Forget the price charts. Here’s how bitcoin and S&P 500 look like when adjusted for the money printer
Valuations shaped by M2 money supply growth paint reveal concerning trends for risk assets.
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Summary
- Adjusting asset prices for growth in the U.S. M2 money supply reveals a weaker picture for both bitcoin and the S&P 500 than their nominal levels suggest.
- On a money-supply-adjusted basis, the S&P 500 has only recently returned to its dot-com-era peak.
