Swan(@Swan):WOW: Since July 2020, Bitcoin has stripped roughly 30% per year from the S&P 500’s and gold’s value. Yes, this is even AFTER a 50% Bitcoin drawdown. Price the S&P 500 and gold in Bitcoin, then calculate their rolling 4-year moving averages to crush the cycle noise. Since July 2020: S&P 500 (SPY): −87.95% Gold: −89.03% Compounded annual decay: SPY: −29.72% per year Gold: −30.81% per year The market celebrated nominal all-time highs while the four-year average BTC value of stocks and gold was quietly crushed by nearly 90%. This isn’t a cherry-picked spot comparison. It is six years of the old financial world being continuously repriced against harder money:

2026.07.25 11:57

WOW: Since July 2020, Bitcoin has stripped roughly 30% per year from the S&P 500’s and gold’s value. Yes, this is even AFTER a 50% Bitcoin drawdown. Price the S&P 500 and gold in Bitcoin, then calculate their rolling 4-year moving averages to crush the cycle noise. Since July 2020: S&P 500 (SPY): −87.95% Gold: −89.03% Compounded annual decay: SPY: −29.72% per year Gold: −30.81% per year The market celebrated nominal all-time highs while the four-year average BTC value of stocks and gold was quietly crushed by nearly 90%. This isn’t a cherry-picked spot comparison. It is six years of the old financial world being continuously repriced against harder money: