[{"_1":2,"_1839":-5,"_1840":-5},"loaderData",{"_3":4,"_12":13},"root",{"_5":6,"_7":6,"_8":9,"_10":11},"isProd",true,"enableStats","domain","hyper.media","siteHost","noosphere.hyper.media","routes/$",{"_14":15,"_1664":1665},"json",{"_16":17,"_18":19,"_20":21,"_22":-5,"_23":-5,"_24":25,"_26":-5,"_27":28,"_696":6,"_40":697,"_708":709,"_710":711,"_1649":1650,"_1651":25,"_10":1652,"_1653":1652,"_1654":1655,"_1659":1660},"prefersLanguages",[],"viewTerm","activity","panelParam","activity/citations","openComment","accountUid","isInspect",false,"inspectTab","document",{"_29":30,"_667":125,"_668":669,"_670":671,"_672":673,"_674":675,"_676":677,"_678":679,"_687":688,"_689":43,"_690":691,"_694":695},"content",[31,71,78,84,112,359,365,455,461,517,523,596,602],{"_32":33,"_36":61},"children",[34],{"_32":35,"_36":37},[],"block",{"_38":39,"_40":41,"_42":43,"_44":45,"_46":47,"_59":60,"_57":58},"type","Paragraph","id","qCzA_oBp","revision","bafy2bzacedycn5ysr6cd3iioszorrahlailedbsiqkpen7bdemfgqbcnqtwki","attributes",{},"annotations",[48],{"_38":49,"_50":51,"_53":54,"_44":56,"_57":58},"Italic","starts",[52],0,"ends",[55],49,{},"link","","text","Un análisis basado en la tesis de Michael Howell*",{"_38":62,"_40":63,"_42":43,"_44":64,"_46":69,"_59":58,"_57":70},"Image","HA-Wb7ZA",{"_65":66,"_67":68},"childrenType","Blockquote","width",600,[],"ipfs://bafybeic3gpjmnxcauq7elq33jcvkzkyk5taz65y6axi3alxcvisb7suyc4",{"_32":72,"_36":73},[],{"_38":39,"_40":74,"_42":43,"_44":75,"_46":76,"_59":77,"_57":58},"vl-Foy6-",{},[],"Por: Daniel Baeza. Experto en Mercados de capitales y promotor realista de Bitcoin. Mayo 2025",{"_32":79,"_36":80},[],{"_38":39,"_40":81,"_42":43,"_44":82,"_46":83,"_59":58,"_57":58},"hYzkOhr2",{},[],{"_32":85,"_36":99},[86,93],{"_32":87,"_36":88},[],{"_38":39,"_40":89,"_42":43,"_44":90,"_46":91,"_59":92,"_57":58},"SJYXtPbg",{},[],"La narrativa de Bitcoin ha evolucionado desde su creación: de ser un experimento marginal a convertirse en oro digital y en una potencial cobertura contra la inflación. Sin embargo, el verdadero motor detrás del precio de Bitcoin no es ni la inflación al consumidor ni las tasas de interés, sino la liquidez global. La liquidez determina los ciclos alcistas y bajistas de Bitcoin. Este artículo explica por qué Bitcoin no escapa a “la ley de la gravedad de activos financieros”, actuando como un termómetro de liquidez monetaria, y desarrolla las tres fuerzas determinantes de su precio: liquidez global, apetito por riesgo y precio del oro.",{"_32":94,"_36":95},[],{"_38":39,"_40":96,"_42":43,"_44":97,"_46":98,"_59":58,"_57":58},"nIZdfbbP",{},[],{"_38":100,"_40":101,"_42":43,"_44":102,"_46":104,"_59":111,"_57":58},"Heading","lgFQqNqO",{"_65":103},"Group",[105],{"_38":106,"_50":107,"_53":108,"_44":110,"_57":58},"Bold",[52],[109],12,{},"Introducción",{"_32":113,"_36":349},[114,121,128,135,141,149,163,169,198,204,211,217,252,258,277,283,330,336],{"_32":115,"_36":116},[],{"_38":39,"_40":117,"_42":43,"_44":118,"_46":119,"_59":120,"_57":58},"DMnP2pbT",{},[],"Entendamos primero qué es liquidez.",{"_32":122,"_36":123},[],{"_38":39,"_40":124,"_42":125,"_44":126,"_46":127,"_59":58,"_57":58},"eDL1HmSK","bafy2bzacecxqmawvt7x7mbsjcjm4ypdu7gubeuytgdg255xethr4oldgwiwqe",{},[],{"_32":129,"_36":130},[],{"_38":39,"_40":131,"_42":43,"_44":132,"_46":133,"_59":134,"_57":58},"jN52t1gZ",{},[],"Liquidez se define como la capacidad de balance del sistema financiero, es el fácil acceso a efectivo y crédito: es decir, su habilidad para expandirse y refinanciar deudas existentes. El gráfico siguiente confirma que la deuda global es de aproximadamente $350 trillones con un vencimiento promedio de 5 años, lo cual significa que cada año se deben de refinanciar $70 trillones de deuda. Los mercados financieros han pasado de ser máquinas de financiación de nuevos proyectos y se han convertido en máquinas de refinanciación de deuda existente. Lo más importante es RE-financiar dicha deuda para no tener que RE-pagarla. Y, para refinanciar, se necesita capacidad de balances de entidades financieras. Por esto es que, contrario a lo que enseñan los libros de texto, la liquidez es más importante que las tasas de interés.",{"_32":136,"_36":137},[],{"_38":39,"_40":138,"_42":43,"_44":139,"_46":140,"_59":58,"_57":58},"73-xwfWn",{},[],{"_32":142,"_36":143},[],{"_38":62,"_40":144,"_42":43,"_44":145,"_46":147,"_59":58,"_57":148},"w_aohq9s",{"_65":103,"_67":146},864,[],"ipfs://bafkreifozpoczubk54rekeapdtjhvt5if3waqw5yrnfqkysye2hnv4mhia",{"_32":150,"_36":151},[],{"_38":39,"_40":152,"_42":43,"_44":153,"_46":154,"_59":162,"_57":58},"KFL6Sm1q",{},[155],{"_38":106,"_50":156,"_53":158,"_44":161,"_57":58},[52,157],30,[159,160],9,36,{},"Figura 1. Deuda global total. Fuente: Crossborder Capital.",{"_32":164,"_36":165},[],{"_38":39,"_40":166,"_42":43,"_44":167,"_46":168,"_59":58,"_57":58},"D3IUVi5p",{},[],{"_32":170,"_36":192},[171,178,185],{"_32":172,"_36":173},[],{"_38":39,"_40":174,"_42":43,"_44":175,"_46":176,"_59":177,"_57":58},"ekeVJ2Eq",{},[],"Emitir deuda en forma de letras del Tesoro con plazos ultracortos.",{"_32":179,"_36":180},[],{"_38":39,"_40":181,"_42":43,"_44":182,"_46":183,"_59":184,"_57":58},"5iEDi92E",{},[],"El drenaje de la Cuenta General del Tesoro (TGA).",{"_32":186,"_36":187},[],{"_38":39,"_40":188,"_42":43,"_44":189,"_46":190,"_59":191,"_57":58},"qAGqoeNB",{},[],"El desplome del programa de Repos Inversos de la Fed (RRP)",{"_38":39,"_40":193,"_42":43,"_44":194,"_46":196,"_59":197,"_57":58},"mHLOVwDH",{"_65":195},"Unordered",[],"Cuando la liquidez crece, los precios de activos (incluido Bitcoin) tienden a subir. Cuando la liquidez se contrae, ocurre lo contrario. Bitcoin sigue los cambios de la liquidez con un desfase de 13 semanas. El rally de Bitcoin en 2023–2024, por ejemplo, fue impulsado por un estímulo de liquidez oculto del Tesoro de EEUU:",{"_32":199,"_36":200},[],{"_38":39,"_40":201,"_42":43,"_44":202,"_46":203,"_59":58,"_57":58},"-sXe5u1h",{},[],{"_32":205,"_36":206},[],{"_38":39,"_40":207,"_42":43,"_44":208,"_46":209,"_59":210,"_57":58},"-C5KHXPa",{},[],"Todo esto inyectó liquidez pese a la aparente política de ajuste monetario (QT). Y cuando la liquidez es abundante … Bitcoin es el caballo más rápido.",{"_32":212,"_36":213},[],{"_38":39,"_40":214,"_42":43,"_44":215,"_46":216,"_59":58,"_57":58},"Adms4BPc",{},[],{"_32":218,"_36":246},[219,226,239],{"_32":220,"_36":221},[],{"_38":39,"_40":222,"_42":43,"_44":223,"_46":224,"_59":225,"_57":58},"ucRXXiMW",{},[],"Liquidez Global: toda expansión de liquidez favorece a Bitcoin.",{"_32":227,"_36":228},[],{"_38":39,"_40":229,"_42":43,"_44":230,"_46":231,"_59":238,"_57":58},"vyQiqrS8",{},[232],{"_38":49,"_50":233,"_53":235,"_44":237,"_57":58},[234],93,[236],104,{},"Apetito por Riesgo: Si aumentan los spreads de crédito o los mercados bursátiles entran modo “risk-off”, Bitcoin puede debilitarse, aunque la liquidez aumente.",{"_32":240,"_36":241},[],{"_38":39,"_40":242,"_42":43,"_44":243,"_46":244,"_59":245,"_57":58},"y6UALXC9",{},[],"Precio del Oro: Bitcoin y el oro tienden a moverse juntos en el largo plazo.",{"_38":39,"_40":247,"_42":43,"_44":248,"_46":250,"_59":251,"_57":58},"QJ4CNT74",{"_65":249},"Ordered",[],"Pero la liquidez no es el único factor que afecta a Bitcoin, a continuación, enumero los tres factores sistémicos que mueven el precio de Bitcoin:",{"_32":253,"_36":254},[],{"_38":39,"_40":255,"_42":43,"_44":256,"_46":257,"_59":58,"_57":58},"E-dMKApo",{},[],{"_32":259,"_36":260},[],{"_38":39,"_40":261,"_42":43,"_44":262,"_46":263,"_59":276,"_57":58},"7MkIgh4k",{},[264],{"_38":49,"_50":265,"_53":270,"_44":275,"_57":58},[266,267,268,269],3,280,372,591,[271,272,273,274],10,287,381,598,{},"El halving tampoco es un factor influyente en su precio. Es un factor muy importante en reducir la tasa de emisión