@APompliano post is sloppy in how it uses the word “appreciate,” In dollars, scarce assets often look like they “appreciate” when money is printed. In real terms, some of that is just the unit shrinking. In relative terms, hard-to-produce stores of value can still outperform claims on cash-flow businesses during monetary expansion, because their supply and monetary-premium dynamics are different. The illusion is treating a rising dollar price as proof the thing became more valuable in some absolute sense. The error in the opposite direction is treating the asset as a frozen unit of real value that never changes except through the printer. Neither gold, land, nor bitcoin is a constant. The printer changes the measuring stick and it changes which assets people bid for as money gets worse.