Understanding this pillar
What this pillar measures
The digital-asset pillar: a dated nominal bitcoin-price comparison, distinct from the money supply or the cost of living.
The chart uses the FRED Coinbase bitcoin series and divides each daily observation by the December 1, 2014 price, the starting point used here. The result is a multiple of that baseline rather than a dollar quote. FRED identifies the series as daily and not seasonally adjusted.
How to read the chart
A 2× multiple means twice the baseline price; the corresponding nominal price increase is 100%. The starting date strongly affects the result. Compare complete intervals and consider drawdowns rather than treating the latest multiple as a typical outcome.
Illustration: a hypothetical price moving from $400 to $4,000 is 10× the baseline and a 900% gain before costs. A later fall to $2,000 leaves a 5× baseline multiple but is a 50% decline from $4,000.
What moves this measure
The underlying market price can change rapidly in either direction; daily observations omit within-day movement.
The choice of exchange series and observation timing matters when comparing this chart with another price source.
What it does not tell you
This is not a live executable quote, an inflation-adjusted return, or a measure of general dollar purchasing power.
It excludes trading costs, taxes, custody risks, and differences between the series price and a specific transaction. A large historical multiple does not forecast future returns.
When the numbers change
New collected daily observations extend the chart. This page does not extrapolate a steadily rising bitcoin clock from past returns.
Why not start the comparison in 1971 like the purchasing-power chart?
This bitcoin series does not cover 1971. Using its stated 2014 baseline avoids inventing a price history, but also means the two multiples are not directly comparable over identical periods.
Sources and methodology
Divides each daily FRED Coinbase bitcoin price by the price on December 1, 2014, the start of this series. This is a nominal price multiple, not a live quote, return percentage, or inflation measure.