de nuevas unidades y por lo tanto la oferta futura, genial en temas de evitar la degradación de su unidad, pero irrelevante para su precio. La teoría popular es: el halving reduce oferta de nuevos bitcoins → la oferta baja → precio sube → comienza un nuevo bull run. El problema es que así no funcionan los mercados financieros porque los mercados no leen los noticieros del día para tomar decisiones en cuanto a posicionamiento. Los mercados descuentan eventos futuros, y el halving hace mucho tiempo está descontado, porque es programado y transparente.",{"_32":278,"_36":279},[],{"_38":39,"_40":280,"_42":43,"_44":281,"_46":282,"_59":58,"_57":58},"syzgmvUL",{},[],{"_32":284,"_36":325},[285,302,318],{"_32":286,"_36":287},[],{"_38":39,"_40":288,"_42":43,"_44":289,"_46":290,"_59":301,"_57":58},"zyplgVLn",{},[291],{"_38":49,"_50":292,"_53":296,"_44":300,"_57":58},[293,294,295],5,67,76,[297,298,299],13,74,83,{},"2017 bull run: Coincidió con crecimiento de liquidez global y modo risk-on (halving fue en el 2016).",{"_32":303,"_36":304},[],{"_38":39,"_40":305,"_42":43,"_44":306,"_46":307,"_59":317,"_57":58},"Ig_yxXwN",{},[308],{"_38":49,"_50":309,"_53":312,"_44":316,"_57":58},[271,310,311],63,186,[313,314,315],18,70,193,{},"2020–2021 bull run: Coincidió con estímulos masivos por covid (halving fue en el 2020). Lo que disparó el precio fue el tsunami de liquidez (baja de tasas, QE, estímulos fiscales y modo risk-on).",{"_32":319,"_36":320},[],{"_38":39,"_40":321,"_42":43,"_44":322,"_46":323,"_59":324,"_57":58},"dTeCJU61",{},[],"2024–2025: Si se repite el patrón, el halving puede ser un catalizador menor, pero la clave será si la Fed y otros bancos centrales y Gobiernos vuelven a expandir liquidez",{"_38":39,"_40":326,"_42":43,"_44":327,"_46":328,"_59":329,"_57":58},"ijBiuBF4",{"_65":195},[],"Desmitifiquemos los halvings pasados:",{"_32":331,"_36":332},[],{"_38":39,"_40":333,"_42":125,"_44":334,"_46":335,"_59":58,"_57":58},"akXX-Jky",{},[],{"_32":337,"_36":338},[],{"_38":39,"_40":339,"_42":43,"_44":340,"_46":341,"_59":348,"_57":58},"BhqT55dY",{},[342],{"_38":49,"_50":343,"_53":345,"_44":347,"_57":58},[344],17,[346],24,{},"La narrativa del halving es atractiva y simple, pero sobreestima la oferta reducida de Bitcoin y subestima la demanda dependiente de liquidez.",{"_38":100,"_40":350,"_42":43,"_44":351,"_46":352,"_59":358,"_57":58},"ktLGZDdv",{"_65":103},[353],{"_38":106,"_50":354,"_53":355,"_44":357,"_57":58},[52],[356],34,{},"Bitcoin y su Conexión con Liquidez",{"_32":360,"_36":361},[],{"_38":39,"_40":362,"_42":43,"_44":363,"_46":364,"_59":58,"_57":58},"g3v9p291",{},[],{"_32":366,"_36":445},[367,373,380,386,393,399,406,412,419,432,438],{"_32":368,"_36":369},[],{"_38":39,"_40":370,"_42":125,"_44":371,"_46":372,"_59":58,"_57":58},"vlTJXFxL",{},[],{"_32":374,"_36":375},[],{"_38":39,"_40":376,"_42":43,"_44":377,"_46":378,"_59":379,"_57":58},"LBGz9-ce",{},[],"Bitcoin (y el oro) son coberturas contra la inflación monetaria, no necesariamente contra la inflación de precios al consumidor, ambos tipos de inflación son diferentes y la inflación monetaria no tiene forzosamente que significar alza en inflación de la economía real.",{"_32":381,"_36":382},[],{"_38":39,"_40":383,"_42":125,"_44":384,"_46":385,"_59":58,"_57":58},"i5bppMFe",{},[],{"_32":387,"_36":388},[],{"_38":39,"_40":389,"_42":43,"_44":390,"_46":391,"_59":392,"_57":58},"LkgRj9DQ",{},[],"Bitcoin es aproximadamente entre 3-4 veces más sensible a cambios en la liquidez global que el oro. En términos simples, un aumento del 5% en la liquidez podría generar una subida moderada en el oro, pero podría impulsar a Bitcoin entre un 15% y 20%.",{"_32":394,"_36":395},[],{"_38":39,"_40":396,"_42":125,"_44":397,"_46":398,"_59":58,"_57":58},"kLZlbcix",{},[],{"_32":400,"_36":401},[],{"_38":39,"_40":402,"_42":43,"_44":403,"_46":404,"_59":405,"_57":58},"O4et0QC7",{},[],"Esta alta sensibilidad explica por qué Bitcoin experimenta alzas más pronunciadas durante expansiones de liquidez, pero también es más vulnerable a caídas de liquidez en comparación con el oro. En el gráfico siguiente, un 10 significa que el activo normalmente se mueve un 10% por cada 10% de cambio en la liquidez (es decir, beta de 1.0).",{"_32":407,"_36":408},[],{"_38":39,"_40":409,"_42":43,"_44":410,"_46":411,"_59":58,"_57":58},"BKyETj0w",{},[],{"_32":413,"_36":414},[],{"_38":62,"_40":415,"_42":43,"_44":416,"_46":417,"_59":58,"_57":418},"MW-OSP9j",{"_65":103,"_67":146},[],"ipfs://bafybeia6upkp4w4nuijmushxhmwwxk2irh4odtdypvnohqcm7hmywgvqje",{"_32":420,"_36":421},[],{"_38":39,"_40":422,"_42":43,"_44":423,"_46":424,"_59":431,"_57":58},"5-OIK5Xx",{},[425],{"_38":106,"_50":426,"_53":428,"_44":430,"_57":58},[52,427],53,[159,429],59,{},"Figura 2. Sensibilidad al 10% de cambio en liquidez. Fuente: Crossborder Capital.",{"_32":433,"_36":434},[],{"_38":39,"_40":435,"_42":43,"_44":436,"_46":437,"_59":58,"_57":58},"jAhrFbUM",{},[],{"_32":439,"_36":440},[],{"_38":39,"_40":441,"_42":43,"_44":442,"_46":443,"_59":444,"_57":58},"EYxGvwXS",{},[],"En resumen, Bitcoin no es simplemente otro activo de riesgo, es un termómetro ultrasensible de liquidez.",{"_38":100,"_40":446,"_42":43,"_44":447,"_46":448,"_59":454,"_57":58},"PoZKr8n5",{"_65":103},[449],{"_38":106,"_50":450,"_53":451,"_44":453,"_57":58},[52],[452],48,{},"Bitcoin como Cobertura de la Inflación Monetaria",{"_32":456,"_36":457},[],{"_38":39,"_40":458,"_42":43,"_44":459,"_46":460,"_59":58,"_57":58},"Foe7k2-i",{},[],{"_32":462,"_36":508},[463,469,482,488,495,501],{"_32":464,"_36":465},[],{"_38":39,"_40":466,"_42":125,"_44":467,"_46":468,"_59":58,"_57":58},"P6bQStao",{},[],{"_32":470,"_36":471},[],{"_38":39,"_40":472,"_42":43,"_44":473,"_46":474,"_59":481,"_57":58},"ydbIhxX-",{},[475],{"_38":49,"_50":476,"_53":478,"_44":480,"_57":58},[477],209,[479],216,{},"El precio de Bitcoin no está directamente afectado por las tasas de interés ni las cifras de inflación mensual (IPC): sigue la dirección de la liquidez global. En 2025, el impulso de liquidez que alimentó los rallies de 2023–2024 se está desacelerando. Los programas de expansión de balances de Bancos Centrales y el gasto deficitario por parte de Gobiernos de países desarrollados (y China) son un viento a favor de la liquidez. Estos programas pueden estabilizar los niveles de liquidez y ser un viento a favor del precio de Bitcoin.",{"_32":483,"_36":484},[],{"_38":39,"_40":485,"_42":125,"_44":486,"_46":487,"_59":58,"_57":58},"3P7ORUs2",{},[],{"_32":489,"_36":490},[],{"_38":39,"_40":491,"_42":43,"_44":492,"_46":493,"_59":494,"_57":58},"LbGbZL7a",{},[],"Es por esto que constantemente repito (ante el disgusto de BTC maxis) que Bitcoin no escapa la ley de la gravedad. Mis hermanos/hermanas en Bitcoin, no se puede por un lado criticar el crecimiento de deuda global y por otro lado celebrar el precio de Bitcoin “a la luna”.",{"_32":496,"_36":497},[],{"_38":39,"_40":498,"_42":125,"_44":499,"_46":500,"_59":58,"_57":58},"xl7qtEoE",{},[],{"_32":502,"_36":503},[],{"_38":39,"_40":504,"_42":43,"_44":505,"_46":506,"_59":507,"_57":58},"Ta9dkvgq",{},[],"La próxima vez que celebre el precio de Bitcoin al alza, recuerde que detrás hay impresión de nuevo dinero (nueva deuda) por parte de múltiples entidades, entre estas Gobiernos y Bancos Centrales. En un mundo impulsado por la deuda, el crecimiento de la liquidez no es opcional, es una cuestión de supervivencia. Y esto es lo que hace a Bitcoin el caballo ganador.",{"_38":100,"_40":509,"_42":43,"_44":510,"_46":511,"_59":516,"_57":58},"BXSG24HW",{"_65":103},[512],{"_38":106,"_50":513,"_53":514,"_44":515,"_57":58},[52],[271],{},"Conclusión",{"_32":518,"_36":519},[],{"_38":39,"_40":520,"_42":43,"_44":521,"_46":522,"_59":58,"_57":58},"kcq83XJP",{},[],{"_32":524,"_36":586},[525,531],{"_32":526,"_36":527},[],{"_38":39,"_40":528,"_42":125,"_44":529,"_46":530,"_59":58,"_57":58},"0dN3EQQ5",{},[],{"_32":532,"_36":577},[533,547,566],{"_32":534,"_36":542},[535],{"_32":536,"_36":537},[],{"_38":39,"_40":538,"_42":43,"_44":539,"_46":540,"_59":541,"_57":58},"9UaflBEU",{},[],"¿Qué