Bitcoin and the money supply.
Compare Bitcoin with broad money across the economies covered by this dataset. Two aligned charts keep both series readable in their own units, with one shared timeline. Inspect a month, adjust the range or switch to growth comparisons.
How this is measured ↓Loading the interactive view and its source dates…
What “global M2” means here
There is no single worldwide M2 series with identical definitions, publication dates and measurement rules. This chart combines only the economies listed in the interactive source panel. It is a major-economy aggregate, not a measurement of every country or every form of money. US M2 alone is not global M2.
M2 is a stock of selected money balances. It is not central-bank assets, fiscal spending, gross domestic product or a count of money newly invested in Bitcoin. The US and euro-area definitions, for example, include somewhat different categories of liquid deposits. The source panel states the actual components used.
Why convert each observation with its matching exchange rate?
An aggregate in US dollars can grow because local-currency money grows, because that currency strengthens against the dollar, or both. Using today’s exchange rate for every historical observation would rewrite the past. The dataset therefore uses period-matched conversion rates and retains only months shared by the covered M2 components.
The default shows M2 and Bitcoin in separate, aligned panes with independently scaled vertical axes. This keeps money supply visible without suggesting that one bitcoin is comparable in size to a trillion dollars. The date axis and crosshair are shared; height on one pane cannot be compared with height on the other. The M2 history can begin earlier than Bitcoin observations, and those missing Bitcoin months remain gaps.
The optional growth index rebases each available line to 100 at a common date. A move from 100 to 120 means a 20% increase since that date. Year-over-year change shows another perspective. Always read the mode, units, date range and coverage before interpreting similar shapes.
Publication lag is part of the data
M2 is generally published periodically, with a delay and possible revisions. The month measured and the date retrieved are different facts. A chart drawn at month-end does not mean the observation was available to a trader on that day. Historical comparisons here are descriptive, not publication-date-aware backtests.
The collector checks for new observations at a bounded interval. A delayed source keeps its last valid measurement and date; the chart does not manufacture a new M2 value when Bitcoin moves.
A useful way to read the comparison
Compare more than one starting date. A relationship that disappears when the window changes is fragile. Examine percentage changes as well as rising levels: two growing series may look correlated even when their month-to-month movements differ. Use the Bitcoin Thesis Lab ↗ to investigate a specific historical claim, including its counterexamples.
Source definitions and related research
The current scope is the United States, euro area and Canada. It excludes China, Japan and other economies, so this is not total world money supply. Federal Reserve: US M2, not seasonally adjusted ↗ · ECB: monetary aggregates and banking statistics ↗ · Bank of Canada: monetary aggregates ↗. The interactive panel identifies included components and matching conversion rates.