Global Base Money Update #31 (2025 Q4). Here we are from end of last year, Dec-2025: 1⃣ Gold: $26.1T 2⃣ Chinese yuan: $5.7T 3⃣ US dollar: $5.4T 4⃣ EU euro: $5.1T 5⃣ Japanese yen: $3.8T 6⃣ Silver: $2.4T 7⃣ #Bitcoin: $1.8T

New chart. Unreal. What do you notice about the #Bitcoin power curve since end 2016, when the worldwide price of $BTC was only $1k? Hint: Focus on #2.

#Bitcoin is the 6th largest monetary asset in the world.

As it's yet again been one of those light news weeks for #Bitcoin, let's get down to brass tacks. Bitcoin is now the 6th... largest... currency in the world. ✊ It's 7th if you include gold. This is quarterly update #11.

It is official.🇬🇧 In February 2024 #Bitcoin's value surpassed the oldest fiat currency in the world: 💷Sterling monetary base: $1.1 trillion 🟠Bitcoin: $1.2 trillion There are now only four currencies larger than Bitcoin: $JPY, $CNY, $EUR, and $USD.

Monetary base UPDATE. The pound sterling balance at the Bank of England was £889 billion on 31-Jan-2023 (~$1.12 trillion). Right now #Bitcoin’s cap is $1.16 trillion. Let’s wait for the monthly close, but we are about to surpass the oldest fiat currency in the world.

This is the world's basic money, visualized. After only 15 years, there are four remaining central bank balance sheets larger than #Bitcoin.

Everyone fighting for freedom in #Ukraine is a hero.

#CBDC wonks: There are two main reasons why your monetary pipe dream of a panopticon won’t materialize anytime soon, if ever. Short 🧵

Population size versus Money growth nitter.app/i/broadcasts/1yoJMolQR…

#Bitcoin is nearly larger in value than any one nation's physical currency stock issued, ever. This chart is a monthly close. Bitcoin current market cap very close to June total of physical US notes and coin.

Pay attention to what’s happening in Belarus. If you’re under 30, this a reprise of the late 1980s, when the Soviet Union—the most colossal failure in socialism ever—peacefully dissolved. The people of BY are standing up. Their tyrant has held them down long enough. #жывебеларусь

So when will Bitcoin take over? nitter.app/i/broadcasts/1YqKDZRbz…

1/ Here is the @crypto_voices 2019 Q1 release on the global monetary base. This is the only comparable money supply with Bitcoin's 21 million. #Bitcoin is currently the 12th largest money in the world. To dig deeper on what it all means, follow on below. 👇This is installment #4.

1/ Very pleased to share a summer project: a comprehensive, supply-side view of the base money supply across the globe. What is base money? Gold? Fiat? Bitcoin?? Have some charts to share…

#Bitcoin is on track to pass yet another milestone this month: becoming #1 across all cash money. Central banks publish this data once a month. $BTC has never "closed" a month ahead of all US dollar notes and coins ever printed/minted. It could do so in October.

Q3 update on global monetary base. This is only money supply that compares with 21 million #bitcoin. We are at a very interesting point in the pricing of the #Bitcoin system. At current levels, it's about to move from mid-major, to 🚨major currency. This is quarterly update #14.

Monetary Base *update.* #Bitcoin vs. all other money in the world. Above $14k... #bitcoin has passed the Russian ruble, for the first time ever. Puts it in *top 9* among all fiat currencies, ranked at #11 if you include gold and silver above ground.

He was reading from a teleprompter the next day.

Another excellent interview from @CurtainSilicon. @Kasparov63 on how the West fails to deter dictatorships, and Putin succeeds in propping them up.

Been publishing it since 2018, interactive charts here. It’s also interesting that the price curve itself has been stable since 2016 (last column on the included table): porkopolis.io/thechart/

2024 Q1 update on global #basemoney. This is the only money supply that's economically & legally comparable with 21 million #Bitcoin. This money is 👉ultimate settlement.👈 #Bitcoin ranks #6 worldwide.🔥 Update #24, 6 years and counting. Now watch this video...

