Bitcoin and stocks look like zombies when priced in money supply

Stop staring at the green candles and look at the M2 money supply instead. While Bitcoin and the S&P 500 look like they're mooning on standard charts, they've actually been moving sideways for years when you adjust for central bank liquidity. This isn't a bull market; it's a currency debasement hedge. Since the 2020 printing spree, Bitcoin's purchasing power relative to the expanding dollar supply hasn't reclaimed its 2017 peak. This suggests the 'gains' investors celebrate are mostly just the dollar losing its weight. When you strip away the trillion-dollar injections from the Federal Reserve, the underlying growth of these risk assets looks surprisingly flat. It’s a sobering reality for anyone who thinks they're beating the system. Are we actually seeing true price discovery, or are we just watching the denominator shrink in real-time?