行星的一致性仍在继续。尽管美国希望积累“尽可能多的比特币”，但全球货币供应再次攀升。

提醒我们，中央银行可以通过提高利率来降低创造货币的速度，反之亦然。从长远来看，发达国家的M2货币供应每年增长7％。

The alignment of the planets continues. While the United States is keen on accumulating “as many bitcoins as possible”, the global money supply is climbing again.

行星的一致性仍在继续。尽管美国渴望积累“尽可能多的比特币”，但全球货币供应又又攀升了。

Bitcoin vs M2

比特币与M2

The correlation between Bitcoin and the global money supply (M2) has been a hot topic lately.

最近，比特币与全球货币供应（M2）之间的相关性最近一直是一个热门话题。

As a reminder, central banks can slow down the rate of money creation by raising interest rates and vice versa. In the long term, the M2 money supply of advanced countries grows by 7% per year.

提醒我们，中央银行可以通过提高利率来降低创造货币的速度，反之亦然。从长远来看，发达国家的M2货币供应每年增长7％。

In other words, if economic output remains stable, money loses 7% of its value each year. This results in a loss of 50% after ten years…

换句话说，如果经济产出保持稳定，金钱每年就会损失其价值的7％。这导致十年后损失50％…

Increasing the production of goods and services helps absorb the money creation. But without growth, wages cannot keep up with inflation, and savings lose purchasing power.

增加商品和服务的生产有助于吸收货币创造。但是，如果没有增长，工资就无法跟上通货膨胀，而储蓄将失去购买力。

This is the situation we find ourselves in due to the growing difficulties in extracting the essential energy for growth. Not to mention the government waste that doesn’t help. And given that inflation encourages trading savings for a desirable asset, M2 is a good leading indicator for the price of bitcoin.

由于越来越多地提取生长的基本能量，我们发现自己处于这种情况。更不用说政府浪费无济于事。而且，鉴于通货膨胀鼓励了对理想资产的交易节省，因此M2是比特币价格的良好领先指标。

This correlation is not perfect, but historically, an increase in the global money supply often leads to an influx of capital into desirable assets such as bitcoin, stocks, and commodities.

这种相关并不是完美的，但是从历史上看，全球货币供应的增加通常会导致资本涌入理想的资产，例如比特币，股票和商品。

The most desirable asset today is Bitcoin. For many reasons, perfectly articulated by Michael Saylor at the Digital Asset Summit in New York this week.

当今最理想的资产是比特币。由于许多原因，迈克尔·塞勒（Michael Saylor）在本周在纽约举行的数字资产峰会上完美阐述。

In short, the numbers show that Bitcoin tends to follow the evolution of the money supply with a lag of about 70 days. The M2 guy expects bitcoin to resume its forward march on March 25. Time will tell.

简而言之，数字表明，比特币倾向于遵循货币供应的演变，约有70天。 M2家伙希望比特币在3月25日恢复前进。

[The yellow curve represents the global M2 money supply. It is shifted 70 days to the right to suggest the direction bitcoin is about to take.]

[黄色曲线代表全球M2货币供应。它已转移了70天，以暗示比特币将要采取的方向。]

It Smells Like Fresh Ink

闻起来像新鲜墨水

It is true that the Fed is slowly lowering its rates out of fear of a resurgence of inflation due to customs tariffs. That said, the M2 money supply of the dollar is already up 4% compared to last year.

的确，由于担心因海关关税引起的通货膨胀率复兴，美联储正在慢慢降低其利率。也就是说，与去年相比，美元的M2货币供应已经上涨了4％。

This is the fastest rate of monetary expansion in 30 months. We are in the eleventh consecutive month of M2 increase (21.6 trillion dollars). We are a hair’s breadth away from the historical record set in April 2022.

这是30个月内货币扩张的最快率。我们连续第11个月增加了M2（21.6万亿美元）。与2022年4月的历史记录相比，我们是头发的宽度。

The global money supply has increased by 2 trillion dollars over the last two months. This is the equivalent of 102.6 trillion dollars in total:

在过去的两个月中，全球货币供应量增加了2万亿美元。这相当于总计102.6万亿美元：

Additionally, China, the world’s largest economy by purchasing power parity, is about to accelerate monetary printing!

