BTC has surpassed precious metals over ten years, but in 2025, precious metals made a "comeback"

Digital asset analyst Adam Livingston recently stated that since 2015, Bitcoin (BTC) has significantly outperformed traditional safe-haven assets. According to his data, BTC has achieved a 27,701% increase over the past decade, while silver (Silver) has gained only 405%, and gold (Gold) has grown by just 283%. This comparison seems to give Bitcoin supporters ample “voice.”

However, Gold advocate Peter Schiff has offered a different perspective. The long-time Bitcoin critic pointed out that the choice of observation period is crucial. Schiff suggests shortening the comparison timeframe to the last four years instead of ten, and made a striking statement: “The situation has changed; Bitcoin’s golden era is over.”

The Economics of Precious Metals: Why Are They “Chasing”

Orange Horizon Wealth founder Matt Golliher explained this phenomenon from a supply perspective. He pointed out that commodity prices tend to converge around production costs over the long term. When prices rise, higher-cost mines become profitable, leading to new capacity entering the market, increasing supply, and ultimately lowering prices. But Bitcoin is different — its total supply is permanently capped at 21 million coins. Golliher added that many Gold and Silver mines are currently operating at a loss at prices from a year ago, but at the current prices in 2025, they are making substantial profits.

The Dollar Depreciation Is Reshaping Wealth Distribution

More notably, the macroeconomic background is worth paying attention to. According to media personality Ethan Ralph, the US Dollar Index (DXY) fell nearly 10% in 2025, marking its worst performance in a decade. The DXY reflects the strength of the dollar relative to major fiat currencies such as the euro, yen, pound, Canadian dollar, Swedish krona, and Swiss franc.

The Federal Reserve’s accommodative monetary policy is accelerating this trend. Analyst Arthur Hayes believes that dollar depreciation, combined with a liquidity-rich environment, will be a key catalyst for rising prices of scarce assets (including Gold, Silver, and Bitcoin).

It is worth noting that Gold hit a record high of approximately $4,533 per ounce in 2025, and White Silver also reached a new high close to $80 per ounce. Meanwhile, the current Bitcoin trading price is in the $90.50K range.

The debate over the best store of value has not been settled by BTC’s historical performance. The market is reassessing the relative value of these assets, and changes in macro factors could continue to rewrite the ending of this story.