Fiat currency isn’t just in a long-term bear market against gold—it’s in an epic bear market against Bitcoin. Since the U.S. dollar detached from gold in 1971, mainstream fiat currencies have almost universally depreciated against gold: The dollar has dropped about 99% relative to gold. The pound has fared even worse. The yen, euro, and Swiss franc haven’t escaped long-term devaluation either. Meanwhile, gold priced in dollars has surged hundreds of times. But if you switch the reference point to Bitcoin, the picture gets even crazier. When Bitcoin first had a market price in its early days, it was about $0.00099/BTC. Today, BTC is around $73,668. This means the purchasing power of the dollar relative to BTC has evaporated by roughly 99.999998%+. Gold proves that fiat currencies are diluted over the long term. Bitcoin proves that in the digital age, the repricing of scarce assets can happen at an even crazier pace. So, You either hold a currency that can be printed infinitely, Or you hold assets that are hard to inflate.