Source: TradingView

In the above quarterly chart, I combined 5 items:

The gold price is in black bars on scale A. The Bitcoin price is in orange bars on scale B. The U.S. money supply indicator M2 (M2) is in histogram on scale C. The red line represents the U.S. real interest rate (RIR) on scale D. There is a 2-year correlation coefficient of Bitcoin to gold (blue) in the sub-chart.

Both prices of gold and Bitcoin were moving higher with the M2 which has shown the extensive work of the “printing press”. The impact of the pumped money supply can be seen clearly in the dynamics of the RIR, which has fallen in the deep negative zone.

Gold has peaked five quarters ahead of the M2 climax point. However, following the repeated attempt to retest the all-time high, the price has nearly reached it, and the top coincides with M2 as well as with the bottom of the RIR.

Bitcoin has hit…