es el dinero y cómo se crea?",{"_38":39,"_40":543,"_42":125,"_44":544,"_46":545,"_59":546,"_57":58},"M1Kj8MZI",{"_65":195},[],"Para conocer más sobre Daniel Baeza (@dbaeza13 en X), compartimos enlaces de sus entrevistas:",{"_32":548,"_36":556},[549],{"_32":550,"_36":551},[],{"_38":39,"_40":552,"_42":43,"_44":553,"_46":554,"_59":555,"_57":58},"wu3wz8x4",{},[],"El impacto de la liquidez sobre Bitcoin",{"_38":39,"_40":557,"_42":125,"_44":558,"_46":559,"_59":565,"_57":58},"3e-3wHNd",{"_65":195},[560],{"_38":561,"_50":562,"_53":563,"_44":564,"_57":565},"Link",[52],[452],{},"https://youtu.be/u5RdDvLsGdI?si=aUbZPc0DLKoOT_WD",{"_32":567,"_36":568},[],{"_38":39,"_40":569,"_42":43,"_44":570,"_46":571,"_59":576,"_57":58},"FPPntkNu",{},[572],{"_38":561,"_50":573,"_53":574,"_44":575,"_57":576},[52],[452],{},"https://youtu.be/LH8mPIyamNc?si=wMl-e0fNwurQXqxl",{"_38":100,"_40":578,"_42":43,"_44":579,"_46":580,"_59":585,"_57":58},"lCjG_ajK",{"_65":103},[581],{"_38":106,"_50":582,"_53":583,"_44":584,"_57":58},[52],[344],{},"Acerca del autor:",{"_38":100,"_40":587,"_42":43,"_44":588,"_46":589,"_59":595,"_57":58},"BN3X-_44",{"_65":103},[590],{"_38":106,"_50":591,"_53":592,"_44":594,"_57":58},[52],[593],15,{},"Más información",{"_32":597,"_36":598},[],{"_38":100,"_40":599,"_42":43,"_44":600,"_46":601,"_59":58,"_57":58},"F1AxEzpJ",{},[],{"_32":603,"_36":657},[604,610,631,637,644,650],{"_32":605,"_36":606},[],{"_38":39,"_40":607,"_42":43,"_44":608,"_46":609,"_59":58,"_57":58},"7uC1OlBU",{},[],{"_32":611,"_36":612},[],{"_38":39,"_40":613,"_42":43,"_44":614,"_46":615,"_59":630,"_57":58},"a9zYqzd8",{},[616,623],{"_38":561,"_50":617,"_53":619,"_44":621,"_57":622},[618],16,[620],31,{},"https://x.com/crossbordercap",{"_38":561,"_50":624,"_53":626,"_44":628,"_57":629},[625],152,[627],187,{},"https://www.crossbordercapital.com/","Michael Howell (@crossbordercap en X) es un reconocido economista y estratega financiero británico, fundador y director general de CrossBorder Capital (https://www.crossbordercapital.com/), una firma especializada en el análisis de liquidez global y flujos de capital.",{"_32":632,"_36":633},[],{"_38":39,"_40":634,"_42":125,"_44":635,"_46":636,"_59":58,"_57":58},"6E2QjEWM",{},[],{"_32":638,"_36":639},[],{"_38":39,"_40":640,"_42":43,"_44":641,"_46":642,"_59":643,"_57":58},"bv_nLRnl",{},[],"Es ampliamente conocido por su tesis de que la liquidez global es el principal motor de los precios de los activos financieros. Su enfoque cuantitativo sobre los ciclos de liquidez ha ganado relevancia entre inversores institucionales, especialmente en contextos de crisis o expansión monetaria.",{"_32":645,"_36":646},[],{"_38":39,"_40":647,"_42":125,"_44":648,"_46":649,"_59":58,"_57":58},"_kz-A03W",{},[],{"_32":651,"_36":652},[],{"_38":39,"_40":653,"_42":43,"_44":654,"_46":655,"_59":656,"_57":58},"v_W6GFej",{},[],"Howell también ha escrito el libro \"Capital Wars\", donde desarrolla su visión sobre cómo los flujos de liquidez moldean la economía global y los mercados.",{"_38":100,"_40":658,"_42":125,"_44":659,"_46":660,"_59":666,"_57":58},"yhzrByBT",{"_65":103},[661],{"_38":106,"_50":662,"_53":663,"_44":665,"_57":58},[52],[664],27,{},"* Acerca de Michael Howell:","version","account","z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs","authors",[669],"path","/publicaciones/liquidez-global-bitcoin","createTime","2025-05-05T19:59:23.557Z","updateTime","2025-05-05T20:05:35.864Z","metadata",{"_680":681,"_682":683,"_684":683,"_685":686},"name","Liquidez Global: Bitcoin está sujeto a las mismas leyes de gravedad","icon","ipfs://bafybeig76qttdwgdd7wjz2qrt3m365o4nd25yphake3q4he5kje7icjbaq","cover","contentWidth","L","detachedBlocks",{},"genesis","generationInfo",{"_689":43,"_692":693},"generation","1746475163555","visibility","PUBLIC","isLatest",{"_672":698,"_667":125,"_701":25,"_702":669,"_40":703,"_704":-5,"_705":-5,"_706":-5,"_707":-5},[699,700],"publicaciones","liquidez-global-bitcoin","latest","uid","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/liquidez-global-bitcoin","blockRef","blockRange","hostname","scheme","siteHomeIcon","ipfs://bafkreidefxplum2mkfvv2uhaupvil5uvbguud5s2p7dgyp6orchw4f6jpm","dehydratedState",{"_712":713,"_714":715},"mutations",[],"queries",[716,1194,1289,1551,1556,1571,1638],{"_717":718,"_1189":1190,"_1192":1193},"state",{"_719":720,"_1174":1175,"_1176":1177,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},"data",{"_38":27,"_27":721,"_40":1172},{"_29":722,"_667":125,"_668":669,"_670":1168,"_672":673,"_674":675,"_676":677,"_678":1169,"_687":1170,"_689":43,"_690":1171,"_694":695},[723,737,742,747,766,934,939,1007,1012,1055,1060,1116,1121],{"_32":724,"_36":734},[725],{"_32":726,"_36":727},[],{"_38":39,"_40":41,"_42":43,"_44":728,"_46":729,"_59":60,"_57":58},{},[730],{"_38":49,"_50":731,"_53":732,"_44":733,"_57":58},[52],[55],{},{"_38":62,"_40":63,"_42":43,"_44":735,"_46":736,"_59":58,"_57":70},{"_65":66,"_67":68},[],{"_32":738,"_36":739},[],{"_38":39,"_40":74,"_42":43,"_44":740,"_46":741,"_59":77,"_57":58},{},[],{"_32":743,"_36":744},[],{"_38":39,"_40":81,"_42":43,"_44":745,"_46":746,"_59":58,"_57":58},{},[],{"_32":748,"_36":759},[749,754],{"_32":750,"_36":751},[],{"_38":39,"_40":89,"_42":43,"_44":752,"_46":753,"_59":92,"_57":58},{},[],{"_32":755,"_36":756},[],{"_38":39,"_40":96,"_42":43,"_44":757,"_46":758,"_59":58,"_57":58},{},[],{"_38":100,"_40":101,"_42":43,"_44":760,"_46":761,"_59":111,"_57":58},{"_65":103},[762],{"_38":106,"_50":763,"_53":764,"_44":765,"_57":58},[52],[109],{},{"_32":767,"_36":927},[768,773,778,783,788,793,802,807,827,832,837,842,866,871,880,885,913,918],{"_32":769,"_36":770},[],{"_38":39,"_40":117,"_42":43,"_44":771,"_46":772,"_59":120,"_57":58},{},[],{"_32":774,"_36":775},[],{"_38":39,"_40":124,"_42":125,"_44":776,"_46":777,"_59":58,"_57":58},{},[],{"_32":779,"_36":780},[],{"_38":39,"_40":131,"_42":43,"_44":781,"_46":782,"_59":134,"_57":58},{},[],{"_32":784,"_36":785},[],{"_38":39,"_40":138,"_42":43,"_44":786,"_46":787,"_59":58,"_57":58},{},[],{"_32":789,"_36":790},[],{"_38":62,"_40":144,"_42":43,"_44":791,"_46":792,"_59":58,"_57":148},{"_65":103,"_67":146},[],{"_32":794,"_36":795},[],{"_38":39,"_40":152,"_42":43,"_44":796,"_46":797,"_59":162,"_57":58},{},[798],{"_38":106,"_50":799,"_53":800,"_44":801,"_57":58},[52,157],[159,160],{},{"_32":803,"_36":804},[],{"_38":39,"_40":166,"_42":43,"_44":805,"_46":806,"_59":58,"_57":58},{},[],{"_32":808,"_36":824},[809,814,819],{"_32":810,"_36":811},[],{"_38":39,"_40":174,"_42":43,"_44":812,"_46":813,"_59":177,"_57":58},{},[],{"_32":815,"_36":816},[],{"_38":39,"_40":181,"_42":43,"_44":817,"_46":818,"_59":184,"_57":58},{},[],{"_32":820,"_36":821},[],{"_38":39,"_40":188,"_42":43,"_44":822,"_46":823,"_59":191,"_57":58},{},[],{"_38":39,"_40":193,"_42":43,"_44":825,"_46":826,"_59":197,"_57":58},{"_65":195},[],{"_32":828,"_36":829},[],{"_38":39,"_40":201,"_42":43,"_44":830,"_46":831,"_59":58,"_57":58},{},[],{"_32":833,"_36":834},[],{"_38":39,"_40":207,"_42":43,"_44":835,"_46":836,"_59":210,"_57":58},{},[],{"_32":838,"_36":839},[],{"_38":39,"_40":214,"_42":43,"_44":840,"_46":841,"_59":58,"_57":58},{},[],{"_32":843,"_36":863},[844,849,858],{"_32":845,"_36":846},[],{"_38":39,"_40":222,"_42":43,"_44":847,"_46":848,"_59":225,"_57":58},{},[],{"_32":850,"_36":851},[],{"_38":39,"_40":229,"_42":43,"_44":852,"_46":853,"_59":238,"_57":58},{},[854],{"_38":49,"_50":855,"_53":856,"_44":857,"_57":58},[234],[236],{},{"_32":859,"_36":860},[],{"_38":39,"_40":242,"_42":43,"_44":861,"_46":862,"_59":245,"_57":58},{},[],{"_38":39,"_40":