M1 / M2 Money Supply

M1 is money you can spend now (currency + checking); M2 adds savings and money-market funds. The log scale shows six decades of monetary expansion — including the unprecedented 2020 vertical, when M2 grew ~25% in a year.

Bitcoin's entire pitch is legible against this backdrop: a fixed-supply asset priced in an expanding unit. The 2022–2023 stretch was the first meaningful M2 *contraction* since the 1940s — precisely the crypto bear — before growth resumed.