Bitcoin vs the S&P 500: The Real Numbers
Bitcoin is the most polarizing asset class in history. Supporters call it digital gold. Critics call it a speculative bubble. We're not here to pick sides. We just ran the numbers.
The comparison
$1,000 invested in Bitcoin vs the S&P 500, from our earliest available data:
- $1,000 in Bitcoin since 2014: ~$176,000 (+17,500%)
- $1,000 in S&P 500 since 2015: ~$4,000 (+300%)
Bitcoin's total returns dwarf the stock market over similar periods. But that headline number hides extreme volatility.
The drawdowns
Bitcoin has dropped 50%+ from peak to trough multiple times:
- 2014-2015: -85% (Mt. Gox collapse)
- 2017-2018: -84% (ICO bust)
- 2021-2022: -77% (crypto winter, FTX collapse)
The S&P 500's worst drawdown in the same period was about 34% (COVID crash in 2020), and it recovered in five months. Bitcoin's crashes lasted 1-3 years each. Bitcoin price prediction models have their own methodology worth understanding if you're evaluating entry timing.
For a deeper look at how Bitcoin compares to gold specifically, Bitcoin Verdict covered that in detail.
Starting point matters
From 2020, Bitcoin returned about 632%, while the S&P 500 returned about 129%. From 2023, Bitcoin is up about 196% vs the S&P 500 at 73%.
See the full head-to-head on our Bitcoin vs S&P 500 comparison page.
The bottom line
Bitcoin has produced higher returns than the stock market over most measured periods. It has also produced far more volatility, steeper drawdowns, and more sleepless nights. Whether the extra return is worth the extra risk is a personal decision.
* Bitcoin price data on our site begins in 2014, when Yahoo Finance started tracking it. Earlier trading history from other exchanges is not included.
For the other classic non-stock alternative, see gold vs the S&P 500 during the 2026 tariff shock - a different volatility profile, a different story. For a recent timing example, see what buying the February 2026 Bitcoin dip actually returned.