247,"_42":43,"_44":864,"_46":865,"_59":251,"_57":58},{"_65":249},[],{"_32":867,"_36":868},[],{"_38":39,"_40":255,"_42":43,"_44":869,"_46":870,"_59":58,"_57":58},{},[],{"_32":872,"_36":873},[],{"_38":39,"_40":261,"_42":43,"_44":874,"_46":875,"_59":276,"_57":58},{},[876],{"_38":49,"_50":877,"_53":878,"_44":879,"_57":58},[266,267,268,269],[271,272,273,274],{},{"_32":881,"_36":882},[],{"_38":39,"_40":280,"_42":43,"_44":883,"_46":884,"_59":58,"_57":58},{},[],{"_32":886,"_36":910},[887,896,905],{"_32":888,"_36":889},[],{"_38":39,"_40":288,"_42":43,"_44":890,"_46":891,"_59":301,"_57":58},{},[892],{"_38":49,"_50":893,"_53":894,"_44":895,"_57":58},[293,294,295],[297,298,299],{},{"_32":897,"_36":898},[],{"_38":39,"_40":305,"_42":43,"_44":899,"_46":900,"_59":317,"_57":58},{},[901],{"_38":49,"_50":902,"_53":903,"_44":904,"_57":58},[271,310,311],[313,314,315],{},{"_32":906,"_36":907},[],{"_38":39,"_40":321,"_42":43,"_44":908,"_46":909,"_59":324,"_57":58},{},[],{"_38":39,"_40":326,"_42":43,"_44":911,"_46":912,"_59":329,"_57":58},{"_65":195},[],{"_32":914,"_36":915},[],{"_38":39,"_40":333,"_42":125,"_44":916,"_46":917,"_59":58,"_57":58},{},[],{"_32":919,"_36":920},[],{"_38":39,"_40":339,"_42":43,"_44":921,"_46":922,"_59":348,"_57":58},{},[923],{"_38":49,"_50":924,"_53":925,"_44":926,"_57":58},[344],[346],{},{"_38":100,"_40":350,"_42":43,"_44":928,"_46":929,"_59":358,"_57":58},{"_65":103},[930],{"_38":106,"_50":931,"_53":932,"_44":933,"_57":58},[52],[356],{},{"_32":935,"_36":936},[],{"_38":39,"_40":362,"_42":43,"_44":937,"_46":938,"_59":58,"_57":58},{},[],{"_32":940,"_36":1000},[941,946,951,956,961,966,971,976,981,990,995],{"_32":942,"_36":943},[],{"_38":39,"_40":370,"_42":125,"_44":944,"_46":945,"_59":58,"_57":58},{},[],{"_32":947,"_36":948},[],{"_38":39,"_40":376,"_42":43,"_44":949,"_46":950,"_59":379,"_57":58},{},[],{"_32":952,"_36":953},[],{"_38":39,"_40":383,"_42":125,"_44":954,"_46":955,"_59":58,"_57":58},{},[],{"_32":957,"_36":958},[],{"_38":39,"_40":389,"_42":43,"_44":959,"_46":960,"_59":392,"_57":58},{},[],{"_32":962,"_36":963},[],{"_38":39,"_40":396,"_42":125,"_44":964,"_46":965,"_59":58,"_57":58},{},[],{"_32":967,"_36":968},[],{"_38":39,"_40":402,"_42":43,"_44":969,"_46":970,"_59":405,"_57":58},{},[],{"_32":972,"_36":973},[],{"_38":39,"_40":409,"_42":43,"_44":974,"_46":975,"_59":58,"_57":58},{},[],{"_32":977,"_36":978},[],{"_38":62,"_40":415,"_42":43,"_44":979,"_46":980,"_59":58,"_57":418},{"_65":103,"_67":146},[],{"_32":982,"_36":983},[],{"_38":39,"_40":422,"_42":43,"_44":984,"_46":985,"_59":431,"_57":58},{},[986],{"_38":106,"_50":987,"_53":988,"_44":989,"_57":58},[52,427],[159,429],{},{"_32":991,"_36":992},[],{"_38":39,"_40":435,"_42":43,"_44":993,"_46":994,"_59":58,"_57":58},{},[],{"_32":996,"_36":997},[],{"_38":39,"_40":441,"_42":43,"_44":998,"_46":999,"_59":444,"_57":58},{},[],{"_38":100,"_40":446,"_42":43,"_44":1001,"_46":1002,"_59":454,"_57":58},{"_65":103},[1003],{"_38":106,"_50":1004,"_53":1005,"_44":1006,"_57":58},[52],[452],{},{"_32":1008,"_36":1009},[],{"_38":39,"_40":458,"_42":43,"_44":1010,"_46":1011,"_59":58,"_57":58},{},[],{"_32":1013,"_36":1048},[1014,1019,1028,1033,1038,1043],{"_32":1015,"_36":1016},[],{"_38":39,"_40":466,"_42":125,"_44":1017,"_46":1018,"_59":58,"_57":58},{},[],{"_32":1020,"_36":1021},[],{"_38":39,"_40":472,"_42":43,"_44":1022,"_46":1023,"_59":481,"_57":58},{},[1024],{"_38":49,"_50":1025,"_53":1026,"_44":1027,"_57":58},[477],[479],{},{"_32":1029,"_36":1030},[],{"_38":39,"_40":485,"_42":125,"_44":1031,"_46":1032,"_59":58,"_57":58},{},[],{"_32":1034,"_36":1035},[],{"_38":39,"_40":491,"_42":43,"_44":1036,"_46":1037,"_59":494,"_57":58},{},[],{"_32":1039,"_36":1040},[],{"_38":39,"_40":498,"_42":125,"_44":1041,"_46":1042,"_59":58,"_57":58},{},[],{"_32":1044,"_36":1045},[],{"_38":39,"_40":504,"_42":43,"_44":1046,"_46":1047,"_59":507,"_57":58},{},[],{"_38":100,"_40":509,"_42":43,"_44":1049,"_46":1050,"_59":516,"_57":58},{"_65":103},[1051],{"_38":106,"_50":1052,"_53":1053,"_44":1054,"_57":58},[52],[271],{},{"_32":1056,"_36":1057},[],{"_38":39,"_40":520,"_42":43,"_44":1058,"_46":1059,"_59":58,"_57":58},{},[],{"_32":1061,"_36":1109},[1062,1067],{"_32":1063,"_36":1064},[],{"_38":39,"_40":528,"_42":125,"_44":1065,"_46":1066,"_59":58,"_57":58},{},[],{"_32":1068,"_36":1102},[1069,1079,1093],{"_32":1070,"_36":1076},[1071],{"_32":1072,"_36":1073},[],{"_38":39,"_40":538,"_42":43,"_44":1074,"_46":1075,"_59":541,"_57":58},{},[],{"_38":39,"_40":543,"_42":125,"_44":1077,"_46":1078,"_59":546,"_57":58},{"_65":195},[],{"_32":1080,"_36":1086},[1081],{"_32":1082,"_36":1083},[],{"_38":39,"_40":552,"_42":43,"_44":1084,"_46":1085,"_59":555,"_57":58},{},[],{"_38":39,"_40":557,"_42":125,"_44":1087,"_46":1088,"_59":565,"_57":58},{"_65":195},[1089],{"_38":561,"_50":1090,"_53":1091,"_44":1092,"_57":565},[52],[452],{},{"_32":1094,"_36":1095},[],{"_38":39,"_40":569,"_42":43,"_44":1096,"_46":1097,"_59":576,"_57":58},{},[1098],{"_38":561,"_50":1099,"_53":1100,"_44":1101,"_57":576},[52],[452],{},{"_38":100,"_40":578,"_42":43,"_44":1103,"_46":1104,"_59":585,"_57":58},{"_65":103},[1105],{"_38":106,"_50":1106,"_53":1107,"_44":1108,"_57":58},[52],[344],{},{"_38":100,"_40":587,"_42":43,"_44":1110,"_46":1111,"_59":595,"_57":58},{"_65":103},[1112],{"_38":106,"_50":1113,"_53":1114,"_44":1115,"_57":58},[52],[593],{},{"_32":1117,"_36":1118},[],{"_38":100,"_40":599,"_42":43,"_44":1119,"_46":1120,"_59":58,"_57":58},{},[],{"_32":1122,"_36":1161},[1123,1128,1141,1146,1151,1156],{"_32":1124,"_36":1125},[],{"_38":39,"_40":607,"_42":43,"_44":1126,"_46":1127,"_59":58,"_57":58},{},[],{"_32":1129,"_36":1130},[],{"_38":39,"_40":613,"_42":43,"_44":1131,"_46":1132,"_59":630,"_57":58},{},[1133,1137],{"_38":561,"_50":1134,"_53":1135,"_44":1136,"_57":622},[618],[620],{},{"_38":561,"_50":1138,"_53":1139,"_44":1140,"_57":629},[625],[627],{},{"_32":1142,"_36":1143},[],{"_38":39,"_40":634,"_42":125,"_44":1144,"_46":1145,"_59":58,"_57":58},{},[],{"_32":1147,"_36":1148},[],{"_38":39,"_40":640,"_42":43,"_44":1149,"_46":1150,"_59":643,"_57":58},{},[],{"_32":1152,"_36":1153},[],{"_38":39,"_40":647,"_42":125,"_44":1154,"_46":1155,"_59":58,"_57":58},{},[],{"_32":1157,"_36":1158},[],{"_38":39,"_40":653,"_42":43,"_44":1159,"_46":1160,"_59":656,"_57":58},{},[],{"_38":100,"_40":658,"_42":125,"_44":1162,"_46":1163,"_59":666,"_57":58},{"_65":103},[1164],{"_38":106,"_50":1165,"_53":1166,"_44":1167,"_57":58},[52],[664],{},[669],{"_680":681,"_682":683,"_684":683,"_685":686},{},{"_689":43,"_692":693},{"_40":703,"_702":669,"_672":1173,"_667":125,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":25},[699,700],"dataUpdateCount",1,"dataUpdatedAt",1780466563643,"error","errorUpdateCount","errorUpdatedAt","fetchFailureCount","fetchFailureReason","fetchMeta","isInvalidated","status","success","fetchStatus","idle","queryKey",[1191,703,125,25],"ENTITY","queryHash","[\"ENTITY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/liquidez-global-bitcoin\",\"bafy2bzacecxqmawvt7x7mbsjcjm4ypdu7gubeuytgdg255xethr4oldgwiwqe\",false]",{"_717":1195,"_1189":1287,"_1192":1288},{"_719":1196,"_1174":1175,"_1176":1286,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},{"_38":27,"_27":1197,"_40":1283},{"_29":1198,"_667":1204,"_668":669,"_670":1225,"_672":58,"_674":1227,"_676":1228,"_678":1229,"_687":1245,"_689":1280,"_690":1281,"_694":695},[1199],{"_32":1200,"_36":1201},[],{"_38":1202,"_40":1203,"_42":1204,"_44":1205,"_46":1224,"_59":58,"_57":58},"Query","site-news-query","bafy2bzacecqhoyvpbm2b7bv6xta343pjm3cfi5ia6qywl7jlpgwuutjjgvkus",{"_1206":266,"_1207":1208,"_1209":1210,"_1223":25},"columnCount","style","Card","query",{"_1211":1212,"_1217":1218},"includes",[1213],{"_1214":669,"_672":58,"_1215":1216},"space","mode","AllDescendants","sort",[1219],{"_1220":25,"_1221":1222},"reverse","term","UpdateTime","banner",[],[669,1226],"z6MkpBo1BSQFSWzypumJPxDooorcL1R5NoLQmeHyacGbs61J","1970-01-01T00:00:00Z","2026-03-08T20:08:05.586Z",{"_680":1230,"_682":709,"_684":1231,"_1232":1233,"_1234":58,"_1235":1236,"_1237":1238,"_1239":25,"_1240":25,"_685":686,"_1241":1242},"Instituto