The Nasdaq is already worth more than all the money in the economy

In the second quarter of 2025, the market capitalization of the Nasdaq reached 145% of the M2 money supply in the United States. In other words: the entire index is valued higher than all the 'real money' in circulation in the economy. Even the internet bubble of 2000 seems modest by comparison.

What this means in simple terms: the market hasn't grown because there is more money, but because stock prices have overheated. And everything relies almost exclusively on seven giants: Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet, and Tesla.

History suggests that such peaks have always been followed by painful corrections. Every time the Nasdaq has strayed this far from the monetary base, it has subsequently fallen: -80% in 2000, -50% in 2008.

Now, let's talk crypto. If a technological collapse begins, it will hit all risky assets: stock indices, venture capital, and altcoins.