It isn't a matter of perspective. Here you are just measuring *relative USD-denominated value* Obviously a fiat measurement. Because it all comes back to US dollars and how many US dollars are chasing a particular commodity. It isn't "converted into US dollars." It's ALREADY US dollars. And you're converting it into Bitcoin terms and pretending like its those. More US dollars start chasing BTC faster than US dollars start chasing iPhones and its price goes down relative to Bitcoin. It's that simple. Clearly USD denominated. It's amazing we even have to have this conversation.