de Filosofía y Economía Bitcoin","ipfs://bafkreifsdwjltm7dcv2a6vlnae6wy37ep2f4wgxo2hfjk4cn3sgkuvnake","siteUrl","https://ifebitcoin.org","layout","seedExperimentalLogo","ipfs://bafkreibpra4x7f5yuyijo7erlpbpahsmtaeoargic3dyda2ccwdxfyafle","seedExperimentalHomeOrder","CreatedFirst","showOutline","showActivity","theme",{"_1243":1244},"headerLayout","Center",{"_1246":1247},"navigation",{"_32":1248,"_36":1279},[1249,1255,1261,1267,1273],{"_32":1250,"_36":1251},[],{"_38":561,"_40":1252,"_57":1253,"_59":1254},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones?v=bafy2bzacedgf6euiiz23a6opjaet43mvpyojjnivioyj4chssfdymfbbdwxf6&l","Publicaciones ",{"_32":1256,"_36":1257},[],{"_38":561,"_40":1258,"_57":1259,"_59":1260},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/quines-somos","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/quines-somos?v=bafy2bzaced2dzx2pvjhrevxpbotp25smtogbs3pxwlkb4z6qfkxzfxlxrijte&l","Quiénes somos",{"_32":1262,"_36":1263},[],{"_38":561,"_40":1264,"_57":1265,"_59":1266},"zwwiVeloEp1_HJWoNEc-N","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/ifeb-piensa-2026?l","IFEB PIENSA 2026",{"_32":1268,"_36":1269},[],{"_38":561,"_40":1270,"_57":1271,"_59":1272},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/donaciones","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/donaciones?v=bafy2bzacecugyzjqwjxqdbep72ubak2unk7w4znp25ctd4n7faj5272koptbm&l","Donaciones",{"_32":1274,"_36":1275},[],{"_38":561,"_40":1276,"_57":1277,"_59":1278},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/contacto","hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/contacto?v=bafy2bzacebuzrp7aqlr3i5ctn63e3hdakres5fg634fvdtyw3g733esy4tu7w&l","Contacto",{"_38":103,"_40":1246},"bafy2bzacebpxqsbpvc3o2n4esn5aj2ka6bivgc3wiscyca2e5jdnpcuq6pyvo",{"_689":1280,"_692":1282},"0",{"_40":1284,"_702":669,"_672":1285,"_667":-5,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs",[],1780466563649,[1191,1284,-5,6],"[\"ENTITY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs\",null,true]",{"_717":1290,"_1189":1547,"_1192":1550},{"_719":1291,"_1174":1175,"_1176":1546,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},[1292,1330,1352,1373,1399,1426,1451,1474,1499,1523],{"_38":27,"_40":1293,"_672":1298,"_670":1299,"_674":1300,"_676":1305,"_1308":1309,"_689":1310,"_667":1297,"_1311":1312,"_1315":1316,"_690":1323,"_1325":-5,"_678":1326,"_694":695},{"_40":1294,"_702":669,"_672":1295,"_667":1297,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/ifeb-piensa-2026",[1296],"ifeb-piensa-2026","bafy2bzacedotwsbsj75khdgiml3xbkmdyjkaezcb7enbp2g4o7oahd4s3fora",[1296],[669],{"_1301":1302,"_1303":1304},"seconds","1771961661","nanos",139000000,{"_1301":1306,"_1303":1307},"1776967805",832000000,"sortTime","2026-02-24T19:34:21.139Z","bafy2bzacebvkld5wdplzfnjw7ylxlfsm3fhpbbkvilqthzrnilnqfwzopkxs2","breadcrumbs",[1313],{"_680":1230,"_672":58,"_1314":25},"isMissing","activitySummary",{"_1317":-5,"_1318":58,"_1319":52,"_1320":1321,"_1322":25},"latestCommentTime","latestCommentId","commentCount","latestChangeTime",{"_1301":1306,"_1303":1307},"isUnread",{"_689":1310,"_692":1324},"1771961661136","redirectInfo",{"_680":1266,"_1327":1328,"_684":1329},"summary","Segunda edición del concurso de Paper Académicos relacionados con Bitcoin.","ipfs://bafkreiexlyal6sxuo2c2voncokj6324zkecannea6aw4d227spdftvcm5m",{"_38":27,"_40":1331,"_672":1335,"_670":1336,"_674":1337,"_676":1340,"_1308":1343,"_689":1344,"_667":1334,"_1311":1345,"_1315":1347,"_690":1349,"_1325":-5,"_678":1350,"_694":695},{"_40":1258,"_702":669,"_672":1332,"_667":1334,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},[1333],"quines-somos","bafy2bzacebzigqsmxlqzcwwfzjvpcwkyihdevpgt7qsddumkzkr4zemoqdxcy",[1333],[669],{"_1301":1338,"_1303":1339},"1729761347",40000000,{"_1301":1341,"_1303":1342},"1774321312",354000000,"2024-10-24T09:15:47.040Z","bafy2bzacec22wjh6p4d6lqpr5jcgqph4mi6f5ewnju33yfcqxchbvmdzopvxe",[1346],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1348,"_1322":6},{"_1301":1341,"_1303":1342},{"_689":1344,"_692":1282},{"_680":1260,"_682":1236,"_684":1351,"_1239":25,"_1240":25},"ipfs://bafybeib3yh3v5ewdxlckmlnhyw2lwxv5oy7f3lo5mpvpf7bpyhlocee2cy",{"_38":27,"_40":1353,"_672":1356,"_670":1357,"_674":1358,"_676":1361,"_1308":1364,"_689":1365,"_667":1355,"_1311":1366,"_1315":1368,"_690":1370,"_1325":-5,"_678":1371,"_694":695},{"_40":1252,"_702":669,"_672":1354,"_667":1355,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},[699],"bafy2bzacedi5jqbzu5eyqpc3si4xpbgvuui2735kknna3ku6i57bmqcnyuw4m",[699],[669,1226],{"_1301":1359,"_1303":1360},"1729761468",149000000,{"_1301":1362,"_1303":1363},"1772520316",790000000,"2024-10-24T09:17:48.149Z","bafy2bzaceak62sx2qcohytgdgtdrc3dulbofhoricgaaajz44fjlewhq74wss",[1367],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1369,"_1322":6},{"_1301":1362,"_1303":1363},{"_689":1365,"_692":1282},{"_680":1254,"_682":1351,"_684":1372,"_1239":6,"_1240":25,"_685":686},"ipfs://bafybeicplpmfmvnbfmspswnfmsa4hlbgi77bz7qnrp3mjmcfu62wlne6qa",{"_38":27,"_40":1374,"_672":1379,"_670":1380,"_674":1381,"_676":1384,"_1308":1387,"_689":1388,"_667":1378,"_1311":1389,"_1315":1391,"_690":1393,"_1325":-5,"_678":1395,"_694":695},{"_40":1375,"_702":669,"_672":1376,"_667":1378,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/mision",[1377],"mision","bafy2bzacead5piovg23f5b37g4izm4ydoi674lgri6pqdlxf5ib5znu7wjo32",[1377],[669],{"_1301":1382,"_1303":1383},"1731526647",232000000,{"_1301":1385,"_1303":1386},"1760565052",432000000,"2024-11-13T19:37:27.232Z","bafy2bzacecgent64a24o6xevdvxiritcfcixi563oek6kciin4kmtq6wkgy2q",[1390],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1392,"_1322":6},{"_1301":1385,"_1303":1386},{"_689":1388,"_692":1394},"1731526647232",{"_680":1396,"_682":1397,"_684":1398,"_1239":25,"_1240":25},"Misión","ipfs://bafkreigvp5goxw6jj3vpcxy2zcqecqgbkgcgwrza4pa2i5ylvolfx33efi","ipfs://bafybeiet5glt446p7zadxvxly7cwdhot5kqchzjmtokg6wu2oyviqj46fa",{"_38":27,"_40":1400,"_672":1405,"_670":1406,"_674":1408,"_676":1411,"_1308":1414,"_689":1415,"_667":1404,"_1311":1416,"_1315":1418,"_690":1420,"_1325":-5,"_678":1422,"_694":695},{"_40":1401,"_702":669,"_672":1402,"_667":1404,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/piensa2025",[1403],"piensa2025","bafy2bzacecmmm2kdhvkhltqysdgubhig6imd26uxrw6pri5bjhw4huiylulpy",[1403],[669,1407],"z6MknQkJAHE8T2Au5FLRZS2Pm3yME2dmJPcbTjwXXFUGq7BY",{"_1301":1409,"_1303":1410},"1743424826",917000000,{"_1301":1412,"_1303":1413},"1752008652",730000000,"2025-03-31T12:40:26.917Z","bafy2bzaceaqqbfdwve2cc6jybpixoqo2u23ingt3jhscxp7ybnwoqqdcmaglw",[1417],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1419,"_1322":6},{"_1301":1412,"_1303":1413},{"_689":1415,"_692":1421},"1743424826916",{"_680":1423,"_682":1424,"_684":1425,"_1240":25,"_685":686},"Piensa 2025","ipfs://bafkreigbzyngiedeibto2wagjbzspa73faqykgshovjlm44o6gba6cxg4m","ipfs://bafybeiasd22hiy33yfofnxtszih6j5w5pthygmmaw76ygvjsbmsomkrhqa",{"_38":27,"_40":1427,"_672":1432,"_670":1433,"_674":1434,"_676":1437,"_1308":1440,"_689":1441,"_667":1431,"_1311":1442,"_1315":1444,"_690":1446,"_1325":-5,"_678":1447,"_694":695},{"_40":1428,"_702":669,"_672":1429,"_667":1431,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/noticias-ifeb",[1430],"noticias-ifeb","bafy2bzacebykedepgcao75zxi2rtl4w5ec7vonavv3zcpf55463psqemzkvl6",[1430],[669,1407],{"_1301":1435,"_1303":1436},"1730542065",193000000,{"_1301":1438,"_1303":1439},"1749065747",45000000,"2024-11-02T10:07:45.193Z","bafy2bzacecouwmxivomdatvu3ef355nq7xwxtxkfevns5rp4q2stbdjmxdtc2",[1443],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1445,"_1322":6},{"_1301":1438,"_1303":1439},{"_689":1441,"_692":1282},{"_680":1448,"_682":1449,"_684":1450,"_1239":6,"_1240":25,"_685":686},"Noticias