# Bitcoin and gold vs the money supply | PIER20 benchmarks Have Bitcoin and gold appreciated faster than the dollar money supply has grown? The Bitcoin and gold vs M2 benchmark compares the US dollar prices of Bitcoin (BTC-USD) and gold (GLD) with the US M2 money supply published by the Federal Reserve. An asset line above M2 means that asset has outpaced money-supply growth; below M2 means it has lagged. The chart isolates Bitcoin and gold's real, money-supply-adjusted returns over a shared window. As of **June 2026**, the Bitcoin (USD) line stands at **15472.5**, the Gold (GLD) line at **326.6** and the M2 money supply line at **201.0** (all base = 100 at the shared start). The Bitcoin (USD) line is down 40.5% over the past year and above its long-run median of 2890.5. ## Summary statistics (full history) | Series | First | Latest | Min | Max | |---|---|---|---|---| | Bitcoin (USD) | 100.0 | 15472.5 | 57.4 | 28332.1 | | Gold (GLD) | 100.0 | 326.6 | 86.0 | 388.3 | | M2 money supply | 100.0 | 201.0 | 100.0 | 201.0 | ## Last 24 readings | Date | Bitcoin (USD) | Gold (GLD) | M2 money supply | |---|---|---|---| | Jul 2024 | 15424.2 | 186.4 | 183.1 | | Aug 2024 | 14716.1 | 192.2 | 183.9 | | Sep 2024 | 14823.5 | 200.1 | 184.7 | | Oct 2024 | 16105.1 | 209.2 | 185.2 | | Nov 2024 | 21260.9 | 205.9 | 186.2 | | Dec 2024 | 24125.0 | 204.9 | 186.5 | | Jan 2025 | 24557.3 | 210.7 | 187.0 | | Feb 2025 | 23402.5 | 224.7 | 187.6 | | Mar 2025 | 20893.8 | 231.7 | 188.2 | | Apr 2025 | 21230.7 | 249.8 | 189.0 | | May 2025 | 25454.1 | 254.8 | 189.5 | | Jun 2025 | 25989.6 | 259.9 | 190.5 | | Jul 2025 | 28332.1 | 258.9 | 191.2 | | Aug 2025 | 28202.3 | 261.0 | 191.8 | | Sep 2025 | 27794.2 | 284.9 | 192.5 | | Oct 2025 | 28018.3 | 314.0 | 193.1 | | Nov 2025 | 23643.4 | 316.0 | 193.4 | | Dec 2025 | 21839.5 | 333.5 | 194.0 | | Jan 2026 | 22217.0 | 367.5 | 194.6 | | Feb 2026 | 16902.2 | 388.3 | 196.3 | | Mar 2026 | 17063.2 | 375.3 | 196.8 | | Apr 2026 | 18109.8 | 364.9 | 197.9 | | May 2026 | 19150.1 | 354.4 | 200.1 | | Jun 2026 | 15472.5 | 326.6 | 201.0 | ## How to read this benchmark **What the three lines show together.** M2 is the slow-moving benchmark for the purchasing power of each dollar. The Bitcoin and gold lines, rebased to 100 at the shared start, sit above or below M2 depending on whether each asset has beaten money-supply growth over the window. The vertical gap between an asset line and the M2 line is that asset's real, money-supply-adjusted return; the gap between the Bitcoin and gold lines is Bitcoin's outperformance of gold. **Why compare stores of value to M2.** Bitcoin and gold are both widely described as stores of value, so scaling each by the money stock asks the same question of both: has the asset preserved or grown purchasing power relative to the dollars being created? M2, the Federal Reserve's broad money measure, is the natural denominator because it tracks the total pool of dollars against which a store of value is measured. **Limitations.** Bitcoin is a single digital asset; GLD is an ETF that tracks spot gold less its expense ratio, not the metal itself. Both are priced in dollars on global markets, while M2 is a domestic money aggregate, so the comparison crosses market and monetary regimes. The shared window begins in September 2014, when daily Bitcoin data becomes reliable, which excludes gold's full multi-decade history. Treat the chart as context for relative money-supply-adjusted returns, not investment advice. **Historical extremes.** On the rebased scale (100 at the September 2014 start), Bitcoin peaked near 28,332 in July 2025 and bottomed around 57 in September 2015. Gold peaked near 388 in February 2026 and bottomed around 86 in December 2015, the only month it traded below its starting level relative to M2. The M2 line has roughly doubled over the same window. Bitcoin's money-supply-adjusted return has dwarfed gold's by roughly two orders of magnitude at the highs, but with far larger drawdowns. ## How this benchmark is used **The 'digital gold vs physical gold' debate.