On today's episode of On the Margin, Will Clemente and Dylan LeClair join Mike to discuss Bitcoin's 2023 outlook. Bitcoin is a liquidity gauge, and the markets are drying up. We explore what we expect from macro, how the Fed will respond and what this means for crypto, bonds and currency markets. Will and Dylan then explain Bitcoin's correlation to macro, why Bitcoin has "failed" to be an inflation hedge and their (bullish) investment thesis. Finally, we close with a conversation on Bitcoin miners, Silvergate/Genesis and projections for crypto in 2023! -- Follow Will: https://twitter.com/WClementeIII Follow: Dylan https://twitter.com/DylanLeClair_ Follow Mike: https://twitter.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Use code MARGIN10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Referenced In The Show: Reflexivity Research's 2022/2023 Report https://drive.google.com/file/d/1ET__oUi5LeoKBxX2pBZu0FL9AaQ9B56R/view Reflexivity Research https://www.reflexivityresearch.com/ Bitcoin Magazine https://bitcoinmagazine.com/ Felix on Forward Guidance https://bit.ly/3Zx0CAj -- Timestamps: (00:00) Introduction (00:51) The 2022 Leverage Unwind (05:06) Tailwinds or Headwinds on the Horizon? (12:09) How Japan Could Trigger a Black Swan Event (14:31) Currency Markets vs Bond Markets (17:47) It’s All a Liquidity Game (22:59) The Macro and Crypto Correlation (32:44) Permissionless Ad (33:28) Bitcoin’s Inflation Hedge Narrative (41:40) Bitcoin Miner Dynamics (52:38) Silvergate and Genesis (1:00:57) Crypto’s 2023 Outlook -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.