Bitcoin vs. Gold: A Comprehensive Comparison as 2025 Comes to a Close

Bitcoin and gold have exhibited nearly similar returns over the past two years, albeit with significant differences in volatility, price movements, and overall risk levels for long-term investors seeking a reliable store of value.

Key Takeaways

Bitcoin and gold have delivered comparable returns over the last two years, despite different volatility patterns.
As of 2025, gold has outperformed Bitcoin, rising 79% year-to-date.
The volatility of gold was higher in the early stages of the two-year period, while Bitcoin maintained a steadier increase.
Peter Schiff raises concerns about Bitcoin’s lack of upward movement, suggesting it may be overvalued.
Both assets rewarded long-term holders, even though their price movements varied significantly.

Bitcoin and gold show matching 2-year percentage returns

A Closer Look at the Two-Year Performance

Recent data comparing the performance of gold and Bitcoin through late 2025 shows that both assets have converged around similar return levels. However, the paths they took to reach these returns were vastly different in terms of volatility and timing.

Gold demonstrated higher volatility in the beginning of the two-year period, featuring sharp price spikes followed by significant pullbacks. After these erratic movements, the precious metal stabilized towards its final return level.

In contrast, Bitcoin’s ascent appeared more gradual. Although the cryptocurrency did experience some downturns, the overall trend was smoother, particularly in the later stages, as it consistently built momentum towards an end return comparable to that of gold.

Peter Schiff's Perspective: Is it Premature?

"If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up? The answer is: it won’t. The Bitcoin trade is over. The suckers are all in. If Bitcoin won’t go up, it can only go down. If HODLers are lucky it won’t be a slow death."
— Peter Schiff (@PeterSchiff) December 23, 2025

This analysis highlights the differing volatility patterns between Bitcoin and gold, both of which have been considered stores of value. Historically, gold has been a reliable hedge for preserving purchasing power in times of economic uncertainty, while Bitcoin has often been viewed as a more speculative asset.

According to Schiff, the inability of Bitcoin to rise alongside tech stocks raises alarm bells for the crypto space. However, the end results for both assets indicate that those who held their investments during the two-year period were rewarded, despite the differing price movement patterns.