S&P500 vs Bitcoin - YoY
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Stocks vs Gold and Silver
Market
The percentage growth format clearly reveals distinct eras of asset class dominance. The early-to-mid 20th century shows steady but modest growth across all assets. The 1970s inflationary period dramatically stands out, with gold and especially silver showing explosive percentage gains that far exceeded stock market returns during this decade. From the 1980s onward, the secular stock bull market becomes apparent, with both the Dow Jones and S&P 500 showing superior long-term percentage gains compared to precious metals, though gold and silver exhibit periodic surges during financial stress periods.
CPI vs Bitcoin - YoY
Inflation Metrics
Looking at specific historical periods, Bitcoin's YoY returns dwarfed inflation during the 2017 and 2021 bull markets, while showing significant negative returns during bear markets regardless of inflation levels. During the 2022 inflation surge, Bitcoin's negative YoY returns directly contradicted the inflation hedge narrative in the short term, highlighting that market cyclicality and monetary policy may be more immediate price drivers.