Everything Is Bottoming in Bitcoin
Gold is down 97% from its Bitcoin high. The S&P 500 is down 98%. Real estate, bonds, oil, every traditional asset class. When you measure the world in the hardest money ever created, a repricing has already happened. Most people just haven't noticed yet.
Measuring the World in Hard Money
Your financial advisor measures your portfolio in dollars. That's a problem, because the dollar has lost over 99% of its purchasing power against Bitcoin since inception. Measuring wealth in a unit that's being actively debased is like measuring distance with a ruler that shrinks every year. The numbers go up, and you feel rich. But the ruler got shorter, and you're actually falling behind.
PricedInBitcoin21.com flips the standard financial dashboard on its head. It prices every major asset, from gold to the S&P 500 to your house, in Bitcoin. And the results are hard to argue with.
One dollar currently buys 0.00001429 BTC, which is about 1,429 satoshis. Over the last decade, the dollar has lost 99.41% of its Bitcoin-denominated value. That means $1,000 held in cash in 2016 is worth the equivalent of about $6 in 2016-era Bitcoin purchasing power today. That's the baseline context for everything that follows.
The Scoreboard: Every Asset vs. Bitcoin
Here's the full picture. Every major asset class, measured from its all-time high against Bitcoin. The "MAX" column from PricedInBitcoin21 tells us how much each asset has lost over its full tracked history when denominated in BTC. The numbers are staggering.
| Asset | BTC Price | 1-Year | 5-Year | All-Time |
|---|---|---|---|---|
| Gold (XAU) | 0.0653 BTC | +80.6% | +118.4% | ↓97.6% |
| S&P 500 (SPY) | 0.0094 BTC | +40.2% | +41.1% | ↓97.9% |
| Nasdaq 100 (QQQ) | 0.0085 BTC | +48.6% | +57.6% | ↓96.1% |
| US Median Home | 5.698 BTC | +18.1% | ↓8.4% | ↓99.3% |
| US Treasuries (TLT) | 0.0012 BTC | +15.2% | ↓46.0% | ↓99.5% |
| Crude Oil | 0.0014 BTC | +70.8% | +31.5% | ↓99.3% |
| US Real Estate (VNQ) | 0.0013 BTC | +21.1% | ↓15.3% | ↓99.2% |
| Total Bond Market (BND) | 0.0011 BTC | +20.8% | ↓27.2% | ↓99.4% |
What "Down 97%" Actually Means
These percentages can feel abstract, so let's put some flesh on the bones. Say you bought one ounce of gold at its peak Bitcoin value. At that point, gold was worth roughly 2.67 BTC per ounce (working backwards from the 97.6% decline). Today that same ounce fetches 0.065 BTC. You held one of humanity's oldest stores of value, and measured in the newest one, it lost almost everything.
The S&P 500 is even worse. A share of SPY at its Bitcoin-denominated peak would have cost around 0.46 BTC. Today it costs 0.0094. That's a 97.9% decline. The entire American equity market, 500 of the largest companies on Earth, all their innovation and earnings and dividends, absorbed into Bitcoin's gravitational pull.
US Treasuries, the supposed "risk-free" asset, are down 99.5% in Bitcoin terms. Think about that for a second. The asset that every pension fund, insurance company, and central bank on the planet treats as the safest possible investment has been the single worst performing asset class when measured against hard money. Government bonds aren't safe. They're a slow-motion wipeout for anyone with a long enough time horizon.
The Short-Term Bounce
Over the past year, nearly every traditional asset has actually gained against Bitcoin. Gold is up 80.6% in BTC terms. Silver surged 141.8%. The S&P 500 gained 40.2%. Even crude oil bounced 70.8%. Bitcoin spent most of the last twelve months consolidating between $60,000 and $75,000 while gold ripped to $4,500 and beyond.
Financial media used this window to declare gold the winner and Bitcoin the loser. Forbes published articles about gold leaving Bitcoin in the dust. Yahoo Finance ran headlines asking if Bitcoin's "digital gold" thesis was dead. The short-term noise was convincing if you didn't look at the longer chart.
Zoom Out: The 10-Year Picture
Here's where the narrative falls apart for traditional assets. Over a decade, the US dollar has lost 99.41% against Bitcoin. Gold lost 97.8%. The S&P 500 lost 98.1%. US Treasuries lost 99.6%. Real estate lost 99.3%.
A one-year bounce of 40% or even 80% means nothing when the asset has already fallen 97 to 99% over the prior decade. If something drops from $100 to $2 and then bounces to $3.60, that's an 80% gain. And it's still 96.4% below where it started. That's gold right now, measured in Bitcoin.
The One Exception That Proves the Rule
Out of every asset tracked on PricedInBitcoin21, exactly one has a positive all-time return against Bitcoin: NVIDIA. Up 142.95% over its full history. Its 5-year return against Bitcoin is an absurd +1,055.18%. Jensen Huang's GPU empire is literally the only publicly traded asset that has outrun the hardest money on the planet.
That should tell you something about the bar Bitcoin sets. Not Apple, not Amazon, not Google, not Microsoft. Not gold. Not real estate. Not the S&P 500. One company, during the most extraordinary AI hardware boom in computing history, managed to beat it. Every other asset on the board, from blue-chip equities to centuries-old stores of value, lost between 85% and 99.5%.
