I have recently been re-understanding the relationship between BTC and the Nasdaq 100.

In the past, I would simply think:
Buying BTC is essentially buying: excessive money supply, inflation, and money becoming less valuable.
Buying the Nasdaq 100 is essentially buying: human technological progress, productivity improvement, and the continuous creation of value by the strongest tech companies.
But later I found that the long-term rise of these two assets may have a deeper common root:
The continuous expansion of M2
That is, the total nominal money supply of society has been growing.
Sovereign nations print money long-term, credit systems keep expanding, and more money circulates in society. The question is, where do these newly created funds ultimately flow?
(Figure: Cited from global broad money, from 2000 to 2025, global broad money increased from 26 trillion to 142 trillion USD, with an average annual growth of about 7%)
They do not flow evenly into all assets.
They flow into the most scarce, most consensus-driven, most liquid, and assets capable of supporting large capital flows.
This is the similarity underlying BTC and the Nasdaq 100.
BTC captures: the demand for hard assets, scarce assets, and non-sovereign assets as fiat currencies become increasingly soft.
It is not just a simple "inflation hedge," but also a container for hard money.
As M2 grows larger and fiat currency purchasing power is diluted, BTC’s total supply cap remains at only 21 million coins.
Therefore, the long-term logic of BTC = M2 expansion × increased consensus + increased global allocation ratio.
If the global wealth pool continues to grow, and more people are willing to allocate a small part of it to BTC, then BTC’s price will not grow linearly but will be revalued non-linearly.
The Nasdaq 100 captures another aspect: technological progress, productivity enhancement, and profit concentration in leading companies.
It’s not just a simple "buy tech," but also a "productivity container."
Every technological upgrade in human society is ultimately transformed into income, profit, cash flow, and shareholder returns by a few strongest companies. The Nasdaq 100 will follow the market, updating and iterating through 100 companies.
Cloud computing, AI, semiconductors, operating systems, advertising networks, enterprise software, digital infrastructure—these are essentially the toll booths of the modern economy.
So, the long-term logic of the Nasdaq 100 = M2 expansion × technological progress × profit concentration in top companies.
Moreover, the most powerful tech companies are not just growing with GDP; they will capture more industry chain profits, gain stronger pricing power, and achieve higher capital efficiency.
Global GDP grows about 3% annually, inflation about 4%, and the nominal wealth pool expands roughly at 6%–8% per year.
The truly good assets must have an "escape velocity" exceeding this rate: not only beating currency devaluation and GDP growth but also surpassing the average societal asset return rate.
Although BTC and the Nasdaq 100 seem different on the surface:
One is a digital hard asset without cash flow,
The other is a portfolio of income-generating assets.
But at their core, they are both feeding on the same thing:
The ever-expanding M2 flowing into the strongest asset containers.
The difference is:
BTC converts M2 expansion into scarcity premium.
The Nasdaq 100 overlays technological progress on M2 expansion, transforming it into corporate profit and valuation premiums.
One is scarcity monetization,
The other is productivity profitization.
One hedges against "money becoming less valuable,"
The other bets on "the world becoming more efficient."
So, I now understand these two assets as:
BTC is the "hard currency container" in the era of M2 expansion.
The Nasdaq 100 is the "productivity container" in the era of M2 expansion.
In the long run, the world is not static.
Human GDP is growing, sovereign nations are printing money, financial assets are expanding, technological productivity is advancing, and the global wealth pool is enlarging...
Will money keep increasing? The question is:
Where will the increasing money ultimately flow?
The current answer is:
It will flow into the most scarce, most consensus-driven, most network-effect assets capable of supporting global capital.
This may be the common driving force behind the upward trends of both BTC and the Nasdaq 100.