Forget the price charts. Here's how bitcoin and S&P 500 look like when adjusted for the money printer
This article analyzes Bitcoin and the S&P 500 by adjusting their market performance against the U.S. M2 money supply. It suggests that Bitcoin's traditional edge over monetary debasement may be weakening, while equities appear less overextended than nominal prices imply.
Why it matters
Understanding asset performance relative to money supply provides a clearer picture of market health and inflation-adjusted growth for investors.
To the casual observer, the markets look like business as usual. While bitcoin has nearly halved to $66,000 since its $126,000 peak in October of last year, the decline could be dismissed as just another brutal, quadrennial crypto bear market. Meanwhile, the S&P 500 continues to hover near record highs.
The analysis relies on financial metrics and technical patterns rather than political or ideological framing.
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