1/ Here is the @crypto_voices 2019 Q2 release on the global monetary base. This is the only comparable money supply with Bitcoin's 21 million. #Bitcoin is currently the 🔥11th largest money in the world. To dig deeper on what it all means, follow on below. This is installment #5.

Q2 update on global monetary base. Only money supply that compares with 21 million #bitcoin. Bitcoin remains the 6th largest money in the world. 7th if you include gold. Happy to report this research has reached it's 3rd year anniversary! 🥳This is quarterly update #13.

US money supply & debt; and Bitcoin nitter.app/i/broadcasts/1ZkJzYLkM…

Two years ago, we began publishing this quarterly on global money. How do gold, silver, and government fiat money compare with bitcoin's 21 million? One must compile a global "monetary base." #Bitcoin is the 🔥10th largest money in the world, ex-gold & silver. This is update #9.

Let's check on chain then... nitter.app/i/broadcasts/1lPKqvRVz…

New chart and it's a banger nitter.app/i/broadcasts/1djGXWjDw…

Time for the 2022 Q1 update on the Global monetary base. This is the only money supply that economically compares with bitcoins. Current price weakness drops #Bitcoin under the Swiss franc and silver vs. last quarter. This is quarterly update #16. 🧵

The money supply will grow. #Bitcoin will also grow. Choose your numéraire wisely.

Election day in US; to skip the politics and get straight to the money, here's our quarterly update. How do gold, silver, and government fiat money compare with bitcoin's 21 million? #Bitcoin is the 10th largest money in the world, ex-gold & silver. This is update #10.

Christ first read that as Thomas Sowell

1/ Here is the @crypto_voices 2019 Q3 release on the global monetary base. This is the only comparable money supply with Bitcoin's 21 million. #Bitcoin is currently the🔥11th largest money in the world. To dig deeper on what it all means, follow on below. This is installment #6👇

Did you know that the world's physical $cash #money supply grows 🤜7 times faster🤛 than the entire #population on the planet (the demand)? This is a 50 year trend... and it's not slowing down.

Time for the 2023 year-end review on global #basemoney. This is the only money supply that's economically, legally, and accounting-wise comparable with 21 million #Bitcoin. This money is 👉ultimate settlement.👈 Quarterly update #23... 🧵

50+ year visual on how large the basic money supply is across the world. Includes the start of #Bitcoin in 2009. More info from latest quarterly release here:

Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Korea's monetary base (2019 Q1 won value). This means Bitcoin's monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update.

Best trendline over 13+ years of #Bitcoin is a power regression. Here it is with percentile bands for perspective.

