Bitcoin Trails Gold in 2025 but Dominates Long-Term Returns Across Major Asset Classes

Bitcoin slipped 0.11% in the past 24 hours to $116,702, according to CoinDesk Data, but remains up 25% year to date; this year-to-date (YTD) performance is second only to gold’s 29% gain among major asset classes, according to data shared by financial strategist Charlie Bilello on X.

2025 Performance so far

As of Aug. 8, bitcoin’s 25% year-to-date return ranked behind only gold’s 29.3% advance. Other major asset classes have posted more modest gains, with emerging market stocks (VWO) up 15.6%, the Nasdaq 100 (QQQ) up 12.7% and U.S. large caps (SPY) rising 9.4%. Meanwhile, U.S. mid caps (MDY) and small caps (IWM) 0.2% have only gained 0.8%, respectively. This marks the first time gold and bitcoin have occupied the top two positions in Bilello’s annual asset class rankings since records began.

2011–2025 Cumulative returns

Over the longer term, bitcoin has delivered an extraordinary 38,897,420% total return since 2011 — a figure that dwarfs all other asset classes in the dataset. Gold’s 126% cumulative return over the same period puts it in the middle of the pack, trailing equity benchmarks like the Nasdaq 100 (1101%) and U.S. large caps (559%), as well as mid caps (316%), small caps (244%) and emerging market stocks (57%). Based on Bilello’s figures, bitcoin’s total return has exceeded gold’s by more than 308,000 times over the past 14 years.

2011–2025 Annualized returns

When measured on an annualized basis, bitcoin’s dominance is equally clear. The flagship cryptocurrency has delivered a 141.7% average annual gain since 2011, compared with 5.7% for gold, 18.6% for the Nasdaq 100, 13.8% for U.S. large caps and 4.4% to 16.4% for other major equity and real estate indexes. Gold’s long-term stability has made it a valuable hedge in certain market cycles, but its pace of appreciation has been far slower than bitcoin’s exponential climb.

Gold vs. bitcoin, according to Peter Brandt

Renowned trader Peter Brandt weighed in on Aug. 8, contrasting gold’s merits as a store of value with bitcoin’s potential to surpass all fiat alternatives. “Some think gold is a great store of value — and it is. But the ultimate store of value will prove to be bitcoin,” he said on X, sharing a long-term chart of the U.S. dollar’s purchasing power. His comments echo the growing narrative that bitcoin’s scarcity and decentralization make it uniquely positioned to outperform traditional hedges over time.

Looking Ahead

Bitcoin’s ability to hold above six figures in 2025 while maintaining a top-two performance among major assets underscores its resilience in a volatile macro backdrop. Traders are watching whether it can retest the year’s peak near $123,000, while long-term holders point to its outperformance since 2011 as evidence of its staying power. Market participants say upcoming macro data and risk appetite across equities and commodities could set the tone for the next leg.