Higher liquidity leads to more stable asset prices. It can also contribute to ensuring a steadily growing value of the asset class. On the other hand, low liquidity can lead to increased volatility and indirectly decrease its price. For example, if the liquidity for the assets in your portfolio drains, you will have to sell them at a lower price to minimize losses or keep them and hope their price soon starts representing their real value. Liquidity may or may not directly affect the asset's value in the short term but will indeed affect its price. If the liquidity retains its levels for the long-term, it might start affecting the asset’s value.