Proof Of Power: Bitcoin Outpaces S&P 500 By Nearly 100% Since 2012

Summary: Bitcoin continues to demonstrate its dominance over traditional financial benchmarks. While the S&P 500 has posted modest dollar gains in 2025, it lags significantly when measured against Bitcoin. Data shows the index is down nearly 100% compared to BTC over the past decade, underscoring the crypto asset’s extraordinary performance and appeal.

Bitcoin’s Long-Term Dominance

The S&P 500 Index closed at 6,280 on July 10, 2025, with a 6% year-to-date gain in US dollar terms. However, when priced in Bitcoin, the index is down roughly 15% for the year. This discrepancy highlights the ongoing strength of the crypto rally.

According to The Kobeissi Letter, tracking the S&P 500 against BTC reveals a longer-term trend: since 2012, the index has declined by an astounding 99.98% when priced in Bitcoin, based on figures from Bitbo. Investors who have held BTC over the past decade have seen significantly greater returns than those in traditional equities.

Truly incredible:

The S&P 500 in Bitcoin terms is now DOWN -15% year-to-date.

Since 2012, the S&P 500 in Bitcoin terms is down -99.98%.

We are all witnessing history. https://t.co/DsoHhJQXvo pic.twitter.com/UHETngTqGy

— The Kobeissi Letter (@KobeissiLetter) July 11, 2025

Bitcoin Sets New Highs Amid ETF Boom

Bitcoin surged past $118,800 on Friday, according to CoinMarketCap. The cryptocurrency is up 6% in the past 24 hours, 10% over the past week, and 26% year-to-date—reasserting its status as a top-performing asset in 2025.

A significant driver of the rally has been the rise of exchange-traded funds (ETFs) in the U.S. The 12 U.S.-listed spot Bitcoin ETFs now collectively hold around 1.26 million BTC—valued at approximately $148 billion. That hoard represents more than 6% of Bitcoin’s total circulating supply, according to Bitbo data.

Driven by increasing investor demand for simplified access to crypto assets, these ETFs have seen immense inflows. On Thursday, they recorded their second-largest day of net inflows ever, bringing in more than $1 billion in a single session. As of the latest update from CoinGecko, Bitcoin is trading at $118,038.

Tech Giants Trail Bitcoin’s Gains

Bitcoin’s rally isn’t just eclipsing the S&P 500—it has also outshined some of the biggest names in tech. Analyst Charlie Bilello highlighted BTC’s staggering +40,450% gain over the past decade, outperforming Nvidia (+34,815%) and Tesla (+1,702%), among others.

Last 10 Years…

Bitcoin $BTC: +40,450%
NVIDIA $NVDA: +34,815%
Tesla $TSLA: +1,702%
Netflix $NFLX: +1,206%
Microsoft $MSFT: +1,199%
Amazon $AMZN: +926%
Meta $META: +751%
Apple $AAPL: +691%
Google $GOOGL: +556%
S&P 500 $SPY: +262%
Gold $GLD: +175%
US Inflation (CPI): +35%

— Charlie Bilello (@charliebilello) July 11, 2025

Investor Sentiment Shifts Toward Crypto

Bitcoin’s dominance across performance metrics has prompted investors to reconsider portfolio allocations. With U.S. equities near all-time highs in dollar terms but declining when measured in BTC, institutional and retail interest in digital assets is accelerating.

Surging demand for Bitcoin ETFs and widespread acknowledgment of crypto’s performance suggest that BTC may be moving from a speculative asset to a core financial holding. The narrative of Bitcoin as “digital gold” and a hedge against fiat depreciation is gaining broader acceptance.

Featured image from DALL·E, chart via TradingView