Leaving aside any significance of this statistic, I'm not convinced the calculation is right. The website describes the calculation as: > Bitcoin`s velocity i

Leaving aside any significance of this statistic, I'm not convinced the calculation is right. The website describes the calculation as: > Bitcoin`s velocity is calculated by dividing the 90 day estimated USD transaction volume by the 90 day average USD market cap. (This is the equivalent to the $BTC circulated divided by the Bitcoin money supply.) ... but this isn't how M1/M2 velocity are calculated. Those statistics effectively divide GDP by the money supply. In so doing, they only transactions related to production or consumption. Purely financial transactions (e.g. buying a stock or bond or foreign currency) don't affect the statistical calculation of money velocity. However, these sorts of transactions make up the bulk of Bitcoin transactions, leading to a comparatively inflated transaction volume. If you include foreign exchange transactions, then one 2019 estimate (https://www.bis.org/statistics/rpfx19_fx.htm https://www.bis.org/statistics/rpfx19_fx.htm) found about $6.6tn in global forex per day, of which the USD was on one side of about 88%. Call that $5tn/day to round down, giving a quarterly figure is about $300tn/quarter (at about 60 trading days per quarter), which is by itself about 16.5 times the current $18tn M1 money supply (https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL). That "forex velocity" is about an order of magnitude higher than the official M1 velocity. Effectively, I don't think this chart is comparing apples to apples.