Even within tech, the range is wide. Tesla is down 85.7% all-time vs. Bitcoin. Apple is down 93.5%. Microsoft, 94.5%. Meta, 94.8%. Amazon, 91.6%. These are some of the most successful companies in human history, and when measured against a monetary network with a fixed supply and no CEO, they all got demolished.
Tech Giants, Measured in Bitcoin
Precious Metals Had a Great Year, and It Doesn't Matter
Gold bugs are having a moment. Gold's 1-year return against Bitcoin is +80.6%. Silver did even better at +141.8%. Platinum came in at +130.8%. These are real, significant outperformance numbers over a twelve-month window. Central bank buying, ETF inflows, and geopolitical uncertainty all pushed metals higher while Bitcoin consolidated.
But silver is still down 97.6% over its full tracked history in BTC terms. Platinum is down 99.1%. Gold, the supposed ultimate store of value, is down 97.6%. A good year doesn't fix a decade of structural decline against a monetary network that's still growing.
Why Eternal Capitol Sees a Bottom Forming
When an asset class loses 97 to 99% of its value against a benchmark and then starts bouncing, one of two things is happening. Either the old asset is staging a genuine recovery, or it's a dead cat bounce inside a structural trend that hasn't reversed.
We think it's the latter for most traditional assets. And that makes this a bottoming formation in Bitcoin terms, not a reversal. Here's why.
Gold went from its Bitcoin-denominated peak (roughly 2.67 BTC/oz, around 2014 when BTC was still under $500) to 0.065 BTC today. That's the 97.6% decline. Over the last year it bounced 80.6%, but that just brought it from ~0.036 BTC to ~0.065 BTC. On a logarithmic chart, that bounce barely registers. The long-term downtrend has been relentless and unbroken since Bitcoin crossed $1,000 in late 2013.
The S&P 500 shows the same pattern. 5 years ago it was slightly cheaper in BTC terms (41% lower than today), but over 10 years it's down 98.1%. The recent bounce is real, but tiny in the context of the larger move. Traditional equities keep losing ground to Bitcoin on any timeframe longer than a few years.
The median US home tells perhaps the most painful story. Currently valued at 5.698 BTC, it's down 99.3% from its Bitcoin-denominated peak. That means someone who bought a house instead of holding Bitcoin at the wrong time has watched their home, the largest financial asset most Americans own, lose virtually all its value in hard money terms. Over the last 5 years, the median home is still down 8.4% in BTC even after a year-over-year bounce of 18.1%.
The Bottom Signal
In traditional markets, analysts look for capitulation followed by consolidation as a sign that a bottom is in. They look for sellers exhausted, buyers stepping in, volatility compressing. When an asset has lost 97 to 99% and the rate of decline slows or temporarily reverses, you're looking at what could be a structural bottom.
That's what the 1-year data shows. Nearly every traditional asset gained against Bitcoin over the past twelve months. Gold +80.6%, S&P +40.2%, Nasdaq +48.6%, Silver +141.8%, Oil +70.8%. After years of unrelenting decline, the bleeding slowed. Some assets even gained ground.
In a traditional market, this would be a buying signal for those assets. Against Bitcoin, we read it differently. These bounces happen during Bitcoin's consolidation phases, when BTC trades sideways and lets the rest of the market breathe. They happened in 2018-2019, they happened in 2022-2023, and they're happening now. Each time, when Bitcoin's next leg up kicks in, those gains evaporate and the assets resume their long-term decline in BTC terms.
The pattern is consistent: Bitcoin consolidates, traditional assets bounce, Bitcoin moves, traditional assets lose it all back and then some. The 1-year data isn't a reversal. It's the calm before the next repricing.
Year-to-Date: Everything Gaining on Bitcoin
Even in 2026 alone, the YTD numbers look good for traditional assets. Crude oil is up 114% against Bitcoin so far this year. Commodities index is up 66.3%. Gold gained 34.3%. Every asset on the board is in the green against BTC for 2026. Bitcoin has been the underperformer in the short window.
But Bitcoin was also the "underperformer" in the early months of 2019, and in Q1 2023. Both preceded explosive rallies. A consolidating Bitcoin isn't a dying Bitcoin. It's a coiling Bitcoin.
What the Data Is Saying
When you price everything in the hardest money available, the entire traditional financial system has been in a decades-long bear market. Gold, stocks, bonds, real estate, commodities. All down 97 to 99.5% from their peaks.
The short-term bounces that make headlines are noise inside this larger trend. Financial media doesn't frame it this way because the advertising revenue comes from people who sell products denominated in dollars. But the data doesn't lie, and anyone with a calculator and access to PricedInBitcoin21 can verify every number in this article.
Eternal Capitol's position is straightforward. If you want to measure wealth accurately, you measure it in the asset that has outperformed everything else over every meaningful timeframe. That asset has a fixed supply of 21 million units, requires real energy to produce, and can't be debased by committee.
The bottom in traditional assets, priced in Bitcoin, might be forming right now. It might take another cycle to play out. The timing is uncertain. The direction is not.