Bitcoin and gold have delivered nearly identical returns over the past two years, despite following sharply different price paths, volatility profiles, and risk characteristics. The comparison has resurfaced as a key talking point among store-of-value investors heading into the final weeks of 2025.
Over the two-year window, both assets ultimately converged at similar return levels. However, the routes they took to reach that point diverged meaningfully, highlighting contrasting market structures and investor behavior.
On a year-to-date basis, gold has clearly outperformed Bitcoin in 2025. The precious metal is up roughly 79% relative to the original cryptocurrency, underscoring its renewed appeal amid heightened macroeconomic and geopolitical uncertainty.
Gold outperforms Bitcoin in 2025, while two-year returns remain aligned
A percentage performance chart tracking both assets through late 2025 shows gold and Bitcoin ending the period at approximately the same cumulative return, despite major differences in timing and volatility. Gold experienced elevated volatility early in the two-year period, marked by sharp rallies followed by deep pullbacks, before stabilizing near its final performance level.
Bitcoin, by comparison, followed a more gradual upward trajectory. While the cryptocurrency endured several drawdowns, its broader trend appeared smoother, particularly in the later stages as momentum built steadily toward the same return zone reached by gold.
Peter Schiff comments as store-of-value debate intensifies
The renewed comparison also drew commentary from longtime Bitcoin critic Peter Schiff, who once again argued on X that Bitcoin’s performance relative to technology stocks signals underlying weakness for the crypto market. Schiff has consistently positioned gold as the more reliable store of value during periods of economic stress.
Even so, the data points to a more balanced conclusion. Despite starkly different volatility patterns and narratives, both gold and Bitcoin rewarded investors who held positions throughout the two-year period, illustrating how distinct assets can deliver comparable long-term outcomes through very different market dynamics.
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