Keeping Up
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The proliferation of discourse supporting Bitcoin’s monetary significance often involves challenging the traditional concept of money, which can be defined by M2 — a measure of money supply that includes cash, checking deposits, and “near money”. Being sucked into a vortex of public health crisis and economic downturn has seen M2 money supply rise by 25% in the last year. How are risky assets keeping up with such an alarming rate of debasement? By plotting the ratio of the normalized value of Bitcoin to that of M2, it is not difficult to see that Bitcoin is outperforming M2 tenfold at least, except for the March liquidity crunch in 2020.