The global money supply reached a new historical record in December 2025, strengthening a context of liquidity that historically supported tangible assets. Gold reacted accordingly, continuing its upward trajectory despite brutal but brief corrections. However, Bitcoin, often referred to as “digital gold,” experienced a more chaotic price evolution.
The double identity of Bitcoin weighs on its price
Global liquidity continues to grow at a sustained pace. According to Kobeissi Letter, the global money supply reached a record of 144,000 trillion dollars in December 2025. Over a year, this represents an increase of 13.6 trillion dollars, or 10.4%.
The value in December marks the third consecutive month of accelerated growth.
“If the global money supply reaches a historical peak, classical expectations would be as follows: More liquidity equals higher prices for tangible assets. Jurrien Timmer, global Macro director at Fidelity, pointed out that gold behaves in line with this scenario, unlike Bitcoin.
Timmer explained that the reason for this discrepancy is simple. According to him, gold is only one thing, namely “hard money”. Bitcoin, on the other hand, has a dual identity: a potential hard currency on one side, and a speculative asset on the other.
He noted that periods characterized by both liquidity expansion and strong speculative appetite historically strengthened bullish conditions. This often led to powerful bull markets. However, the dynamics also work in reverse.
“Currently, we have strong liquidity growth but a bearish market on speculation. Result: Bitcoin stagnates while gold and money supply start a rally,” he observed.
For now, the gap between gold and Bitcoin shows that the mere increase in liquidity does not guarantee the performance of the crypto when speculative appetite contracts. Thus, whether Bitcoin regains a correlation with the global liquidity will likely depend on the return of speculative interest to the crypto market, which remains uncertain as February 2026 comes to an end.
The moral of the story: Trying too hard to compare Bitcoin makes us forget what it really is.
