomes very very productive because all of a sudden you have millions millions and millions of workers combine that with technology coming in at the same time right where we started to have more things built with electricity whether that be appliances like dishwashers and fridges or microwaves and TVs and all the things that we have in our home today those all started getting built at the same time that we were able to build factories and we had millions and millions and millions of new workers in and so what happened was the US government actually made a good bet they printed all this money and the economy which was not very

productive back in the 40s and the 50s became very productive in the 60s and 70s and we had all these workers that made us grow in our GDP right we started to produce things but let's go back and look what happened to stock markets when we were printing all that money so this is pre Boomers moving into the workforce but close to it look at what I have up here the bottoms of the business cycle and thus the bottoms of the S&P 500 is what we're looking at here were every four years how weird is that literally you go from 49 to 53 from 53 to 57 57 we had a bit of a longer one here which was 62 so 5 years and then we go from 62 to 66 66 to 70 70 to 74 what the heck is going on well guys this were the years

the decades that we were printing a ton of money the pacemaker was in okay the pacemaker was in because we weren't making enough GDP the government wasn't making enough money to pay their bills so we needed to print money we need to stimulate the economy but what happened as the Boomers grew up let's look at that demographics chart as the Boomers became of age you know 18 19 they were done school what did they do they went to work this is a chart here looking at the amount of employees uh in America by age anywhere where you see the um the the colors right the transparent colors there that is where the boomers are moving into work so from 16 to 19 then you see from 2024 they were easily the biggest population ever to start working and interestingly they all started

working at the exact same same time I mean not exactly because obviously the Boomers came over like a decade or decade and a half kind of thing but over 10 to 15 years there in the 60s 70s all these Boomers came in and then what happened was all of a sudden the pacemaker was removed we didn't have to print money anymore because we had a productive economy and so in that last chart we just showed of those four-year Cycles all of a sudden those Cycles end right now we don't have it up because I didn't zoom out enough but if you look at what happened in the 70s and the 80s and the 90s when the pacemaker was gone we didn't need to print as much money anymore we weren't so far as in debt because we had enough people working and so all of a sudden those four-year

Cycles went away then it was like okay now how are we going to figure out the business cycle it was more of like something to predict but back then what happened was a little bit scary and a lot of people think that's what's going to happen today people think that because we printed so much money back then that it caused the inflation of the 70s which was we had inflation of like 10 15% and it lasted for like a decade terrible time to be alive not really but it was a tough time to try to own things because uh interest rates had to go up to like 20% if you talk to your parents I don't depending how old you are but if your parents are a boomer the first house they bought if they bought a house in the 70s or the 80s their mortgage

rates were like 12 15 20% and we're worried about like a 4% 5 perc now but it's because inflation was so high and so what everyone Compares is they go well we printed all this money back in the 50s and the 60s and then inflation went high and so the same thing is probably going to happen now but what people Miss is that inflation in the 70s with that high that stuck around for a decade that didn't happen because we printed money it happened because the biggest population the biggest demographic ever all went into the workforce at the exact same time and what did they all do when they turned 20 they bought homes they bought televisions they bought couches they bought appliances and then they all had babies and they bought diapers and strollers and all the things they needed for babies and they did it all the exact

same time and so we didn't have Supply chains that could handle that size of population going into to becoming an adult all at the same time and so what happened was of course CPI went through the roof Consumer Price Index the things that consumers buy went up because there was millions of them all at the exact same time and it took about a decade to get the factories built up to have a supply chain good enough to build TVs and couches and home and like all the things we needed to supply all that demand and so by the 80s we figured all that out and all of a sudden inflation went down and it stayed pretty low ever since okay so the inflation that happened this 7s wasn't because of money printing it was because there was maybe some of it like a small percentage of it

but most of it was just because of demographics and so that brings us to today we're printing a bunch of money again we have these fouryear Cycles the Pacemakers in so what's going to happen a lot of people think it's inflation and I always have been saying it's not inflation because we don't have demographics why don't we have demographics well because one we don't have a war that just happened where everyone couldn't have babies for like 10 years but also because our ility rates in women have gone down globally except for like a few countries but it's gone down a ton since like 2000 okay now why is that I mean if you look at the births so we have a chart up here the births back in like the 50s were like three and a half on average we were birthing like three and a half

