A broader aggregate generally including M1 plus selected savings deposits and other near-money claims; exact scope varies.
M2 is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
M2 is an analytical lens, not a slogan or automatic proof that every claim about Bitcoin is correct. Use it to trace scarcity, incentives, prices, time and human choice, then compare the reasoning with the protocol’s verifiable rules.
Understanding M2 helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
For the clearest picture, read this entry together with M1, Broad money, Velocity of money. The reverse links also lead from Broad money, M0, M1, Velocity of money.
Linked to related atlas coordinates
Grounded in a source record
Explains function and trade-offs
Part of the open Bitcoin knowledge graph