IFEB ","ipfs://bafybeifa6c65ohd4jhut6horyupabjqxikxaexgaad54j3btpystrxpufe","ipfs://bafybeicxnst4vrfa67q4pwwjwk4alianlrqp4no7nvjboauucpr2blqi6m",{"_38":27,"_40":1452,"_672":1456,"_670":1457,"_674":1458,"_676":1461,"_1308":1464,"_689":1465,"_667":1455,"_1311":1466,"_1315":1468,"_690":1470,"_1325":-5,"_678":1471,"_694":695},{"_40":1276,"_702":669,"_672":1453,"_667":1455,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},[1454],"contacto","bafy2bzacebuzrp7aqlr3i5ctn63e3hdakres5fg634fvdtyw3g733esy4tu7w",[1454],[669,1407],{"_1301":1459,"_1303":1460},"1729761265",966000000,{"_1301":1462,"_1303":1463},"1747208643",189000000,"2024-10-24T09:14:25.966Z","bafy2bzacebk7v777fkvkmwqjozal7cix6fbrfvwc25ocrgvdb5v7jmfi2usiw",[1467],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1469,"_1322":6},{"_1301":1462,"_1303":1463},{"_689":1465,"_692":1282},{"_680":1278,"_682":1472,"_684":1473,"_1239":25,"_1240":25},"ipfs://bafybeid5e3k3ykgbiswxftng5fa343cgmhnq4m2iy5aeeqxhrnejkggmeq","ipfs://bafybeifvwszdawxecuovupsvkz65vver63zjdunydvtsbuptyppjods24i",{"_38":27,"_40":1475,"_672":1480,"_670":1481,"_674":1482,"_676":1485,"_1308":1488,"_689":1489,"_667":1479,"_1311":1490,"_1315":1492,"_690":1494,"_1325":-5,"_678":1495,"_694":695},{"_40":1476,"_702":669,"_672":1477,"_667":1479,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/spaces",[1478],"spaces","bafy2bzaceb2xnr5vlp7btrqtgpwc4gkndofchbsoziq5l5l5hkpfalu47a6fs",[1478],[669],{"_1301":1483,"_1303":1484},"1729761040",867000000,{"_1301":1486,"_1303":1487},"1744663656",644000000,"2024-10-24T09:10:40.867Z","bafy2bzaceb2j73kshe7ggwa6ogvyodpsacfvvhb5ie4zojmpdbot4meovo46m",[1491],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1493,"_1322":25},{"_1301":1486,"_1303":1487},{"_689":1489,"_692":1282},{"_680":1496,"_682":1497,"_684":1498,"_1239":25,"_1240":25},"Spaces IFEB ","ipfs://bafybeicz3fhsdubrsrvegihq42wt7alnwer2nj5etw6uoteairgotgarny","ipfs://bafybeibolhv7djd7xbzzkrxd5545d3cqttyminqar4lad7m6tizz2thgx4",{"_38":27,"_40":1500,"_672":1505,"_670":1506,"_674":1507,"_676":1510,"_1308":1513,"_689":1514,"_667":1504,"_1311":1515,"_1315":1517,"_690":1519,"_1325":-5,"_678":1520,"_694":695},{"_40":1501,"_702":669,"_672":1502,"_667":1504,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/acerca-del-ifeb",[1503],"acerca-del-ifeb","bafy2bzacebckihmtcb6466rvcae3e2nv6mw4ecmzkfbxqeff2n7qrr2btydae",[1503],[669],{"_1301":1508,"_1303":1509},"1730491172",522000000,{"_1301":1511,"_1303":1512},"1744663600",703000000,"2024-11-01T19:59:32.522Z","bafy2bzacebp5muvbwkvhhgnx2undto3ez37qmytbq4cawvpl3dq4hojjmhb3k",[1516],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1518,"_1322":6},{"_1301":1511,"_1303":1512},{"_689":1514,"_692":1282},{"_680":1521,"_682":1397,"_684":1522,"_1239":25,"_1240":25},"Acerca del IFEB ","ipfs://bafkreiapzksrxhp6vn4wcgbllpioxwrwe55ol4m4h4md4hb2qouueprek4",{"_38":27,"_40":1524,"_672":1528,"_670":1529,"_674":1530,"_676":1533,"_1308":1536,"_689":1537,"_667":1527,"_1311":1538,"_1315":1540,"_690":1542,"_1325":-5,"_678":1544,"_694":695},{"_40":1270,"_702":669,"_672":1525,"_667":1527,"_704":-5,"_705":-5,"_706":-5,"_707":-5,"_701":6},[1526],"donaciones","bafy2bzacecugyzjqwjxqdbep72ubak2unk7w4znp25ctd4n7faj5272koptbm",[1526],[669],{"_1301":1531,"_1303":1532},"1740170767",863000000,{"_1301":1534,"_1303":1535},"1744663540",59000000,"2025-02-21T20:46:07.863Z","bafy2bzacedabuzripzut4auu7mqfxcewj5bsyh35y2t6cmxhpv6xfit7pd7rq",[1539],{"_680":1230,"_672":58,"_1314":25},{"_1317":-5,"_1318":58,"_1319":52,"_1320":1541,"_1322":6},{"_1301":1534,"_1303":1535},{"_689":1537,"_692":1543},"1740170767863",{"_680":1272,"_682":1545,"_684":1545,"_1239":25,"_1240":25},"ipfs://bafybeibtbrtrruzc4tzxgjareb6mcc63easulqhj5qiguwd7ivrbm3cv4m",1780466563648,[1548,1284,1549],"DOC_LIST_DIRECTORY","Children","[\"DOC_LIST_DIRECTORY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs\",\"Children\"]",{"_717":1552,"_1189":1554,"_1192":1555},{"_719":1553,"_1174":1175,"_1176":1177,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},[],[1548,703,1549],"[\"DOC_LIST_DIRECTORY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/liquidez-global-bitcoin\",\"Children\"]",{"_717":1557,"_1189":1568,"_1192":1570},{"_719":1558,"_1174":1175,"_1176":1567,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},{"_1559":1175,"_1560":52,"_1561":1562,"_32":52,"_1563":1564,"_1565":1566},"citations","comments","changes",2,"authorUids",[669],"blocks",{},1780466563682,[1569,703],"DOCUMENT_INTERACTION_SUMMARY","[\"DOCUMENT_INTERACTION_SUMMARY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/liquidez-global-bitcoin\"]",{"_717":1572,"_1189":1636,"_1192":1637},{"_719":1573,"_1174":1175,"_1176":1635,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},{"_38":27,"_27":1574,"_40":1633},{"_29":1575,"_667":1355,"_668":669,"_670":1627,"_672":1628,"_674":1364,"_676":1629,"_678":1630,"_687":1631,"_689":1365,"_690":1632,"_694":695},[1576,1588,1595,1605,1613,1620],{"_32":1577,"_36":1578},[],{"_38":1202,"_40":1579,"_42":1355,"_44":1580,"_46":1587,"_59":58,"_57":58},"bk64IDwb",{"_1206":266,"_1207":1208,"_1209":1581,"_1223":25},{"_1211":1582,"_1217":1584},[1583],{"_1214":669,"_672":699,"_1215":1216},[1585],{"_1220":25,"_1221":1586},"CreateTime",[],{"_32":1589,"_36":1590},[],{"_38":39,"_40":1591,"_42":1592,"_44":1593,"_46":1594,"_59":58,"_57":58},"ZLi2hUzX","bafy2bzacec3pxvxizdfmboub2jrxw5cjmnwsntyf4iupqxealwglol33ohvma",{},[],{"_32":1596,"_36":1597},[],{"_38":1598,"_40":1599,"_42":1600,"_44":1601,"_46":1603,"_59":58,"_57":1604},"Embed","a-FSl1cK","bafy2bzacedy2yhjz2hukqcw6aiyo2k7br4zpj5pwmbzgbiax3fivkhocpppc4",{"_1602":1208},"view",[],"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/el-escepticismo-academico-y-el-sueno-bitcoin-es-posible-la-coexistencia?v=bafy2bzacecxpa6uvtq73h7oosximxo2ckw5l5ram3midpn6ki6czcdneoiq6u&l",{"_32":1606,"_36":1607},[],{"_38":1598,"_40":1608,"_42":1609,"_44":1610,"_46":1611,"_59":58,"_57":1612},"Kzks0C_i","bafy2bzaceav7hzo2pkrjv6a4sope7s4oclxqakfxctpmacioo2cjr36oijmmm",{"_1602":1208},[],"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/bitcoin-como-reserva-la-clave-para-el-dominio-mundial-o-un-paso-en-falso?l",{"_32":1614,"_36":1615},[],{"_38":1598,"_40":1616,"_42":1592,"_44":1617,"_46":1618,"_59":58,"_57":1619},"GUGbKFyS",{"_1602":1208},[],"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones/escritura-objetiva-rigurosa-sobre-bitcoin",{"_32":1621,"_36":1622},[],{"_38":1598,"_40":1623,"_42":1624,"_44":1625,"_46":1626,"_59":58,"_57":703},"XkIqKi1o","bafy2bzacedgf6euiiz23a6opjaet43mvpyojjnivioyj4chssfdymfbbdwxf6",{"_1602":1208},[],[669,1226],"/publicaciones","2026-03-03T06:45:16.790Z",{"_680":1254,"_682":1351,"_684":1372,"_1239":6,"_1240":25,"_685":686},{},{"_689":1365,"_692":1282},{"_40":1252,"_702":669,"_672":1634,"_667":-5,"_704":-5,"_705":-5,"_706":-5,"_707":-5},[699],1780466563636,[1191,1252,-5,25],"[\"ENTITY\",\"hm://z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs/publicaciones\",null,false]",{"_717":1639,"_1189":1646,"_1192":1648},{"_719":1640,"_1174":1175,"_1176":1645,"_1178":-5,"_1179":52,"_1180":52,"_1181":52,"_1182":-5,"_1183":-5,"_1184":25,"_1185":1186,"_1187":1188},{"_38":668,"_40":1641,"_678":1643},{"_667":1204,"_702":669,"_40":1284,"_672":1642,"_704":-5,"_705":-5,"_706":-5,"_707":-5},[],{"_680":1230,"_682":709,"_684":1231,"_1232":1233,"_1234":58,"_1235":1236,"_1237":1238,"_1239":25,"_1240":25,"_685":686,"_1241":1644,"_1327":-5},{"_1243":1244},1780466563684,[1647,669],"ACCOUNT","[\"ACCOUNT\",\"z6MkmoafLuwBs51a18PfEqjmBmXE2idHPLAdsCqm7VjQHFCs\"]","ssrContentHTML","

