Comparison
Bitcoin vs gold: real returns and falls since 2013
Bitcoin is often called digital gold. Here are the two side by side from October 2013, after US and UK inflation and against money printing, with every big fall and Bitcoin priced in ounces of gold.
- Bitcoin since Oct 2013, real $ +28,424% 54.5% a year
- Gold since Oct 2013, real $ +122% 6.3% a year
- One Bitcoin in gold, Oct 2026 19.9 oz troy ounces
- Most ever, in gold 37.8 oz Jan 2025
Key takeaways
- After US inflation since Oct 2013: Bitcoin +28,424%, gold +122%.
- One Bitcoin bought 0.15 ounces of gold in Oct 2013, 37.8 at the high in Jan 2025 and 19.9 in Oct 2026.
- Bitcoin has had 4 real falls of more than half since 2013; gold’s deepest in that time was 26.3%.
- Over the past five years, gold is ahead: gold +94.9%, Bitcoin +12.3% after US inflation.
- Their monthly real returns were close to unrelated (correlation −0.08 over 154 months).
Side by side, Oct 2013 to Oct 2026
Every lens over the months all of them have. The highlighted column follows the lens you choose below.
| Asset | $ nominal | £ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Bitcoin BTC | +40,812% 58.8% a year | +49,573% 61.2% a year | +28,424% 54.5% a year | +34,180% 56.7% a year | +19,160% 49.9% a year |
| Gold XAU | +219% 9.3% a year | +287% 11.0% a year | +122% 6.3% a year | +167% 7.8% a year | +50.0% 3.2% a year |
Growth of 100 in the lens you choose
Each line starts at 100. Switch the lens to see the same holdings in pounds, after inflation or against money printing.
- Bitcoin28,520
- Gold222.1
- Oct 2026
Loading the chart. Every figure is also in the tables below.
Every period
Shorter windows first. All five lenses are in the page; the one you choose is shown.
Every period in US dollars, not adjusted
| Period | Bitcoin | Gold |
|---|---|---|
| Past year from Oct 2025 | −24.0% −24.0% a year | +3.4% 3.4% a year |
| 5 years from Oct 2021 | +36.0% 6.3% a year | +136% 18.7% a year |
| Since 2020 from Dec 2019 | +1,058% 43.1% a year | +184% 16.5% a year |
| 10 years from Oct 2016 | +12,204% 61.8% a year | +231% 12.7% a year |
| Since Oct 2013 from Oct 2013 | +40,812% 58.8% a year | +219% 9.3% a year |
Every period in pounds sterling, not adjusted
| Period | Bitcoin | Gold |
|---|---|---|
| Past year from Oct 2025 | −24.5% −24.5% a year | +2.7% 2.7% a year |
| 5 years from Oct 2021 | +40.6% 7.1% a year | +144% 19.5% a year |
| Since 2020 from Dec 2019 | +1,061% 43.2% a year | +184% 16.5% a year |
| 10 years from Oct 2016 | +11,254% 60.5% a year | +206% 11.8% a year |
| Since Oct 2013 from Oct 2013 | +49,573% 61.2% a year | +287% 11.0% a year |
Every period in US dollars after US inflation (CPI)
| Period | Bitcoin | Gold |
|---|---|---|
| Past year from Oct 2025 | –a (see note a) | –a (see note a) |
| 5 years from Oct 2021 | +12.3% 2.3% a year | +94.9% 14.3% a year |
| Since 2020 from Dec 2019 | +789% 37.7% a year | +118% 12.1% a year |
| 10 years from Oct 2016 | +8,779% 56.6% a year | +139% 9.1% a year |
| Since Oct 2013 from Oct 2013 | +28,424% 54.5% a year | +122% 6.3% a year |
- a US CPI was not published for Oct 2025.
Every period in pounds after UK inflation (CPI)
| Period | Bitcoin | Gold |
|---|---|---|
| Past year from Oct 2025 | −26.5% −26.5% a year | −0.1% −0.1% a year |
| 5 years from Oct 2021 | +11.2% 2.1% a year | +93.1% 14.1% a year |
| Since 2020 from Dec 2019 | +777% 37.4% a year | +115% 11.8% a year |
| 10 years from Oct 2016 | +7,902% 55.0% a year | +115% 8.0% a year |
| Since Oct 2013 from Oct 2013 | +34,180% 56.7% a year | +167% 7.8% a year |
Every period in US dollars measured against the growth of the US M2 money supply
| Period | Bitcoin | Gold |
|---|---|---|
| Past year from Oct 2025 | −27.5% −27.5% a year | −1.5% −1.5% a year |
| 5 years from Oct 2021 | +23.3% 4.3% a year | +114% 16.4% a year |
| Since 2020 from Dec 2019 | +662% 34.6% a year | +86.5% 9.6% a year |
| 10 years from Oct 2016 | +6,818% 52.8% a year | +86.2% 6.4% a year |
| Since Oct 2013 from Oct 2013 | +19,160% 49.9% a year | +50.0% 3.2% a year |
Bitcoin priced in ounces of gold
Bitcoin’s month-end close divided by the gold price for the same month.
