DON’T BE FOOLED
We are still a 2x away from all-time highs.
Technically, Bitcoin did hit a new all-time high in March, reaching ~$74,000.
However, if you change the way we look at Bitcoin, we haven’t even got close.
Instead of using the US dollar as a denominator to value Bitcoin, if we use the M3 money supply, a completely different picture emerges:
If you are unsure what the M3 money supply is, an easy way to think about it is all money in circulation.
Essentially, because so many dollars have been printed since the last Bitcoin ATH, dollars in 2024 now worth significantly less.
When you adjust for how much money has been printed, Bitcoin still hasn’t hit an all time high.
It hasn’t.
Not even close.
We’ve only just begun.