$\"\"$

Un análisis basado en la tesis de Michael Howell*

Por: Daniel Baeza. Experto en Mercados de capitales y promotor realista de Bitcoin. Mayo 2025

Introducción

La narrativa de Bitcoin ha evolucionado desde su creación: de ser un experimento marginal a convertirse en oro digital y en una potencial cobertura contra la inflación. Sin embargo, el verdadero motor detrás del precio de Bitcoin no es ni la inflación al consumidor ni las tasas de interés, sino la liquidez global. La liquidez determina los ciclos alcistas y bajistas de Bitcoin. Este artículo explica por qué Bitcoin no escapa a “la ley de la gravedad de activos financieros”, actuando como un termómetro de liquidez monetaria, y desarrolla las tres fuerzas determinantes de su precio: liquidez global, apetito por riesgo y precio del oro.

Bitcoin y su Conexión con Liquidez

Entendamos primero qué es liquidez.

Liquidez se define como la capacidad de balance del sistema financiero, es el fácil acceso a efectivo y crédito: es decir, su habilidad para expandirse y refinanciar deudas existentes. El gráfico siguiente confirma que la deuda global es de aproximadamente $350 trillones con un vencimiento promedio de 5 años, lo cual significa que cada año se deben de refinanciar $70 trillones de deuda. Los mercados financieros han pasado de ser máquinas de financiación de nuevos proyectos y se han convertido en máquinas de refinanciación de deuda existente. Lo más importante es RE-financiar dicha deuda para no tener que RE-pagarla. Y, para refinanciar, se necesita capacidad de balances de entidades financieras. Por esto es que, contrario a lo que enseñan los libros de texto, la liquidez es más importante que las tasas de interés.

$\"\"$

Figura 1. Deuda global total. Fuente: Crossborder Capital.

Cuando la liquidez crece, los precios de activos (incluido Bitcoin) tienden a subir. Cuando la liquidez se contrae, ocurre lo contrario. Bitcoin sigue los cambios de la liquidez con un desfase de 13 semanas. El rally de Bitcoin en 2023–2024, por ejemplo, fue impulsado por un estímulo de liquidez oculto del Tesoro de EEUU:

Emitir deuda en forma de letras del Tesoro con plazos ultracortos.
El drenaje de la Cuenta General del Tesoro (TGA).
El desplome del programa de Repos Inversos de la Fed (RRP)

Todo esto inyectó liquidez pese a la aparente política de ajuste monetario (QT). Y cuando la liquidez es abundante … Bitcoin es el caballo más rápido.

Pero la liquidez no es el único factor que afecta a Bitcoin, a continuación, enumero los tres factores sistémicos que mueven el precio de Bitcoin:

Liquidez Global: toda expansión de liquidez favorece a Bitcoin.
Apetito por Riesgo: Si aumentan los spreads de crédito o los mercados bursátiles entran modo “risk-off”, Bitcoin puede debilitarse, aunque la liquidez aumente.
Precio del Oro: Bitcoin y el oro tienden a moverse juntos en el largo plazo.

El halving tampoco es un factor influyente en su precio. Es un factor muy importante en reducir la tasa de emisión de nuevas unidades y por lo tanto la oferta futura, genial en temas de evitar la degradación de su unidad, pero irrelevante para su precio. La teoría popular es: el halving reduce oferta de nuevos bitcoins → la oferta baja → precio sube → comienza un nuevo bull run. El problema es que así no funcionan los mercados financieros porque los mercados no leen los noticieros del día para tomar decisiones en cuanto a posicionamiento. Los mercados descuentan eventos futuros, y el halving hace mucho tiempo está descontado, porque es programado y transparente.

