Brent Johnson, CEO of Santiago Capital, considers Bitcoin the best pure play on global liquidity rather than a currency. He explains the Dollar Milkshake Theory, which justifies dollar strength amid a global sovereign debt crisis, with 10-year US Treasury yields reaching 5%. He analyzes market signals including credit spreads, the VIX and the DXY, and discusses the potential impact of the GENIUS Act and stablecoins on global dollarization. For Johnson, Bitcoin represents a bet on global money printing that could send prices much higher, although it will not replace the dollar system.
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