This chart compares Bitcoin and gold across time using two complementary views: a direct price ratio, and an indexed performance comparison. Each highlights a different aspect of how the two assets have evolved relative to one another.
How it works
The chart combines daily Bitcoin price data (the CoinDesk composite price index in USD) with gold prices (derived from the LBMA PM gold price benchmark). Bitcoin prices use daily closing values, while gold prices reflect the most recent available LBMA fixing.
Two display modes are available: ratio view and indexed comparison.
Ratio view
The ratio view shows how many ounces of gold are equivalent in value to one Bitcoin (1 BTC) at a given point in time.
This view uses a single linear axis and reflects only observed market prices, without interpolation. It provides the most direct comparison between the two assets.
Indexed comparison
An indexed view allows for fairer comparison of assets with very different price levels. This mode compares relative performance by anchoring both Bitcoin and gold to a value of 100 at a chosen start date:
Indexed value = (Current price / Anchor price) × 100
Two start dates are available:
- Since inception — anchored to mid-2010, when reliable Bitcoin pricing data begins.
- Last 10 years — anchored to a rolling ten-year window, updated periodically.
Values represent growth relative to the selected anchor (e.g. 250 = 2.5× increase). Separate vertical axes are used due to the large difference in historical growth between Bitcoin and gold, and gold prices are forward-filled across non-trading days to maintain a continuous series.
Interpreting the chart
The ratio view highlights how the market has priced Bitcoin relative to gold over time. The indexed view shows how each asset has performed across different time horizons and market regimes.
Neither view is intended as a forecast or valuation model. The chart is designed to provide historical context and perspective on long-term performance.
