From a sound-money lens (like Bitcoin), the nominal rise of the S&P 500 isn’t fully “wealth creation” — it’s the denominator (the dollar) getting weaker.
If you priced the S&P 500 in:
• Gold, it’s up ~5× since 1971 (real gain, but far less dramatic).
• Bitcoin, it’s down >99% since 2010 — showing how much the “unit of account” matters.
#Bitcoin