You can get 28.6 ounces of $gold with a bitcoin right now ($btc price 76189$). The #bitcoin #ATH was in November 2021, when you could get a whopping 37 ounces of gold with a single bitcoin. So today's price is about 77% off the ATH, meaning we need to see 98946$ to meaningfully speak of ATH.
Replies (11)
So we’re just using a shitty measuring stick?
I usually do BTC/M2 to about for money supply, but this is taking it a step further! I love it!
Yes, but the Bitcoin supply is fixed and more people are aware of Gold’s historical value than Bitcoin’s potential value. Bitcoin is still ridiculously cheap. Plus I don’t know many who would trade BTC for XAU! Glass half full! 🤓
Totally agree! I am just pointing out that if you are going to measure the purchasing power of absolutely scarce money, you better do it in hard money with 5000 years of Lindy effect at least 😄
Thanks! The issue with M2 is that there is no real data. No-one knows or can know how much the real currency supply is. It's even better to use Big Mac index, although that suffers from shrinkflation. I still think gold is the only measuring stick that makes sense.
That's right. And we are still used to getting robbed blind by it. Even after grokking bitcoin!
Even gold has inflation
Indeed it does! But it’s still the best measuring stick in bitcoin purchasing power.
Better than most other options, but there has consistently been a 2% increase in supply annually. We need to aim for even more ounces!
That didn’t take long…
No, it didn’t!
