Long-Term Prices, in Perspective

All three charts use a logarithmic scale, where each gridline is 10× the one below it. On a log scale, equal vertical distances mean equal percentage gains — the honest way to compare an asset that went from pennies to tens of thousands of dollars against assets that grew steadily for decades.

How to read these charts

Notice that bitcoin's chart spans six orders of magnitude — from under a dime to tens of thousands of dollars — while gold and stocks each span roughly one. That's why a regular (linear) chart of bitcoin looks like a hockey stick that makes its early history invisible: only a log scale shows the whole story. It also makes the volatility honest — bitcoin's drawdowns of 70–80% dwarf anything in the gold or stock charts, which is the risk that comes with the growth.