Here's a helpful list of questions @TuckerCarlson should ask #Putin (@KremlinRussia_E), but won't: 1. Why has the #ruble fallen 70% against the dollar since you’ve been in power in 2000? 2. Why did you steal Berezovsky, Gusinsky, and Patarkatsishvili’s privately-owned media holdings in 2001? 3. How happy were you in 2001 when Bush said he got a “sense of [your] soul,” after you gave him your Orthodox cross you “found” in your dacha fire? 4. Why did you throw @khodorkovsky_en and Lebedev in jail in 2003? 5. Why did you steal Yukos after throwing @khodorkovsky_en and Lebedev in jail in 2003? 6. Why did you start stealing for your $1.4 billion secret palace in 2003? 7. Why did you officially start referring to @Ukraine using the informal “na” in all state documents from 2004? 8. Why did you finance Yanukovych in 2004 and 2010, and why does he live in a Moscow penthouse to this day? 9. Why did you try to kill Yushchenko (wife of @KatyaYushchenko) in 2004? 10. Why did you deport @Billbrowder in 2005? 11. Why did you kill Politkovskaya in 2006? 12. Why did you kill Litvinenko in 2006? 13. What message were you sending to the United Kingdom by using polonium-210 on #British soil in 2006? 14. Why did you invalidate @Kasparov63's presidential campaign in 2007? 15. Why did you cyber-attack @EstonianGovt in 2007? 16. Why did you invade Sakartvelo in 2008? 17. Why did you kill Sergei Magnitsky in 2009? 18. Why did you ban the right of public assembly in 2012, and fully destroy it by 2014? 19. Why did you jail @nadyariot, @all_mary, and @Samutsevich for criticizing your weaponizing of the Orthodox Church in 2012? 20. Why did you force the “gay propaganda” laws in 2013? 21. Why did the Sochi Olympics (#SochiProblems) cost $55 billion in 2014, far surpassing any record to this day? 22. How scared were you of #Euromaidan in 2013-14? 23. Why did you incorporate Yanukovych’s Berkut into Russia in 2014? 24. Why did you violate Geneva and send little green men into #Crimea in 2014? 25. Why did you invade #Donbas in 2014? 26. Why did Igor Girkin smash the head and cut the stomach out of Donetsk politician Rybak in 2014? 27. Why did Igor Girkin shoot down #MH17 in 2014? 28. Why did you kill Boris Nemtsov in 2015? 29. Why did you try to kill @vkaramurza first in 2015, and again in 2017? 30. Why did you carpet bomb #Aleppo in 2016? 31. Why is #Russia banned from all sports for state-sponsored doping, and why did @wada_ama say the “scale of doping and deception is astounding” in 2016? 32. Why did you try to kill the #Skripals in 2018? 33. What message were you sending to the United Kingdom by using Novichok on #British soil in 2018? 34. Why did you try to kill @navalny in 2020? 35. Why did you throw @navalny in jail in 2021? 36. Why did you invade @Ukraine again in 2022, eight years after you invaded them the first time? 37. How scared were you when your chef started driving to Moscow for a coup in 2023? 38. Why did you invalidate #Duntsova’s campaign to run for president in 2023? 39. Why did you imprison all of @Navalny’s lawyers in 2023? 40. Why are #Russian apartment blocks freezing with ice from the inside-out in 2024? 41. Why have you displaced 15+ million #Ukrainians, and deported 20 thousand Ukrainian children for adoption, not to mention the countless rapes and murders, since your full-scale invasion began?

10/ We can't simply look at one or two nation states' base money supplies to gauge any kind of market depth. The sample must be global. We've done that here, tracking the top 30 floating currencies in the world. This is how the real global fiat base money supply looks since 1970.

2/ For 12 years the world's been trying to understand #Bitcoin, forget Bitcoin, legitimize Bitcoin, criticize Bitcoin, love Bitcoin, hate Bitcoin. Bitcoin is a protocol, it does what it does. But if you want to speak of its value as money, you gotta understand the monetary base.

What does "backing" really look like? nitter.app/i/broadcasts/1RDxlzkRW…

The #Baltics🇪🇪🇱🇻🇱🇹 led the breakup of the Soviet Union, then sprinted to join the @EU_Commission and @NATO in 2004. Now, their economy is 3 times✊ all other ex-Soviets combined, on a per capita basis. This is what #Ukraine🇺🇦 and #Georgia🇬🇪 have been striving for. Support them!

1/ Here is the @crypto_voices Q4 2018 update on the global monetary base. This is the only economically comparable money supply to bitcoin's. #Bitcoin is the *18th largest currency in the world*. To dig deeper in what it all means, follow on below. This is installment #3. 👇

1/ As #Bitcoin enters its 4th block reward era, here is the @crypto_voices 2020 Q1 update on the global monetary base. This is the only economically comparable money supply with #bitcoin's 21 million. #Bitcoin is the 10th largest money in the world, ex-gold & silver. Update #8.

Is MSTR turning into a power curve? nitter.app/i/broadcasts/1OyKALZpE…

16/ Still on gold, here's a chart you don't see everyday. It's central bank gold holdings vs. their monetary bases. For those that still view gold as a market money, then any fiat money central banks can print above their gold holdings is - by definition - seigniorage.

