Although billionaire hedge fund manager Warren Buffett has long praised investing in the S&P 500 index, recent data shows that since 2020, the index has underperformed Bitcoin by about 88%.
In a post on X on October 5, Phil Rosen, co-founder of the stock market data newsletter "Opening Bell Daily," pointed out that while the dollar value of the S&P 500 has increased by 106% since 2020, it has "significantly declined" when priced in Bitcoin, a phenomenon that has sparked cheers from Bitcoin supporters.
The S&P 500 is a stock market index that tracks the performance of 500 leading companies listed on stock exchanges in the United States.
Since 1957, the index has had an annualized inflation-adjusted return of about 6.68%, typically higher than the average inflation rate in the U.S. This may also explain why the renowned American entrepreneur Buffett frequently advocates for the S&P 500 as the best choice for ordinary investors. He reportedly supports a 90/10 investment strategy—allocating 90% of the portfolio to the S&P 500 and 10% to short-term U.S. Treasury bonds.
In 2025, the S&P 500 continues to set new highs, currently at $6,715.79, up 14.43% year-to-date.
In contrast, Bitcoin has risen 32% this year and surpassed $125,000 for the first time on Saturday.
In other words, according to data from OfficialData.Org, if $100 had been invested in the S&P 500 at the beginning of 2020, by July 2025, that investment would have grown to about $209.85. In the same period, investing the same amount in Bitcoin would have increased to $1,473.87.
However, it is not entirely fair to directly compare these two investments.
The S&P 500 is a comprehensive benchmark for the U.S. stock market, representing the performance of the 500 largest publicly traded companies in the U.S. The index is continuously updated and is considered a relatively low-risk, low-return investment option.
In contrast, Bitcoin is an independent digital asset with a completely different philosophy—centered around scarcity, decentralization, and deflation. As investors seek new ways to appreciate or preserve value, the adoption rate of Bitcoin has rapidly increased.
Additionally, Bitcoin is relatively new, experiences significant daily volatility, and has a market capitalization far smaller than that of the S&P 500, currently around $2.47 trillion, while the S&P 500's market cap is as high as $56.7 trillion.
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Original article: “Buffett Prefers S&P 500, But It Has Dropped 88% When Priced in Bitcoin (BTC)”
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