Measured against Bitcoin instead of dollars, real estate and other hard assets have quietly lost most of their value over the past decade, which is a bullish case for Bitcoin and a warning for anyone holding wealth in houses or art.

• A house that cost far fewer bitcoins years ago now costs many more, even though its dollar price only rose — against Bitcoin it lost about 99% of its value.
• The same math applies to fine art: a painting that gained value in dollars lost around 98% of its value when priced in Bitcoin.
• The point isn't that houses and art are worth less in dollars — they aren't — it's that Bitcoin is a faster-growing store of value, so anything priced in dollars looks like it's shrinking next to it.
• This is good news for Bitcoin holders and bad news for people who think owning a home or hard assets alone is enough to protect their wealth long-term.

Outlook: If this trend continues, buyers may increasingly judge whether real estate is "expensive" or "cheap" by comparing it to Bitcoin rather than to the dollar.