U.S. Treasury Action to Blame for Bitcoin’s Break From Global M2, Raoul Pal Says

In a recent statement, Raoul Pal attributed the divergence of Bitcoin from the global M2 money supply to the actions taken by the U.S. Treasury. He suggested that the policy decisions and fiscal measures implemented by the Treasury have played a significant role in influencing Bitcoin's behavior and its movement away from traditional monetary indicators, such as the global M2, which encompasses all the money supply within an economy. Pal's analysis implies that these Treasury actions have created a distinct separation between Bitcoin and conventional monetary trends, reflecting broader shifts in financial markets and the ongoing evolution of digital assets. source: https://www.coindesk.com/markets/2025/09/25/u-s-treasury-action-to-blame-for-bitcoin-s-break-from-global-m2-raoul-pal-says