Adjusted for the Money Printer, Bitcoin and Stocks Look Less Triumphant

Measured against money-supply growth rather than nominal price, risk assets show a more concerning picture, even as on-chain signals point to a long period of price stabilization.

A first-principles way to read asset prices is to adjust them for growth in the money supply rather than accept nominal levels without adjustment. CoinDesk applied that approach, showing that valuations measured against M2 money-supply grow…