Bitcoin vs Gold

Bitcoin against gold since 2014, both indexed to 100 on one log axis — the oldest hard money against the newest.

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

Bitcoin against gold, both rebased to 100 at their common start, on a single log axis. Rebasing lets two assets with wildly different prices share one scale honestly. Read the gap between the lines as relative performance since the start date — nothing more.

How it's calculated

Each series is divided by its own first value and multiplied by 100. No offset is applied to either series and there is no second y-axis.

What it did in past cycles

Both series start at 100 on 2014-09-17. Readings since:

2015-01-14 — Bitcoin 38.9, gold 100.4. Bitcoin had lost 61% while gold was flat.
2017-12-16 — Bitcoin 4,263, gold 102.6
2021-11-08 — Bitcoin 14,770, gold 149.1
2025-10-06 — Bitcoin 27,280, gold 323.6

Bitcoin's outperformance over the full period is enormous and not in dispute. What the record also shows is that gold's own run has accelerated sharply — it roughly doubled between the November 2021 and October 2025 anchors, having gained only 49% over the preceding seven years.

The 2015 entry is the one to keep in mind when reading the rest. There have been long stretches in which the hard-money asset that worked was the older one.

What it doesn't tell you

The start date determines the result. Any comparison beginning at a different point tells a different story, and this one begins when both series have data rather than at a moment chosen to flatter either asset. Relative performance is not a risk-adjusted comparison: Bitcoin's volatility is several times gold's.

Gold's own performance is the part most Bitcoin charts leave out, and it is substantial — more than tripling over the period. A chart that shows only Bitcoin's multiple implies gold sat still, which it did not.

Reading it with other metrics

Bitcoin priced in gold is the same relationship with the dollar removed entirely — the cleaner version of this comparison, and one that does not depend on the choice of start date.

Bitcoin vs the S&P 500 and Bitcoin vs US M2 complete the set. Realized volatility supplies the risk side these performance charts deliberately omit.