Global Money Supply Hits Record High: Why Gold Is Rallying but Bitcoin Is Not
Global money supply reached a record high, supporting gold's rally while Bitcoin lags due to its dual identity as a speculative asset.Summary
Global broad money supply hit a record $144 trillion in December 2025, marking a 10.4% year-over-year increase and reinforcing liquidity supportive of hard assets. Gold has responded by continuing its upward trajectory, showing resilience typical of a bull market. However, Bitcoin, often called "digital gold," has experienced choppier price action. According to Jurrien Timmer, Director of Global Macro at Fidelity, this divergence stems from Bitcoin's dual identity: it functions both as a potential hard currency and a speculative asset. While ample liquidity growth supports both, a current bear market in speculation overrides the liquidity tailwind for Bitcoin, causing it to languish while gold rallies in lockstep with the money supply. For Bitcoin to realign with liquidity, speculative interest in crypto markets must return.
(Source：BeInCrypto)