The S&P 500 Has Fallen 88% Against Bitcoin Since 2020

Key Highlights

• Discover why Bitcoin may be the ultimate benchmark for investors
• See how S&P 500 gains compare to cryptocurrency returns
• Learn why some experts call stocks “less productive” than Bitcoin

S&P 500 Surges But Bitcoin Outshines in Real Returns

While the S&P 500 continues to reach new all-time highs, its performance looks very different when measured against Bitcoin. According to Phil Rosen, co-founder of Opening Bell Daily, the index has fallen more than 88% since 2020 when compared to the cryptocurrency.

Crypto investor Anthony Pompliano supports this view. He explained, “Everyone is bragging the S&P 500 is up more than 100% since 2020, but the index is actually down 88% when priced in a hard asset like bitcoin.”

Pompliano noted that Bitcoin serves as a “benchmark for returns,” suggesting that if investors cannot beat it, they might be better off buying it.

Stocks vs Bitcoin: A Heated Debate

Some critics argue that comparing the S&P 500 to Bitcoin is flawed. An entrepreneur using the pseudonym WellspringGP pointed out that the S&P 500 has added over $25 trillion in market capitalization, almost 20 times more than Bitcoin and questioned which asset is truly productive.

Pompliano countered that stocks cannot be considered sufficiently productive if they underperform stores of value like Bitcoin or gold. WellspringGP maintains that the S&P 500 represents companies creating real value, while Bitcoin “only consumes.”

Bitcoin Breaks Records

On October 5, 2025, Bitcoin surpassed the $125,000 mark, setting a new historical record. This milestone has intensified the debate about the true benchmark for investors and whether traditional stocks can compete with cryptocurrency returns.