When Bitcoin is plotted against popular Vanguard ETFs such as VUG, VTI, VOO, and VTV over long timeframes, the difference is structural rather than speculative. Those instruments represent claims on productive enterprises denominated in an expanding currency. Their long-term charts appear relatively flat when measured against an asset with a fixed supply. This is not a failure of equities. It is a reflection of the measuring unit.
The purpose of this comparison is not to promote chasing nominal gains. It is to highlight how scarcity expresses itself over time. When the denominator expands, assets with constrained supply reprice accordingly. Bitcoin’s chart reflects this adjustment. Equity indices compound in nominal terms, but their purchasing power is continually diluted by currency expansion. Bitcoin exposes that dilution rather than benefiting from leverage or earnings growth.
This distinction matters. Bitcoin’s appreciation is not the result of superior management or higher risk tolerance. It is the consequence of a monetary design that does not permit supply expansion. When viewed over sufficient time horizons, assets measured in elastic money must eventually diverge from assets governed by fixed issuance.
The chart does not show Bitcoin outperforming equities in the conventional sense. It shows Bitcoin operating under different monetary rules. That difference becomes visible only when perspective is widened. The conclusion is not that Bitcoin replaces productive assets, but that it replaces the role of the measuring stick used to evaluate them.
https://www.perplexity.ai/page/vanguard-calls-bitcoin-a-toy-w-MB4U7fdhRD.wPFbMKTQMXg
The purpose of this comparison is not to promote chasing nominal gains. It is to highlight how scarcity expresses itself over time. When the denominator expands, assets with constrained supply reprice accordingly. Bitcoin’s chart reflects this adjustment. Equity indices compound in nominal terms, but their purchasing power is continually diluted by currency expansion. Bitcoin exposes that dilution rather than benefiting from leverage or earnings growth.
This distinction matters. Bitcoin’s appreciation is not the result of superior management or higher risk tolerance. It is the consequence of a monetary design that does not permit supply expansion. When viewed over sufficient time horizons, assets measured in elastic money must eventually diverge from assets governed by fixed issuance.
The chart does not show Bitcoin outperforming equities in the conventional sense. It shows Bitcoin operating under different monetary rules. That difference becomes visible only when perspective is widened. The conclusion is not that Bitcoin replaces productive assets, but that it replaces the role of the measuring stick used to evaluate them.
https://www.perplexity.ai/page/vanguard-calls-bitcoin-a-toy-w-MB4U7fdhRD.wPFbMKTQMXg