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How Do You Explain to Someone That the Fed Was Hiking?
The Fed was hiking tightening credit conditions. You had QT, starting, I think, in the Q3 or Q4 of 2017, continuing through Q18. How do you explain to somebody that you see this rip in the Bitcoin price throughout 2017 as they're hiking and draining liquidity? That's not what his chart is showing. The chart is showing expansion of M2, right?
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