Does M2 Lead Bitcoin or Gold?
March 24, 2025 • Posted in Currency Trading, Economic Indicators, Gold
Does the M2 measure of money supply reliably drive bitcoin and/or gold prices at a monthly horizon? To investigate we relate monthly change in M2 to future monthly bitcoin and SPDR Gold Shares (GLD) returns. Using monthly data for M2, bitcoin and GLD from September 2014 (inception of bitcoin price series) through February 2025, we find that:
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