When we stop measuring Bitcoin in fiat

If we go with the thesis that fiat currencies will one day all fail, how will we measure wealth accumulated in Bitcoin?

We will most likely compare it to gold, which has been an outstanding performer so far this year (up more than 52%).

The chart below measures Bitcoin (BTC) in gold ounces. Currently BTC is worth about 27 ounces or 768 grams of gold.

[Insert Chart: Bitcoin measured in gold ounces]

The trend is clearly in BTC’s favour though has slowed noticeably in recent years. China and India have been big buyers of gold, and that has pushed its price to more than 50 new highs in 2025 alone. China is ditching US Treasuries and moving into gold.

As we’ve seen in previous gold bull markets, new supply eventually comes on tap and forces prices down. As the Bitcoin network grows, we see it eating into gold’s share of market, so the trend favours BTC over the longer term. Not that gold is going to be a slouch as fiat currencies race to the bottom. But we see BTC eventually winning this race (and we’re talking long-term here).

It's a historical reality that fiat currencies eventually fold out of sheer debasement. Their value is inflated away. The Roman denarius, the Weimar mark, the Zimbabwe dollar, the Venezuelan bolivar have all been rendered useless through government mismanagement and debasement. Governments believe they can delay the inevitable by printing more currency.

Yes, the bolivar still exists, but it has lost 99% of its value since 2010. The British pound still exists, but it has lost 98% of its purchasing power since 1900. The ZAR has lost 99.8% of its purchasing power since 1960. Even the US dollar has lost 87% of its purchasing power since the end of the Second World War.

When fiat currencies go by the boards, they must be replaced with something more valuable. BTC is probably going to be that currency. It has the advantage of not being controlled by a central bank and is beyond the power of any authority in the world to censor, ban, or curtail it. Bitcoin will continue doing what Bitcoin does – attract more users, establish new utility (the ability to earn and spend) without any threat of debasement.

Why? Because 21 million Bitcoin is all that will ever exist.

So measuring BTC in fiat currencies will one day become irrelevant. Instead, we will probably measure it in ounces of gold.