** The long-running argument over whether Bitcoin displaces gold as a store of value is tested directly by this three-line chart. Over the shared window Bitcoin has delivered a money-supply-adjusted return roughly two orders of magnitude larger than gold's, but with drawdowns an order of magnitude deeper. Allocators weighing the two assets use that gap as the risk-return trade-off in numerical form. **Debasement-hedge portfolio construction.** Portfolios built explicitly to hedge fiat debasement typically combine a monetary metal (gold) with a fixed-supply digital asset (Bitcoin), and this ratio is the benchmark for how much each leg has delivered against the money stock it is meant to hedge. The chart is the answer to 'how much monetary hedging did each asset provide'. **Volatility-regime comparison.** Because the M2 line moves slowly, the spread between it and each asset line is a clean measure of each asset's money-supply-adjusted volatility. Gold's line moves in comparatively tight ranges while Bitcoin's swings by orders of magnitude, which is the data allocators cite when sizing position weights between the two in a portfolio. ## Frequently asked questions **What is the current bitcoin and gold vs the money supply?** As of June 2026, the Bitcoin (USD) line stands at 15472.5, the Gold (GLD) line at 326.6 and the M2 money supply line at 201.0 (all base = 100 at the shared start). The Bitcoin (USD) line is down 40.5% over the past year and above its long-run median of 2890.5. **How often is this benchmark updated?** This benchmark is built on monthly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file. **What data sources does this chart use?** The chart is built from Bitcoin (USD), Gold (GLD) and M2 money supply, sourced from the Federal Reserve Economic Data (FRED) service and Yahoo Finance. **Which has beaten money-supply growth more, Bitcoin or gold?** Bitcoin, by a wide margin. Since September 2014 the Bitcoin line has climbed to roughly 28,332 on the rebased scale (peaking in July 2025) while the gold line has reached roughly 388 (peaking in February 2026), against an M2 line near 200. Bitcoin's money-supply-adjusted return has been roughly two orders of magnitude larger than gold's, but with far larger drawdowns. **What is the highest and lowest each line has reached?** On the rebased scale (100 at September 2014), Bitcoin peaked near 28,332 in July 2025 and bottomed near 57 in September 2015. Gold peaked near 388 in February 2026 and bottomed near 86 in December 2015. The M2 line has risen monotonically to roughly 200. **Why is GLD used instead of spot gold?** GLD (SPDR Gold Shares) is a liquid, publicly quoted ETF that tracks the spot gold price less a small expense ratio, and it shares the Yahoo Finance daily price pipeline used for the other asset lines. It is a proxy for spot gold rather than the metal itself: holders of physical gold avoid the expense ratio but bear storage and transaction costs. The benchmark tracks gold's market level, not a claim on bullion. **Why compare Bitcoin and gold to M2 instead of inflation?** CPI measures consumer prices; M2 measures the money stock itself. Bitcoin and gold vs CPI show purchasing-power preservation; Bitcoin and gold vs M2 show whether each asset has outpaced the creation of dollars themselves, which is the stricter test for a store of value. PIER20 publishes both perspectives across the liquidity cluster. ## Methodology - Formula: Index BTC-USD and GLD (both monthly avg) and M2SL to 100 at the shared start - Frequency: Monthly - Sources: Bitcoin (USD) (BTC-USD) https://finance.yahoo.com/quote/BTC-USD; Gold (GLD) https://finance.yahoo.com/quote/GLD; M2 money supply (M2SL) https://fred.stlouisfed.org/series/M2SL. Data via the Federal Reserve Economic Data (FRED) service and Yahoo Finance. - Data through: June 2026 - Last refreshed: 11 Aug 2026 ## Related benchmarks - [Total US stock market vs M2 money supply](https://pier20.com/benchmarks/total-equity-vs-m2) - [Bitcoin vs M2 money supply](https://pier20.com/benchmarks/bitcoin-vs-m2) - [Gold price vs US federal debt](https://pier20.com/benchmarks/gold-vs-debt) - [Nonfinancial corporate equity / M2](https://pier20.com/benchmarks/us-corporate-equity-to-m2) Full interactive chart: https://pier20.com/benchmarks/bitcoin-vs-gold-m2 Disclaimer: research software output, not investment advice.