Priced in gold, the stock market is at about the same level now as it was in 1929. Therefore, stock market gains have been entirely due to monetary expansion over this nearly 100 year time scale, though this chart is probably not dividend corrected. That ratio though changes depending on the boom/bust of the business cycle. The implication here is that the market is still significantly over valued in hard asset terms so that gold/btc should do a lot better than the S&P. This does not mean gold/BTC will go up necessarily, only that it will drop less than the market on dips and rise faster than the market on upswings.