Thanks! This is a great explanation. I imagine expending it from M1 to also include other major countries' money supply would be a good next step in the analysis.

Curious if you could recommend any good read on BTC upside potential given this framework -- for example, right now the M1:BTC ratio is 1:30, but what factors/behaviours would dictate that ratio to change? or is the idea that the ratio keeps constant with more inflation and thus pushes BTC higher?