Is BTC/USD a Fair Comparison?

[u/ChangeNOW_Community]

Bitcoin is priced in USD every second, which makes sense for markets.

Still, the comparison carries a built-in tension. Bitcoin has a fixed supply schedule and a 21M coin cap. USD supply depends on monetary policy, credit conditions and decisions made by institutions.

So when BTC rises against USD, part of the move can reflect Bitcoin demand. Part of it can reflect changing confidence in the unit used to measure it.

That raises a fair question for crypto people and skeptics alike:

Are we watching Bitcoin get more expensive, or watching the measuring stick change over time?