Billionaire investor Warren Buffett has long championed the S&P 500, but recent data reveals that since 2020, the index has lagged Bitcoin by roughly 88%.
On Oct. 5, Phil Rosen, co-founder of the stock market newsletter Opening Bell Daily, highlighted on X that while the S&P 500 has gained 106% in USD since 2020, its value in Bitcoin terms has “plummeted,” drawing praise from Bitcoin enthusiasts.
The Standard & Poor’s 500, or S&P 500, is a stock market index tracking 500 leading U.S. companies. Since its inception in 1957, it has delivered an average annual inflation-adjusted return of roughly 6.68%, typically outpacing the average U.S. inflation rate.
This long-term performance may explain why renowned investor Warren Buffett frequently recommends the S&P 500 for the average investor. He is said to favor a 90/10 strategy, allocating 90% of a portfolio to the S&P 500 and 10% to short-term U.S. Treasury bonds.
S&P 500 Breaks Records—But Bitcoin Outpaces It
The S&P 500 has continued setting new records in 2025, currently sitting at $6,715.79, up 14.43% year-to-date.
Bitcoin, however, has surged even higher, rising 32% this year and hitting $125,000 for the first time ever last Saturday.
To put it in perspective, OfficialData.Org reports that a $100 investment in the S&P 500 at the start of 2020 would be worth about $209.85 by July 2025. The same $100 invested in Bitcoin would have grown to roughly $1,473.87.
Key Differences Between Bitcoin and the S&P 500
That said, comparing the two isn’t exactly apples to apples.
The S&P 500 serves as a broad benchmark for the U.S. stock market, tracking the 500 largest publicly traded companies. It is continuously updated and generally viewed as a lower-risk, moderate-reward investment.
Bitcoin, by contrast, is a single digital asset with a unique set of narratives—centered on scarcity, decentralization, and deflation. Its adoption has surged as investors seek alternative ways to grow or preserve wealth.
Bitcoin is also relatively new, experiences greater daily volatility, and has a much smaller market cap—$2.47 trillion—compared with the S&P 500’s massive $56.7 trillion.
