Gold was one of the most powerful performance assets in 2025, rising 38% per year, surpassing the Bitcoin 23% advance. But it’s no secret that Bitcoin did better than gold (And almost everything else) Over its short lifespan.
Checking two general inflation-resistant assets against a broad scale of US supply (known as M2) It brings more insight into their performance.
The gold, tailored to the growth of the M2, is below its peak in 2011 and remains at about the same level as 1975, despite recent strong driving. The record high of gold against the M2 occurred in 1980.
Bitcoin tells a different story. In each bull cycle we saw BTC reach the record against M2. This includes Bitcoin touching on both the absolute high and the new high for money supply.
This contrast can highlight the different roles of two assets. Gold will continue to function as a long-standing hedge and portfolio stabilizer, but Bitcoin’s actions show how new forms of money react differently to an era of rapid financial expansion.
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