此外，通过购买权力平价，中国是世界上最大的经济体，即将加速货币印刷！

Prime Minister Li Qiang announced this month a real GDP growth target of 5% for 2025. The inflation target is 2%, resulting in a nominal GDP growth target of 7%.

总理李·齐安（Li Qiang）本月宣布，2025年的实际GDP增长目标为5％。通货膨胀目标为2％，导致名义GDP增长目标为7％。

According to Fortune Magazine, these targets will require a 10% increase in the money supply, compared to 7% currently. Not to mention that inflation is down 0.7% year-on-year, which is well below the desired 2%.

根据《财富》杂志的报道，这些目标将需要增加10％的货币供应量，而目前则需要7％。更不用说通货膨胀率同比下降0.7％，远低于所需的2％。

This is why Beijing has recently raised its public deficit target from 3% to 4% of GDP for 2025. Some Chinese economists are even betting on 10%!

这就是为什么北京最近将其公共赤字目标从2025年提高了GDP的3％至4％。一些中国经济学家甚至押注10％！

This marks a break from the long-established convention, since 1999, that Beijing would strive to keep the deficit below 3%, as is generally required by the Maastricht Treaty of the European Union.

这标志着自1999年以来长期以来的公约的突破，即北京将努力将赤字保持在3％以下，这是《马斯特里赫特欧盟条约》所要求的。

Imminent Bull Run

迫在眉睫的公牛奔跑

The growth of the global money supply bodes well for bitcoin, as does the U.S. strategic reserve…

全球货币供应的增长对比特币来说很好，美国战略储备也一样……

Traders sold the news, but patience is key. Let’s not forget that the U.S. president’s decree charges the Treasury and Commerce departments with developing budget-neutral strategies to accumulate more BTC.

贸易商出售了这一消息，但耐心是关键。不要忘记，美国总统的法令指控财政部和商业部门制定了预算中性策略以积累更多的BTC。

The key phrase in the decree is “budget-neutral”, meaning that the operation will cost taxpayers nothing, and it also does not require Congressional approval… The U.S. government could, for instance, sell gold to buy bitcoins.

该法令中的关键短语是“预算中立”，这意味着该行动将不给纳税人付出任何代价，而且它也不需要国会批准……例如，美国政府可以出售黄金来购买比特币。

That said, a bill (Bitcoin Act) is already in the hands of senators, which could facilitate things. Cynthia Lummis did, however, reveal this week that she does not currently have a majority.

也就是说，一项法案（比特币法案）已经掌握在参议员的手中，这可以促进事情。然而，辛西娅·卢米斯（Cynthia Lummis）在本周透露，她目前没有多数席位。

Other senators, however, are confident. Such is the case with Tom Emmer, who believes that the bill allowing the purchase of 1 million BTC will be passed:

但是，其他参议员也有信心。汤姆·埃默（Tom Emmer）就是这种情况，他认为允许购买100万BTC的法案将通过：

Many nations are very interested in bitcoin as an international reserve currency. Notably, the United Arab Emirates and Russia, two BRICS member countries, are on board.

许多国家对比特币作为国际储备货币非常感兴趣。值得注意的是，阿拉伯联合酋长国和俄罗斯，两个金砖国家成员国都在船上。

The United States will certainly trigger a snowball effect, and many analysts see bitcoin reaching $400,000 in the coming months. Michael Saylor predicts it will surpass Google, Apple, and even gold within 48 months.

美国肯定会引发雪球效应，许多分析师在未来几个月内将比特币达到40万美元。迈克尔·塞勒（Michael Saylor）预测，它将在48个月内超越Google，Apple甚至黄金。

Don’t miss our article: The United States Will Erase Debt Thanks to Bitcoin.

不要错过我们的文章：感谢比特币，美国将消除债务。

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