Repricing the World in Bitcoin

22 Jan 2026 11:04 AM By Stormrake

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When measuring wealth and asset performance, most default to fiat currencies as the benchmark. But in reality, what matters more is how assets perform relative to alternative investment options. That’s the lens many Bitcoiners have adopted, commonly referred to as the Bitcoin Standard. We already know how Bitcoin has performed against fiat currencies, there’s been no competition. But what happens when you flip the script and measure other assets with Bitcoin as the denominator?

It’s a perspective worth considering, particularly given Bitcoin’s underperformance since the October 10 liquidation event. But as always, when in doubt, zoom out.

We know Bitcoin has lagged recently, while silver has been the standout performer over the last 12 months. But if we take a longer view, the picture shifts. The chart above shows Bitcoin measured against the S&P 500, gold, and silver. They all have one thing in common, not just their short-term rallies since mid last year, but more importantly, consistent underperformance when measured against Bitcoin over time.

No need to go all the way back to 2015, some may argue those early gains were outsized. Just from 2019, Bitcoin has outperformed the S&P 500 and gold by 90%, and silver by 80%. That includes silver’s recent 200% rally against BTC. Six years is not a long time in the grand scheme of things, yet the underperformance of traditional assets has been substantial.

The message is clear. Short-term outperformance happens, but the long-term trend remains firmly in Bitcoin’s favour.

You can apply this same lens to other assets as well. Take Australian housing, many will have seen charts showing the median house price in BTC over time. It’s a striking visual.

In just ten years, the number of Bitcoin required to purchase the median home in Australia has dropped from over 3,000 BTC to just under 10.

The key takeaway here is that Bitcoin, over time, has consistently outperformed a wide range of investment options. That trend is likely to continue. When other assets outperform briefly, it may simply be a signal to rotate capital into the short-term underperformer before the longer-term trend resumes.

Meanwhile, adoption of the Bitcoin Standard continues to grow. As mentioned earlier in the week, Steak ‘n Shake recently announced the creation of a Bitcoin reserve through their Bitcoin to burger programme. They’ve now taken it further, offering all hourly employees a Bitcoin bonus of $0.21 for each hour worked. This bonus will vest over two years and become available after that period.

It’s another clear signal that more businesses are not just exploring Bitcoin, but actively adopting it.

For those interested in digging deeper into how your assets have performed against Bitcoin, take a look at this site: https://pricedinbitcoin21.com a useful tool for tracking long-term performance through the Bitcoin lens.

Geopolitics in Play: The Greenland Tariff Turnaround:

One of the key global developments this week has been the Greenland tariff drama. As flagged earlier in the week, headlines broke of Trump placing tariffs on European allies in response to their opposition to US actions involving Greenland. A blanket 10% tariff was placed on EU goods, with the threat of an increase to 25% by June. This budding trade conflict triggered a sharp reaction across markets, risk-on assets pulled back while commodities rallied.

Overnight, some progress was made. Trump cancelled the 10% tariffs on the EU, a familiar theme from his previous presidency where aggressive trade moves are often reversed. Markets responded quickly. Bitcoin bounced modestly, the S&P 500 rose over 1%, and commodities had a brief dip before recovering strongly, a sign of underlying strength.

Just an hour ago, initial details of a Trump-Greenland deal emerged. The US would receive small pockets of land, gain involvement in Greenland’s mineral rights, deploy its golden dome defence system to counter Russian influence, and open the door to US-backed infrastructure investment. In essence, it’s a multi-pronged deal aimed at securing land, resources, and strategic defence alignment for the long term.

This is a developing story and one we’ll continue to monitor closely as more details emerge.

Stormrake Spotlight: Pax Gold (PAXG) ($4,851)

PAXG continued higher yesterday, briefly pulling back on the tariff cancellation before closing green. The buying strength remains impressive as it pushes closer to $5,000.

BTC/USD Key Levels and Price Action:

Bitcoin revisited the yearly open overnight, bouncing from that level following the EU tariff cancellation. Bears remain in control for now, but BTC is still trading within its broader range. Until that range breaks, price action is likely to stay sideways with no clear longer-term direction.

BTC Total ETF Flows for 21 Jan: (data not available at the time of writing)

(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)

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*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.

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Repricing the World in Bitcoin

Geopolitics in Play: The Greenland Tariff Turnaround:

Stormrake Spotlight: Pax Gold (PAXG) ($4,851)

BTC/USD Key Levels and Price Action:

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