babies okay women now we are Bel we're sitting at about 1.5 okay just a little bit above that but it's down and down and down every year since basically 200 I don't know like two 2003 whatever that is okay now why is that happening we don't know there's lots of reasons maybe it's too expensive to have kids uh the bigger reason that most people think is because of our health we've become a very unhealthy nation in the last two to three decades obesity rates have skyrocketed which is well known to lower your fertility rates and same with basically every other health problem that we have whether it's because of you know using too much plastic because of bad diet because we are now sedentary like doesn't matter but the the facts are we don't have really good fertility rates anymore and so not only can't we

have a big boom in births it just probably also won't happen because it's actually just very expensive to do these days so it's hard okay so that is out of the question and so what's the government's plan they're printing a bunch of money how do we ever get out of this spiral right how can we ever get GDP up enough that it will pay back this debt and allow us to get out of pull that pacemaker out so we're not printing money anymore the answer to that question and I don't know if it'll come true but my thesis anyway the only answer we have is tech technology and specifically AI technology is very very deflationary but interestingly AI is a new demographic it is like a new brain right it is like a new person and you

can have infinite amounts of them so before we had millions of Boomers now we can have millions of AI agents and they can take over a lot of jobs for us and make our jobs more efficient and what does that do for us it means that so many expensive that we have in life like when we build any product in the world you need humans and machines to do this well when AI can do that for you it makes it basically free to build a lot of things also with renewable energy right right now we have to pay a lot in oil to transport things and to run factories Etc but when all those factories go Renewables and it takes energy to basically zero dollars well that makes the cost of goods to go down and then you have non-humans building everything that makes the cost of

everything go down but it also means companies become way more profitable way more profitable I can have 10 AI agents do the jobs of 30 humans and they're basically free and they work 247 non-stop now people are going to get scared here look you will still have a job okay because companies will be so much more profitable they can afford to pay you right to do different things than what you do today it's how technology always works but ultimately what happens here and this is why we see companies getting into the trillions and trillions of dollars of market caps is companies are becoming more and more efficient with technology which means they can produce Goods more efficiently and they can be more profitable when they do it and so we actually don't need a demographic boom of humans anymore to increase GDP we can

just use AI blockchain renewable energy and other Technologies robotics Etc right like imagine what happens when Tesla finally gets its um Robo taxis and you don't have humans driving cars anymore and you don't pay for gas right like uber goes away and Uber is just no longer a thing with humans or with gas and so that makes Uber so much cheaper and so this right here this new demographic of AI is the thing that potentially saves the government from printing away its dollar if this doesn't work I don't know what happens probably we go into hyperinflation at that point because they just have to keep printing money but if we can get productive enough through technology we might be able to get away from this the same way

we did back in the 60s and 70s but with AI instead of humans to me that's our only chance now how long does that take it takes a while we're not there yet with AI which is why I think these Cycles continue because the pacemaker has to remain we have to keep the pacemaker in and keep printing money because our GDP is not strong enough yet as AI gets better as technology gets better which maybe we're five years maybe 10 years from that point then okay maybe we can take the pacemaker out we'll go back to these normal weird Cycles where we they're more irregular and we don't know uh we can't predict them with certainty but we're not there yet but that is in my opinion Our Only Hope and so until we get there the governments have no choice but to print money and that's why I always say

doesn't matter if the end was going to collapse or if you know whatever problem we have there's geopolitical Wars or something breaks in terms of like a financial crisis the solution is always print money because there is no other solution yet so we need to wait until we can build that solution and that to me seems like we're still far away damn Kai okay we got a big thesis here uh let me see if I could summarize and then I want to talk talk about uh what are the takeaways and how do you invest in this market but just to summarize liquidity is what moves the market as a result of liquidity moving the market and continuous money printing it causes these four-year Cycles which we are

currently in we are currently in the fifth four-year cycle since it started in 2008 what does that cause it also causes a lot of debt for all these nations which is why have to continually keep printing when was the last time this happened this has happened before everybody history likes to rhyme it happened back postwar and it actually happened for seven Cycles there were seven of these four year Cycles where we were Printing and as a result of that it caused inflation but compared to the inflation we have now we're talking 10 15 20% inflation the way that we got out of it last time is different than the

way we're going to get out of it this time last time got out of it because of the Baby Boomers a lot of babies being made and a lot of productivity coming into the economy this time we can't get out of it in the same way because fertility rates are down and we're not producing babies at that same rate that we were back then 3.5 babies per women back then 1.5 babies per woman now not enough so your thesis is that the way we can solve that would be be by AI but AI isn't at that level yet we need another don't know 5 10 15 20 years until AI is at that level so until then it is likely that we continue to be in these

four-year business Cycles that's exactly and then the other just key point is that inflation likely is not going to happen like it did in the 70s because this time the productivity is not driven by demographics of humans that buy things it's demographics of AI that don't buy things so there's no need for inflation to come back in large amounts like sure inflation might Spike up a little bit because of things um but not sustained like a decade long inflation like we had in the 70s okay so knowing all of this how do you invest in these business Cycles if you understand that liquidity controls everything right now and again it won't always happen so you need to keep an eye out at some point that's going to stop and then you need to be like oh okay now my my thesis changes my strategy changes but at least

right now and until this changes it's all about liquidity and so you're looking and trying to understand what are the things that change liquidity right one of the big things to understand is that the reason why I think these happen every four years and I don't know for sure I don't know what why it did this in the in World War after World War II I looked it up just noticed it was four years I was like wow that's weird I think what's happening now is governments refinance their debt every four years and they have to pay off um their debt and the way they do that is by printing money and so basically it's just four years happened because of that Finance probably that's what happened back then but I actually don't really know but that's what's happening now at least it appears and so

the key thing to understand here is when we are in a time where monetary policy is such a big part of the business cycle it means we are debasing our currencies really really fast okay and so the best thing to do is hold on to scarce assets gold is at all-time highs why because of this exact reason real estate I mean not at alltime highs right now but it's because we're not at the top of the business cycle but real estate has done extremely well since the financial crisis why because it's a scarce asset okay now at some point maybe um 3D printers and Robotics and stuff changes that because we can print a million houses I don't know but for now anyway we're not there uh but anyway uh stocks tech stocks same thing one because they are scarce two because well they are the

technology that's going to save us so might as well invest in them and same with crypto scarce assets uh and same thing a technology that's deflationary that's going to help for the future of what we're building and so investing in these assets is the key now again because we know it's four four years and again it won't always be four years exactly but again we can kind of understand them because we can just look at the cycles of liquidity and try to understand when liquidity is coming you can optimize your bets based off that and so when liquidity goes down right in terms of like when the amount of liquidity coming out decelerates it never really stops to be honest but as it decelerates that's generally means bare Market that generally means time to buy as liquidity accelerates and goes through the roof right and gets more and

more accelerative and we print more more and more and more those are the times to start taking profits and move back into the dollar right or move back into stable coins or whatever you want and you basically just try and follow these Cycles these Cycles are not the pullbacks like we witnessed on Monday that's not a cycle the cycle is four years the cycle is about liquidity not price cycles that you see you know when you have like 13 pullbacks within one cycle kind of thing within one bull market what we're looking at is how can we manage our assets and we know when when it looks like we're going to get more and more liquidity over time thinking six nine 12 months outwards if we think in 12 months we're gonna have more liquidity than we do today we want to be invested in Risk Assets in these

scarce assets when you think we're going to have less liquidity than we do today in 12 months from now that's when you want to be out of assets okay it's actually pretty simple and pretty straightforward the problem is there's a million different analysts out there that will tell you all these different things about inflation and and this thing and interest rates and blah blah blah blah and what you need to do is just not mid curve at all and just go liquidity liquidity up I invest liquidity down I get out nothing else nothing else matters that's it uh assuming this thesis Works doesn't mean it will this isn't like a perfect science by any means it's a thesis that until IC doesn't work I'm going to stick to it and that's how I'm going to invest that's what I'm going to continue to base my um strategies on but right now I

