S&P 500 Is Up 106% Since 2020, But Has Collapsed Against Bitcoin


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While billionaire hedge fund manager Warren Buffett has long touted investing in the S&P 500, recent data shows that since 2020, the index has underperformed Bitcoin by around 88%. 

In an Oct. 5 X post by Phil Rosen, the co-founder of stock market data newsletter Opening Bell Daily, noticed that while the S&P 500 has surged 106% in USD value since 2020, it has “collapsed” significantly in BTC denomination, prompting cheers from Bitcoin pundits. 

The S&P 500 has had an 88% drop in nominal BTC value since 2020. Source: Phil Rosen

The Standard and Poor’s 500, or S&P 500, is a stock market index tracking the performance of 500 leading companies listed on stock exchanges in the United States. 

Since 1957, the index has delivered an annual inflation-adjusted return of around 6.68%, which is usually higher than the average US inflation rate. 

It may be why famous US entrepreneur Warren Buffett has frequently touted the S&P 500 index as the best option for the average investor, and reportedly supports a 90/10 investment strategy — with 90% of a portfolio in the S&P 500, and 10% in short-term US Treasury bonds. 

S&P 500 breaks records, but so does Bitcoin

The S&P 500 has continued to break new records in 2025 and is currently at $6,715.79, having risen 14.43% since the start of the year. 

Bitcoin, on the other hand, is up 32% on the year after hitting $125,000 for the first time ever on Saturday. 

Put another way, according to OfficialData.Org, the return from investing $100 in the S&P 500 from the beginning of 2020 would turn into around $209.85 by July 2025. The same $100 investment in Bitcoin would be worth $1,473.87.

Increase on a $100 S&P 500 investment since 2020. Source: OfficialData.Org

Related: Bitcoin corrects from $125K all-time high: Where will BTC price bottom?

Differences between Bitcoin and the S&P 500

However, comparing the two investments isn’t exactly fair. 

The S&P 500 is a comprehensive benchmark for the US stock market, representing the performance of the 500 largest publicly traded companies in the country, an index that is constantly updating, and is seen as a lower risk and reward investment.