
The ratio in the chart above divides the price of Bitcoin by the US M2 Money Supply. When the ratio rises, bitcoin is outpacing the growth of the US money supply.
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This chart gives a different view of the data from the chart above, comparing the price movements of Bitcoin and the US M2 Money Supply over time.

The chart above displays the 1-year rolling correlation coefficient between the price of Bitcoin and the US M2 Money Supply. A correlation coefficient of +1 indicates a perfect positive correlation, meaning that the price of Bitcoin and the US M2 Money Supply moved in the same direction during the specified time window. Conversely, a correlation coefficient of -1 indicates that they moved in opposite directions.
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