X @Michaël van de Poppe
Michaël van de Poppe·2025-12-12 18:58
Quite often, you'll hear people say:- Gold is too expensive.- #BItcoin is too expensive.- Nasdaq is too expensive.The prime reason for people claiming that is that they value the asset against the Dollar.That's not the right metric.I think valuing the asset against M2 Supply, Gold, or GDP makes way more sense.In this case, I've charted Gold vs. M2 Supply.Yes, it's at its highest level since 2008, but it's nowhere near the peak in 1980.Are we able to go there? Yes, for sure, we could.It's inevitably a bull r ...