Gold vs Bitcoin: Performance Metrics Through Money Supply Dynamics

Gold and Bitcoin Through the Lens of M2 Growth

Gold’s year-to-date gains of 38% in 2025 are impressive, but relative to the broad U.S. money supply, the metal has not reached new highs since 2011. Its peak against M2 occurred in 1980.

Bitcoin, by contrast, has repeatedly hit new highs relative to M2 during each bull cycle, including its recent record. This highlights the evolving nature of money and how new assets like bitcoin react differently to periods of rapid liquidity expansion.