Desmitifiquemos los halvings pasados:

2017 bull run: Coincidió con crecimiento de liquidez global y modo risk-on (halving fue en el 2016).
2020–2021 bull run: Coincidió con estímulos masivos por covid (halving fue en el 2020). Lo que disparó el precio fue el tsunami de liquidez (baja de tasas, QE, estímulos fiscales y modo risk-on).
2024–2025: Si se repite el patrón, el halving puede ser un catalizador menor, pero la clave será si la Fed y otros bancos centrales y Gobiernos vuelven a expandir liquidez

La narrativa del halving es atractiva y simple, pero sobreestima la oferta reducida de Bitcoin y subestima la demanda dependiente de liquidez.

Bitcoin como Cobertura de la Inflación Monetaria

Bitcoin (y el oro) son coberturas contra la inflación monetaria, no necesariamente contra la inflación de precios al consumidor, ambos tipos de inflación son diferentes y la inflación monetaria no tiene forzosamente que significar alza en inflación de la economía real.

Bitcoin es aproximadamente entre 3-4 veces más sensible a cambios en la liquidez global que el oro. En términos simples, un aumento del 5% en la liquidez podría generar una subida moderada en el oro, pero podría impulsar a Bitcoin entre un 15% y 20%.

Esta alta sensibilidad explica por qué Bitcoin experimenta alzas más pronunciadas durante expansiones de liquidez, pero también es más vulnerable a caídas de liquidez en comparación con el oro. En el gráfico siguiente, un 10 significa que el activo normalmente se mueve un 10% por cada 10% de cambio en la liquidez (es decir, beta de 1.0).

$\"\"$

Figura 2. Sensibilidad al 10% de cambio en liquidez. Fuente: Crossborder Capital.

En resumen, Bitcoin no es simplemente otro activo de riesgo, es un termómetro ultrasensible de liquidez.

Conclusión

El precio de Bitcoin no está directamente afectado por las tasas de interés ni las cifras de inflación mensual (IPC): sigue la dirección de la liquidez global. En 2025, el impulso de liquidez que alimentó los rallies de 2023–2024 se está desacelerando. Los programas de expansión de balances de Bancos Centrales y el gasto deficitario por parte de Gobiernos de países desarrollados (y China) son un viento a favor de la liquidez. Estos programas pueden estabilizar los niveles de liquidez y ser un viento a favor del precio de Bitcoin.

Es por esto que constantemente repito (ante el disgusto de BTC maxis) que Bitcoin no escapa la ley de la gravedad. Mis hermanos/hermanas en Bitcoin, no se puede por un lado criticar el crecimiento de deuda global y por otro lado celebrar el precio de Bitcoin “a la luna”.

La próxima vez que celebre el precio de Bitcoin al alza, recuerde que detrás hay impresión de nuevo dinero (nueva deuda) por parte de múltiples entidades, entre estas Gobiernos y Bancos Centrales. En un mundo impulsado por la deuda, el crecimiento de la liquidez no es opcional, es una cuestión de supervivencia. Y esto es lo que hace a Bitcoin el caballo ganador.

Más información

Acerca del autor:

Para conocer más sobre Daniel Baeza (@dbaeza13 en X), compartimos enlaces de sus entrevistas:

¿Qué es el dinero y cómo se crea?

https://youtu.be/u5RdDvLsGdI?si=aUbZPc0DLKoOT_WD

El impacto de la liquidez sobre Bitcoin

https://youtu.be/LH8mPIyamNc?si=wMl-e0fNwurQXqxl

* Acerca de Michael Howell:

Michael Howell (@crossbordercap en X) es un reconocido economista y estratega financiero británico, fundador y director general de CrossBorder Capital (https://www.crossbordercapital.com/), una firma especializada en el análisis de liquidez global y flujos de capital.

Es ampliamente conocido por su tesis de que la liquidez global es el principal motor de los precios de los activos financieros. Su enfoque cuantitativo sobre los ciclos de liquidez ha ganado relevancia entre inversores institucionales, especialmente en contextos de crisis o expansión monetaria.

Howell también ha escrito el libro "Capital Wars", donde desarrolla su visión sobre cómo los flujos de liquidez moldean la economía global y los mercados.

","enableWebSigning","https://noosphere.hyper.media","origin","homeMetadata",{"_680":1656,"_682":1657,"_684":1658,"_1232":1652},"Noosphere","ipfs://bafybeih2nta25cyazlplglov74ddyrhuqzzciy7mplvaqac5ikhqgogj5q","ipfs://bafybeif47n2mio2nja5x6gyp3pltdpogdg4qbguhr5vxfzxkb5enxrgdzy","originHomeId",{"_702":1661,"_40":1662,"_672":1663,"_667":-5,"_704":-5,"_705":-5,"_706":-5,"_707":-5},"z6MkeeXibqWALS7hJ8ZQYLSuY62xo1LKYhm7d5i9soF2edx4","hm://z6MkeeXibqWALS7hJ8ZQYLSuY62xo1LKYhm7d5i9soF2edx4",[],"meta",{"_1666":1667,"_1825":1826},"values",{"_1668":1669,"_1671":1672,"_1673":1674,"_1675":1676,"_1678":1679,"_1680":1681,"_1682":1683,"_1685":1686,"_1687":1688,"_1689":1690,"_1691":1692,"_1693":1694,"_1695":1696,"_1697":1698,"_1699":1700,"_1701":1702,"_1703":1704,"_1705":1706,"_1707":1708,"_1709":1710,"_1711":1712,"_1713":1714,"_1715":1716,"_1717":1718,"_1719":1720,"_1721":1722,"_1723":1724,"_1725":1726,"_1727":1728,"_1729":1730,"_1731":1732,"_1733":1734,"_1735":1736,"_1737":1738,"_1739":1740,"_1741":1742,"_1743":1744,"_1745":1746,"_1747":1748,"_1749":1750,"_1751":1752,"_1753":1754,"_1755":1756,"_1757":1758,"_1759":1760,"_1761":1762,"_1763":1764,"_1765":1766,"_1767":1768,"_1769":1770,"_1771":1772,"_1773":1774,"_1775":1776,"_1777":1778,"_1779":1780,"_1781":1782,"_1783":1784,"_1785":1786,"_1787":1788,"_1789":1790,"_1791":1792,"_1793":1794,"_1795":1796,"_1797":1798,"_1799":1800,"_1801":1802,"_1803":1804,"_1805":1806,"_1807":1808,"_1809":1810,"_1811":1812,"_1813":1814,"_1815":1816,"_1817":1818,"_1819":1820,"_1821":1822,"_1823":1824},"document.generationInfo.generation",[1670],"bigint","dehydratedState.queries.0.state.data.document.generationInfo.generation",[1670],"dehydratedState.queries.1.state.data.document.generationInfo.generation",[1670],"dehydratedState.queries.1.queryKey.2",[1677],"undefined","dehydratedState.queries.2.state.data.0.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.0.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.0.sortTime",[1684],"Date","dehydratedState.queries.2.state.data.0.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.0.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.0.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.0.redirectInfo",[1677],"dehydratedState.queries.2.state.data.1.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.1.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.1.sortTime",[1684],"dehydratedState.queries.2.state.data.1.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.1.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.1.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.1.redirectInfo",[1677],"dehydratedState.queries.2.state.data.2.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.2.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.2.sortTime",[1684],"dehydratedState.queries.2.state.data.2.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.2.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.2.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.2.redirectInfo",[1677],"dehydratedState.queries.2.state.data.3.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.3.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.3.sortTime",[1684],"dehydratedState.queries.2.state.data.3.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.3.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.3.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.3.redirectInfo",[1677],"dehydratedState.queries.2.state.data.4.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.4.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.4.sortTime",[1684],"dehydratedState.queries.2.state.data.4.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.4.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.4.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.4.redirectInfo",[1677],"dehydratedState.queries.2.state.data.5.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.5.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.5.sortTime",[1684],"dehydratedState.queries.2.state.data.5.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.5.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.5.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.5.redirectInfo",[1677],"dehydratedState.queries.2.state.data.6.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.6.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.6.sortTime",[1684],"dehydratedState.queries.2.state.data.6.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.6.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.6.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.6.redirectInfo",[1677],"dehydratedState.queries.2.state.data.7.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.7.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.7.sortTime",[1684],"dehydratedState.queries.2.state.data.7.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.7.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.7.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.7.redirectInfo",[1677],"dehydratedState.queries.2.state.data.8.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.8.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.8.sortTime",[1684],"dehydratedState.queries.2.state.data.8.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.8.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.8.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.8.redirectInfo",[1677],"dehydratedState.queries.2.state.data.9.createTime.seconds",[1670],"dehydratedState.queries.2.state.data.9.updateTime.seconds",[1670],"dehydratedState.queries.2.state.data.9.sortTime",[1684],"dehydratedState.queries.2.state.data.9.activitySummary.latestCommentTime",[1677],"dehydratedState.queries.2.state.data.9.activitySummary.latestChangeTime.seconds",[1670],"dehydratedState.queries.2.state.data.9.generationInfo.generation",[1670],"dehydratedState.queries.2.state.data.9.redirectInfo",[1677],"dehydratedState.queries.5.state.data.document.generationInfo.generation",[1670],"dehydratedState.queries.5.queryKey.2",[1677],"dehydratedState.queries.6.state.data.metadata.summary",[1677],"referentialEqualities",{"_1668":1827,"_1673":1828,"_1680":1829,"_1695":1830,"_1709":1831,"_1723":1832,"_1737":1833,"_1751":1834,"_1765":1835,"_1779":1836,"_1793":1837,"_1807":1838},[1671],[1703,1717,1759,1773,1787,1801,1819],[1687],[1701],[1715],[1729],[1743],[1757],[1771],[1785],[1799],[1813],"actionData","errors"]