just haven't seen anything to change that and so when I saw the dip on Monday I was like oh did something change there it's like no we're still going to be in this liquidity world and so I'll still invest based on that final question then where are we at right now in this Cy ccle and where is liquidity right now so you can clearly see these Cycles on this chart here and now sometimes the liquidity amount or the this is the rate of change of liquidity this is not the amount of actual liquidity this is the rate of change and so that rate of change can be more or less right and as it Peaks up at the top there at what do we have there like 15 I mean 20% was the last cycle uh 15% the cycle before that um these are the kind of things you're

looking for is when do we Peak out in the cycle whenever we Peak that's when you want to get out right now I think we're still around the midpoint we're at neutral we're at basically between 0 and 5% and so probably we're going to get to 10% plus we might not but it's very likely we're going to get to 10% plus I'm looking at the Orange Line here which is the 12 month growth change and so my estimation is we get around that 10 or higher I don't think it becomes more than what we had last cycle with covid so I'm not looking for this to go up more but I'm looking for it to get somewhere around that 10% line but more I'm just looking at how does the macro environment look can feel right if we're getting too overheated that and the growth in our economies is getting too

good then the government has to tone it back they've got to start to um tighten liquidity they've got to start to lower or sorry raise interest rates Etc and so that's all you're kind of trying to understand right now we know we're at highest we've been a long time and rates are starting to come down in countries all around the world so it's pretty obvious that rates are going to continue to go down we're going through a rate lowering cycle these happen all the time too right so we're nowhere near that yet which means if we're at 5% and I'm not saying it goes back back down to zero like you did before but we're definitely going down at something now once we go from 25 basis points down and then 50 down and then maybe one whole percent down maybe eventually we'll slow it down

and we'll go to pause and when we pause it's like okay now we're done now the next move is probably to go up not down and at that point you're like okay now it's time to get out bare Market's coming Etc and that's the four-year cycle and rates liquidity you can look at the same thing they're all kind of similar and intertwined together so I still think we're about halfway through this cycle uh maybe a little last half I'm not sure but we definitely have a lot more liquidity to go uh and a lot lower to go with interest rates and so for me I'm still very bullish on this bull market and I I see no reason for it to stop and that means stocks that means crypto uh real estate always lag so it's just starting it's just kind of bottoming out now at least in Canada I

mean every house is on the market right now uh because no one can afford it and uh and so that's just another Telltale sign that hey rates have to come down because everyone's selling their house if can Ians and Americans can't afford their home the government has to help them with that they're not just going to let everyone blow up right and don't forget the governments also have to pay their debts and they can't pay their debts when we're at 5 per interest rates this is why we go down to zero percent every few years or close to zero percent and so I think the same thing happens here I I want to know you guys listening how much you follow the liquidity cycle guys and girls how much do you follow liquidity cycle are you tuned into this or is this something new for you and do

you want want us to dive deeper into this and keep you up to date on a regular basis on the liquidity cycle and if you do want it every Tuesday our Pro members get access to liquidity so we share liquidity charts every single Tuesday in our newsletter for pro members only and we give you updates weekly updates on what Global liquidity is doing it's probably the most important chart you could get if you want to invest and we share it every Tuesday for you inside of pro so all the things that you get with Pro including our portfolio and everything else is amazing this one liquidity chart we show you every single week is probably more important than at all uh and so all you have to do is go pro and you get that it's well well well that makes it well worth your money just right there so if

you want liquidity do your own research or just go pro and you'll get it one chart to rule them all from the master of charts Kyle reidhead himself remember everybody that none of this is financial advice investing in crypto is risky and you should only invest what you can afford to lose if you like Today's Show smash that like button subscribe to the show to make sure that you stay up to date on liquidity or as Kyle said subscribe to the newsletter and go pro link is in the show notes thanks so much for listening and everybody have a wicked awesome day