2022 Q3 update on the Global monetary base. Only money supply that economically compares with bitcoins. Current price levels keep #Bitcoin ranked #9 vs. fiat currencies, #11 if including gold & silver. This is quarterly update #18.

New Bitcoin valuation metric based on Power Trend nitter.app/i/broadcasts/1yNGaLmqg…

How does Japanese money supply look? nitter.app/i/broadcasts/1MYxNwVvA…

2023 Q1 update on global #basemoney. This is the only money supply that's economically, legally, and accounting-wise comparable with 21 million #Bitcoin. This money is 👉ultimate settlement.👈 Quarterly update #20. 5 full years 🎉of tracking this stuff... 🧵

Some weekend listening: mega #bitcoin episode with @adam3us. Econ, sound money, gold vs. bitcoin's properties, hashing algo upgrades, Schnorr & Taproot, privacy tradeoffs and more, we actually did two interviews this week, both available here now: soundcloud.com/cryptovoices/…

Was a wonderful chat with @MustStopMurad, yesterday, 9-January, on the 2-year anniversary of @crypto_voices/10-year of #Bitcoin client! 50 audio narrations & 58 episodes later, this one stacks up. Thanks to all our listeners and guests! 👏soundcloud.com/cryptovoices/… @fernandoulrich

No matter what you think of #Bitcoin on its birthday, understand that in 12 years it went from nothing, to the 7th most valuable "currency" in the world. This is truly remarkable.🌍 (Note you must use the Monetary Base as comparable money, everything else is simply a claim).

It seems likely that #Bitcoin will close February higher than #sterling #GBP, the oldest fiat currency in the world. Last month sterling was roughly ~$1.12 trillion. Right now Bitcoin's cap is $1.24 trillion equivalent. Remarkable.

DON'T SELL YOUR #BITCOIN. At least most of it. You can't understand #Bitcoin's systematic growth trends looking at gross (or total) returns. You need to look at *compound growth, or year-on-year growth,* to arrive at a number that is comparable with other systems. Say you found Bitcoin as it pumped 10x from about 1 penny to 10 cents in price in July 2010 after the famous Slashdot article. How to make sense of such an amazing return? If you held until today, your investment has grown 169% compounded per year. This is actually better than the power trendline baseline growth (158% per year). Either way, a win.

Q1 update on global monetary base. Only money supply that compares with 21 million #bitcoin. Bitcoin remains the 6th largest currency in the world. 7th if you include gold. This is quarterly update #12.

23/ And now we'll put them altogether - global fiat, "available" gold, "available" silver, and bitcoin - today. Without further commentary, note that the Bitcoin system is now the 6th largest money in the world, and the 7th largest money if gold included.

Such uneducated comments you must deal with sir. Literally only the autocratic Orban and Fico’s governments that buy Russian crude and support the dictator Putin. Thank you for speaking clearly and bravely and supporting NATO’s eastern flank congressman.

PSA to @tradingview, in my interview with @PrestonPysh I was reminded how difficult it is to keep all these money supplies consistent across nations, as many do indeed define them inconsistently. In this video, I was explaining how it is correct that you list the Japanese money supply as M0, but the United States money supply that was pulled up should be called "MB" or Monetary base, NOT M0, as TradingView is listing. In my opinion, you should use United States definitions, if you are going to pull these money supplies from various countries onto your platform: Physical currency: Cash issued by central bank This cash supply can be broken down into two sub-supplies: Vault cash: Cash stored in bank vaults M0: Cash outside bank vaults (in circulation) Then, if you want to rigorously display M1 as it traditionally is defined (and the US in 2020 changed this, but that is another story), then that traditional definition is here: M1 = M0 + Demand deposits. To summarize: Physical currency: Cash issued by central bank Monetary base: Physical currency + Bank reserves Vault cash: Physical currency stored in bank vaults M0: Physical currency outside bank vaults M1: M0 + Demand deposits And so on... More here: porkopolis.io/definitions/ And here: porkopolis.io/topmoney/

1 is how power regression has changed over time, from 2016 nearly matches solid black line with 9 more years of data; 2 is projected price on 4-Sep-2025 at any time in the past based on data at that time, from 2016 is accurate; 3 is projected price on 31-Dec-2025... tbd but steady around $600k for 9 yrs now.

