Winklevoss Calls $22.7 Trillion M2 Spike Bitcoin's 'Advertising Budget'

The U.S. M2 money supply just hit a record $22.7 trillion, and Tyler Winklevoss has thoughts. Actually, Tyler has a whole thread. Probably a podcast episode too. The man treats macroeconomic data like it's a personal newsletter he just can't wait to share.

The Gemini co-founder took to X to share his take on the macroeconomic milestone: "Wow. Quite an advertising budget for Bitcoin." And honestly? He's not wrong. When the government literally prints enough money to buy every Lambo on Earth twice, it kind of makes BTC's "sound money" pitch write itself.

M2 is a broad measure of the money supply that includes cash, checking deposits, and related assets. When the Fed expands M2, it effectively dilutes the purchasing power of dollars already in circulation. Bitcoin, meanwhile, has a hard-coded maximum supply of 21 million coins that can never be changed. It's the financial equivalent of your buddy who refuses to split the bill fairly—except in this case, the inflexibility is actually the feature, not the bug.

Every time the government prints trillions in new dollars, it arguably "advertises" the case for a fixed-supply asset amid growing inflation concerns. The Fed basically runs the world's most expensive marketing campaign for Bitcoin, except they don't even know they're doing it. No agency fees, no middleman, just good old-fashioned currency debasement doing the heavy lifting.

The correlation between global M2 and Bitcoin's price is well-documented. Bitcoin acts as a highly sensitive liquidity sponge, with its price movements tracking almost exactly with the ebb and flow of global fiat liquidity. This time around, BTC might play "catch-up" to gold's performance relative to fiat expansion. Last year, Jurrien Timmer, Director of Global Macro at Fidelity Investments, shared a chart mapping Nominal M2 against both Gold and Bitcoin across a massive historical timeframe. The data showed a linear correlation between M2 and gold, but a power curve between M2and Bitcoin—different players on the same team. Gold's the reliable veteran who shows up to every game. Bitcoin's the chaotic rookie who's somehow scoring more points despite breaking all the rules. Same league, very different vibes.