M2 Money Supply vs Bitcoin
The M2 money supply divided by the price of bitcoin, rebased to 100. A falling line means bitcoin's price is rising faster than the money stock is growing; a rising line means money growth is outpacing bitcoin.
1.2
index, 2014-09-01 = 100
M2 money supply vs bitcoin — latest reading: 1.2 (index, rebased to 100 at 2014-09-01). As of July 2026, it is up 94.3% over the past 12 months and down 98.8% since 2014-09-01.
Min
0.6
Max
182.3
Current
1.2
Total change
-98.8%
M2 Money Supply vs Bitcoin — 143 months, rebased to 100 at 2014-09-01. A rising line means the first series is outperforming the second. Source: MacroRadar total-return and FRED data. Red shading indicates NBER recession periods.
Macro Regime Context
The market regime is currently neutral (60% confidence).
See what this means across all four regime dimensions →What this means
The M2 money supply divided by the price of bitcoin, rebased to 100. A falling line means bitcoin's price is rising faster than the money stock is growing; a rising line means money growth is outpacing bitcoin.
Since 2014-09-01, this ratio has moved -98.8% on a rebased basis (100 → 1.2). MacroRadar presents this as a historical indicator, not investment advice.
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Frequently Asked Questions
What does M2 versus bitcoin show?
It compares the growth of the M2 money supply to bitcoin's price, rebased to a common starting point. When the line falls, bitcoin is outpacing the growth of the money stock; when it rises, the money stock is growing faster than bitcoin's price.
Does M2 growth drive bitcoin's price?
That claim is popular in crypto commentary, but the historical record is loose. Bitcoin rallied through 2017 with steady M2 growth, surged alongside the 2020-21 M2 expansion, and fell sharply in 2022 while M2 was still near record levels. The chart shows the relationship over time; it does not assert causation and past co-movement is not predictive.
Why compare an asset price to the money supply?
Deflating an asset by M2 is one way to ask whether its rise reflects more than the general expansion of money. It is a descriptive lens, with real limits: bitcoin's price is set globally while M2 measures US money, and the series behave very differently in scale and volatility.
How far back does this chart go?
Bitcoin price history here starts in 2014, so the comparison covers roughly a decade — two full bitcoin cycles but only one major M2 expansion (2020-21). That short overlap is a real limitation when reading any pattern in this chart.