Bitcoin Price-to-sale Ratio Update nitter.app/i/broadcasts/1lDxLzvVg…

1/ Below is a Q3 2018 update on the global monetary base, or base money. This is certainly not the M1 money supply. Not M2. Not M3. The distinction is important. What is base money? Is it #gold? Is it government fiat? #Bitcoin?? Have some charts to share. This is installment #2…

2022 Q2 update on the Global monetary base. Only money supply that economically compares with bitcoins. Current price keeps #Bitcoin ranked #8 vs. fiat currencies, #10 if including gold & silver. This is quarterly update #17. Four year anniversary of this reporting. 🎉

How do you think the neutral Poles felt after being carpet bombed by the Nazis starting 1 September 1939, and then invaded from the East 17 days later by the Nazis’ buddies in Treaty, the Soviets?

2/ #Bitcoin is on the cusp of surpassing the value of the British pound sterling - $GBP - the oldest fiat currency in the world. The Bank of England is the first "modern" central bank, and its pound sterling could be classified as a relatively "successful" fiat currency.

Here's @porkopolis_econ #155, starting a short new series, step-by-step through the #money supply of the United States. It's not that complicated, and there are important takeaways for the purchasing power of your dollar! First up it is M0... versus MB. They are different!

Did you know that #bitcoin's all-time power trendline is basically *the same* as of year end 2022, 2021, 2020, 2019, 2018, 2017, and even all the way back to cumulative year ending 2016's pricing data? Too volatile?

Good morning, going live with @_Checkmatey_ in about 30 mins. Lots to talk about, will be a good one.🌞

Really interesting, in-depth chat with @JScigala from @Vaultoro. We run the gamut on #Bitcoin, gold, account security, banking history, stablecoins, interest rates, geopolitics, and more. Available for a listen here now: soundcloud.com/cryptovoices/…

24/ And now we'll put them altogether - global fiat, "available" gold, "available" silver, and bitcoin - today. Without further commentary, note that the Bitcoin system is the 6th largest money in the world, and the 7th largest money if gold included.

Very flawed. No way Russia is even that high when 2 in 5 don’t have toilet. Free academic real estate for pontificators with these conversion factors.

15 years young into this new monetary epoch. Here we see how much #bitcoin can be bought over time with 100,000 local units of 10 different fiat currencies. Impressive work from Satoshi on down.🙏

3/ What follows isn't a lesson in stimulus or bailouts, whatever the world faces. It's an attempt at painting the monetary landscape around the globe. This is an exercise in perspective. The dollars, euros, and yen we're all familiar with, collectively, are worth $27 trillion.

1/ Below is the @crypto_voices 2019 Q4 release on the global monetary base. This is the economically comparable money supply with Bitcoin's 21 million. #Bitcoin is currently the 🔥9th largest money in the world, ex-gold & silver. For more, follow on below. This is installment #7.

#Bitcoin is analogous to historical commodity money like gold & silver. Recently $BTC overtook silver by all metrics, whether used in jewelry or industry. Next on the list for #Bitcoin is the gold in central bank vaults, valued around $3.1 trillion...

Consider this: #Bitcoin price is lower than all power trendlines you could draw, yet the *current trendline is not* at all-time low. Current trendline predicts $BTCUSD at $749k by 2030. #Bitcoin failing upward.🤗

6/ The first thing is everyone looking to value Bitcoin always jumps to the "narrow" or "broad" money supplies (M1/M2/M3). This is incorrect. The reason is those money supplies represent "claims" on something else. What is that something else? Answer: the base money supply.

