Bitcoin Soars: 300% Return on Investment in Two Years, Significantly Outperforming Gold, Stocks, and Ethereum

As the global market experienced a big dump this week, liquidations and margin calls led to more leveraged long positions being wiped out, and well-known traders began adjusting their positions accordingly. The new tariffs announced by the Trump administration and the significant weakness in the US employment report triggered anxiety in global markets; the S&P 500 index fell by 1.6% in one day, while Bitcoin continued to follow the risk sentiment downward as usual. However, despite the recent market fall, Bitcoin remains the best-performing major asset over the past two years, surpassing gold, stocks, Ethereum, and crude oil. In uncertain times, it is necessary to take a broader perspective on the issue: Bitcoin's performance has outperformed all major assets over the past two years, with no other asset able to match it.

1. Bitcoin and Major Assets: Two-Year Scorecard

(Source: Ecoinometrics)

From July 2023 to July 2025, the price of Bitcoin increased by an astonishing 301.7%, more than quadrupling, solidifying its position as the best-performing major asset class. As Ecoinometrics pointed out, "Bitcoin is down again, but the long-term outlook has not changed... this is not a one-time event. Bitcoin has been in the lead for two years."

stocks

The performance of Bitcoin has far surpassed traditional stock investments. The leading U.S. stock benchmark, the S&P 500 index, has only returned 38% over the past two years, which is significantly lower than Bitcoin. Despite strong stock market performance and large-cap stocks repeatedly hitting new highs, the index still cannot match the explosive growth momentum of Bitcoin.

gold

Driven by rising inflation and geopolitical uncertainty, gold has increased by 69.8% over the past two years, but its gains are far less than Bitcoin, proving the point of all the sharp-eyed Bitcoin big shots: there is no second best option. As Adam Back commented, "There is no second best. The only runner-up is finance companies."

Ethereum

Even looking at Ethereum, the second-ranked currency in the cryptocurrency industry, only further illustrates Buck's point: ETH has risen by about 56% over the past 24 months.

Crude Oil

The asset ranked at the bottom among the main assets is crude oil, which has only seen slight growth over the past two years, with a fluctuating return rate, and is expected to stabilize by the summer of 2025.

2. Why Bitcoin Continues to Lead

The recent sell-off is more related to macroeconomic fluctuations, tariffs, and employment concerns, rather than any change in the fundamental value proposition of Bitcoin. During this period of heightened risk aversion, Bitcoin's volatility remains closely tied to broader market sentiment. However, for two consecutive years, Bitcoin has shaken off market corrections like a champion and has led the pace of asset growth.

Its predictable supply plan, decentralized characteristics, and the growing adoption by retail and institutional investors keep the bullish momentum alive. Meanwhile, Ethereum remains competitive but has failed to surpass Bitcoin; the reliable inflation-hedging function of gold also means its returns are far lower than Bitcoin. Under the heavy pressure of changing energy trends and macroeconomic pressures, crude oil prices continue to languish, struggling to provide the same outstanding performance and market enthusiasm as digital and financial assets.

Conclusion:

The short-term big dump of Bitcoin may seem drastic, but pullbacks are part of its DNA, and the data doesn't lie: since mid-2023, BTC's performance has outpaced gold, the US stock market, Ether, and crude oil. If in doubt, narrow your perspective, as econometrics suggests: "Perhaps there's no need to panic over movements that appear more driven by emotion than fundamentals."