Bitcoin and the S&P 500 look weaker when adjusted for U.S. M2 money-supply growth

Traditional price charts can obscure how much asset gains reflect expanding liquidity rather than underlying performance. Looking at bitcoin and the S&P 500 after adjusting for U.S. M2 money-supply growth offers a weaker picture than their nominal prices suggest. On this money-supply-adjusted basis, the S&P 500 has only recently returned to its dot-com-era peak.