Note that the money supply increases simply as a result of banks not holding full reserves against deposits. Whether the bank lends or not is not important, as

Note that the money supply increases simply as a result of banks not holding full reserves against deposits. Whether the bank lends or not is not important, as far as the money supply is concerned. The same applies to crypto-currency exchanges, of course, which can inflate the circulating supply of bitcoins by lowering the reserve ratio, regardless of whether they engage in lending.