Bitcoin Priced in Gold

How many ounces of gold one bitcoin buys — the hard-money cross rate, with no dollar in the middle.

Data to 2026-09-22. On-chain metrics are fetched on a rotation, so this can trail the build by a few days.

How to read it

How many ounces of gold one bitcoin buys, with no dollar in between. This is the hard-money cross rate: both sides are assets whose supply cannot be expanded by decree, so the ratio strips out currency debasement entirely and shows relative demand for the two.

How it's calculated

Bitcoin's daily close divided by the gold spot price for the same day, on a log axis.

What it did in past cycles

One bitcoin bought 0.37 ounces of gold on 2014-09-17 and 0.15 ounces at the January 2015 low. At the cycle tops: 15.5 ounces (2017-12-16), 37.1 (2021-11-08), 31.5 (2025-10-06).

The all-time high is the interesting entry: 40.1 ounces on 2024-12-17 — not at either recent cycle top. Bitcoin's peak in gold came ten months before its peak in dollars, because gold rallied hard through 2025 while Bitcoin was still climbing.

Bear-market lows in the ratio: 2.6 ounces (2018-12-15), 9.3 (2022-11-09), 14.6 (2026-06-30). Each cycle's low has been well above the last, which is the durable version of the hard-money claim — stated against gold rather than against a currency whose own supply is a policy choice.

What it doesn't tell you

Gold and Bitcoin trade on different calendars — gold does not trade at weekends, so the ratio holds Friday's gold price across to Monday. Neither asset is a stable measuring stick, so a move in the ratio does not identify which side moved.

The December 2024 high is the clearest illustration of that ambiguity. It is a record for Bitcoin measured in gold, set on a day when Bitcoin's dollar price was well below its later peak — which tells you the ratio fell afterwards because gold rose, not because Bitcoin failed.

Reading it with other metrics

Bitcoin vs gold shows the same two assets as separate indexed lines, which makes it possible to see which side is driving a move in this ratio — something the ratio itself cannot tell you.

Hard money sets out the argument this chart is the cleanest test of. Bitcoin vs US M2 makes the same point against an explicitly expandable supply.