Uplifting discussion with @TuurDemeester on his team's recently released report signaling #Bitcoin accumulation, plus lots of other good chat on money, econ, and finance. Come have a listen here now: soundcloud.com/cryptovoices/… @fernandoulrich

You guys are heroes Roman. Sadly NATO could have kicked the invaders out of UA in two weeks in 2022 but we were all weak and forgot what it meant to stand up for our friends, and freedom. The cost rises every day we ignore this further, as you say.

Surely @ggreenwald will reverse his long-standing, polymath claim that Putin’s invasion of Ukraine was just a “border dispute;” in fact, Putin has always wanted all of Ukraine, its sovereignty, its people. Surely, such a journalist would issue a correction to his analysis.

Wonderful chat with @TraceMayer, in-depth on paper gold, real #gold, paper bitcoin, real #bitcoin, and of course #ProofOfKeys, available here now: soundcloud.com/cryptovoices/… @fernandoulrich

5/ Gold & silver is base money of the past. Government fiat is base money today. It comprises both physical cash, *and* a digital cash component. Bitcoin may be base money of the future. Before we show the charts, it's important to clarify exactly what basic money is.

13/ Let's look again at the global base money supply curve since 1970, but this time see how the split shakes out between physical versus digital base money. Note how bank reserves (the digital printing press) drastically increased its overall % from the 2008 financial slide.

75/ More to come in the future. We are continuing to work on this topic. Any sats you might spare to contribute are very much appreciated, and will help keep up the research. Donations in $BTC may be made here: donations.cryptovoices.com/ /fin

Bitcoin versus the World nitter.app/i/broadcasts/1ypJdZoQy…

The long-term price trend of: #Silver is exponential, 51% R² #Gold is exponential, 77% R² #Bitcoin is power, 96% R² Simple as that. #S2F @Giovann35084111

2021 Q4 update on global monetary base. Only money supply that economically compares with #bitcoins. Lots of updates this quarter. New currencies. New info. New brand! This is quarterly update #15.

bingo

There is a lot of noise right now. Focus on signal, like #bitcoin in terms of gold ounces. Gold is at all-time highs, and it, like everything in finance, follows compounding, #exponential growth. Bitcoin is unique, it follows #power growth. What about bitcoin in terms of gold? Power. It means? The power of the Bitcoin power curve is unmatched, even in terms of the world's oldest safe-haven asset. We are at 1 sigma down territory now, and you still get over 22 ounces of gold per one bitcoin. 1 ounce of gold per bitcoin has long since passed, the parity of which we saw in March 2017. No matter what @PeterSchiff tells you, #Bitcoin is on a trend more powerful than you can imagine.

7/ Fiat base money today includes both physical (notes & coins) and digital (bank reserves at the central bank) components. Think of the digital part as the "account" each bank holds with its central bank. This & only this money supply compares economically with 21 million BTC.

8/ Why? Because that is the end of the line. It's *final*…settlement, in either system. There's no deeper level you can go to in the financial monetary system than the monetary base, and there's no deeper level you can go to in the Bitcoin system than on-chain bitcoins.

Trend is your friend... nitter.app/i/broadcasts/1yoKMooky…

If you actually want a free, open, transparent, permissionless and immutable base money—that’s digital 😱—just buy #Bitcoin. Otherwise, use 💵.

Periodic reminder for Westerners: You have every, logical right to be disillusioned with the current state of your governments or media. But please, please #StandWithUkraine in this moment and provide any assistance possible, they are fighting a tyrant!!! ✊🇺🇦

49/ These final graphics show how Bitcoin's supply (US$ equivalent) compares with all other monetary bases, past and present. We have been very pleased that some of #CryptoTwitter has been referring to this as the #RealBitcoinDominanceIndex.

4/ As many know, the response from governments worldwide to Covid-19 has been drastic, so expect big moves in the data.