Bitcoin vs. gold: what the data shows
Both are called stores of value. Over the last decade they've behaved very differently.
From January 2015 to April 2026, bitcoin grew far more than gold ($100 became about $29,518 versus about $377, on monthly averages) but with about 6 times the volatility and falls of over 75%. Their monthly returns have had almost no correlation (-0.07), so bitcoin hasn't behaved like gold in practice, and past returns don't predict future ones.
Growth of $100, January 2015 to April 2026
| Measure | Bitcoin | Gold |
|---|---|---|
| Value of $100 invested at the start | $29,518 | $377 |
| Average yearly growth | +65.8% | +12.5% |
| Volatility (yearly, from monthly moves) | 66% | 12% |
| Worst fall from a previous high (monthly averages) | −76% (to February 2019) | −15% (to October 2022) |
| Months that ended higher | 59% | 55% |
Bitcoin grew far more, with about 5.6 times gold's volatility and a worst fall of −76% on monthly averages, against −15% for gold. Measured in gold, one bitcoin was worth about 0.2 ounces in January 2015 and about 15.6 ounces in April 2026. Monthly averages smooth out the extremes: on daily prices, both assets' highs were higher and their lows lower.
Year by year
| Year | Bitcoin | Gold |
|---|---|---|
| 2015 | +24% | −10% |
| 2016 | +94% | +8% |
| 2017 | +1,741% | +9% |
| 2018 | −76% | −1% |
| 2019 | +98% | +18% |
| 2020 | +204% | +26% |
| 2021 | +124% | −4% |
| 2022 | −66% | +0% |
| 2023 | +151% | +13% |
| 2024 | +131% | +31% |
| 2025 | −9% | +63% |
Change from the December monthly average of the year before to the December average of the year shown. That differs from a calendar-year return measured from close to close.
2025 shows how differently they can behave: gold had its strongest year in decades while bitcoin ended lower. In 2022 the reverse pressure applied: gold was roughly flat while bitcoin lost about two-thirds.
Do they move together?
Barely. The correlation of their monthly returns over the whole period is -0.07 (on a scale from −1 to +1), -0.12 for 2015–2019 and -0.01 for 2020 to April 2026: close to zero throughout. Measured over rolling two-year windows it has swung between -0.34 (January 2017) and +0.63 (March 2024), which tells you there's no stable relationship.
A correlation only says two prices tended to move together (near +1), in opposite directions (near −1), or with no steady link (near 0) during a particular period. It doesn't say one causes the other: both can be reacting to something else, such as interest rates or the mood of investors in general, and the relationship can change or flip. A correlation measured over the past says nothing reliable about the future.
Is bitcoin "digital gold"?
The comparison rests on real similarities: both have a limited supply that no government controls, both are held partly as a store of value, and neither pays income. Bitcoin is also far easier to move across borders and to divide into small amounts.
The differences matter as much. Gold has thousands of years of history, is held by central banks as a reserve, has industrial and jewelry demand, and has tended to hold up in stock-market sell-offs. Bitcoin is 17 years old, swings several times as much, and in the data above it has generally behaved more like a high-risk asset than a safe haven: it fell hard in 2018 and 2022, when gold held steady. Whether that changes as bitcoin matures is an open question; the past data can't answer it.
Past returns, especially from a starting point chosen after the fact, say nothing reliable about future returns. Starting this chart a few years earlier or later would change the numbers a lot. See how to invest in crypto carefully.
Frequently asked questions
Has bitcoin outperformed gold?
Over January 2015 to April 2026, yes, by a wide margin on monthly averages: $100 in bitcoin grew to about $29,518 against about $377 in gold. It did so with far larger swings, including a fall of over 75%, and the result depends heavily on the dates chosen.
Are bitcoin and gold correlated?
Not in any stable way. The correlation of their monthly returns was -0.07 over the whole period and has swung between negative and positive in two-year windows.
Is bitcoin a safe haven like gold?
So far its behavior has looked more like a risky growth asset: it has fallen sharply in periods when gold held up, such as 2022.
How many ounces of gold is one bitcoin worth?
On monthly averages, about 15.6 ounces in April 2026, up from about 0.2 in January 2015. Divide the live bitcoin price by the gold price for today's figure.
Where to next
Sources
- Coin Metrics free daily network data, PriceUSD (GitHub archive, CC BY-NC 4.0)
- World Bank Commodity Price Data (the Pink Sheet): monthly gold price, US$/troy oz
- Monthly gold prices, World Bank data packaged by datahub.io (core/gold-prices)
- Gold Demand Trends (World Gold Council)
Written for beginners and checked against the sources listed. Last reviewed November 5, 2026. This page is educational and is not financial, tax or legal advice. How we write and check pages.