Bitcoin could be on track for another massive bull run — potentially hitting the $500,000 mark — if history repeats itself with the surge in global M2 money supply.
According to Jesse Myers, co-founder of Onramp Bitcoin, the world is witnessing the sharpest increase in global M2 since the pandemic-era stimulus wave. In a post shared Tuesday on X, Myers highlighted that global M2 has jumped from around $129 trillion to $137 trillion in just six months.
“The money printer hasn’t run this hot since COVID,” Myers said. “Gold has already reacted — Bitcoin is lagging, just like it did in 2020.”
A Deja Vu Moment for Bitcoin?
M2 — which tracks the total supply of liquid money — has historically moved ahead of Bitcoin price surges. Back in 2020, when the money supply ballooned by 21% by year’s end, Bitcoin followed with an explosive 6x rally between Q4 2020 and Q1 2021.
So far in 2025, the increase stands at roughly 6.2%, leaving plenty of room for further expansion. If the same pattern unfolds, Myers suggests Bitcoin could easily multiply several times over the next year and a half — theoretically pushing it past $500,000 by 2026.
Recent data from Barchart shows that U.S. M2 alone has climbed to a record high above $22 trillion — underscoring how much liquidity continues to flood into the system.
“Launch Sequence Engaged” for BTC?
Macro investor Lawrence Lepard responded to Myers’ data, calling M2 growth the “real measure of inflation.” He argued that while central banks still talk about hitting a 2% inflation target, the actual expansion of the money supply tells a different story — one that’s far more bullish for scarce assets like Bitcoin.
12% annualized growth rate in global M2. far cry from the Fed's 2% target and they haven't really even turned on the printer yet. Bitcoin launch coming. Wait for it….. https://t.co/nfosCEG505
— Lawrence Lepard, "fix the money, fix the world" (@LawrenceLepard) October 21, 2025
With expectations of rate cuts gaining traction for 2025 — possibly starting as soon as the Fed’s upcoming October meeting — the setup for another liquidity-driven bull cycle might already be in motion.
If Bitcoin once again mirrors its pandemic-era playbook, a sixfold price surge could turn what seems like an ambitious $500,000 target into a realistic milestone within the next 18 months.