From the October 2013 close to October 2026, Bitcoin is up 28,424% after US inflation and gold up 122%. The difference is so large that a chart in dollars hides gold’s path, which is why the chart on this page starts both at 100 and offers a log scale.
Dividing one by the other strips out the dollar and inflation altogether. A Bitcoin was worth 0.15 ounces of gold in Oct 2013. It peaked at 37.8 ounces in Jan 2025 and stood at 19.9 in Oct 2026, 47.4% below that high.
The long-run lead is mostly from Bitcoin’s early years. Over the past five years gold returned +94.9% after US inflation and Bitcoin +12.3%, so the answer to “which did better” depends heavily on the start date.
| Month | Bitcoin, $ | Gold, $ per ounce | Ounces per Bitcoin |
|---|---|---|---|
| Oct 2026 latest | $83,337 | $4,195 | 19.9 |
| Jun 2026 Bitcoin real low | $58,625 | $4,228 | 13.9 |
| Jul 2025 Bitcoin real high | $115,764 | $3,340 | 34.7 |
| Jan 2025 most ounces | $102,430 | $2,710 | 37.8 |
| Dec 2022 Bitcoin real low | $16,542 | $1,798 | 9.2 |
| Mar 2021 Bitcoin real high | $58,741 | $1,718 | 34.2 |
| Jan 2019 Bitcoin real low | $3,434 | $1,292 | 2.7 |
| Dec 2017 Bitcoin real high | $13,716 | $1,264 | 10.9 |
| Aug 2015 Bitcoin real low | $226 | $1,118 | 0.2 |
| Nov 2013 Bitcoin real high | $995 | $1,276 | 0.78 |
| Oct 2013 first month | $204 | $1,317 | 0.15 |
Gold is a monthly average price; Bitcoin is a month-end close. Highs and lows are Bitcoin’s real peaks and troughs.
Every big fall after inflation
Bitcoin’s falls of more than half and gold’s of more than 15%, in real dollars since Oct 2013.
Bitcoin’s real falls of more than half, on month-end closes: 77.8% from Nov 2013 to Aug 2015, back above it after 3 years 3 months; 75.5% from Dec 2017 to Jan 2019, back above it after 2 years 11 months; 74.9% from Mar 2021 to Dec 2022, back above it after 3 years; 51.0% from Jul 2025 to Jun 2026, still below it 1 year 3 months later.
Gold’s worst real fall inside the same window was 26.3% from its Aug 2020 high to Oct 2022, back above it after 3 years 11 months. In 3 full calendar years (2015, 2021, 2025) one rose after inflation while the other fell.
| Asset | High | Low | Fall after inflation | Back to the high |
|---|---|---|---|---|
| Bitcoin | Nov 2013 | Aug 2015 | −77.8% | 3 years 3 months |
| Bitcoin | Dec 2017 | Jan 2019 | −75.5% | 2 years 11 months |
| Bitcoin | Mar 2021 | Dec 2022 | −74.9% | 3 years |
| Bitcoin | Jul 2025 | Jun 2026 | −51.0% | Not yet (1 year 3 months) |
| Gold | Mar 2014 | Dec 2015 | −19.5% | 5 years 5 months |
| Gold | Aug 2020 | Oct 2022 | −26.3% | 3 years 11 months |
| Gold | Feb 2026 | Jul 2026 | −20.6% | Not yet (8 months) |
Gaps and assumptions
What the figures leave out, so they can be read for what they are.
- Bitcoin’s history here starts in October 2013, from Kraken. Its earlier prices, including the 2011 and 2013 bubbles, are not in this data.
- Gold prices are World Bank monthly averages, while Bitcoin uses month-end closes, so the ounces-per-Bitcoin figure mixes an average with a single day’s price.
- Monthly figures smooth out both assets’ intraday extremes. Bitcoin’s intraday highs were higher and its lows lower than shown.
- Neither pays income. Storage, custody and dealing costs are not deducted from either.
- The US did not publish CPI for October 2025, so any real-dollar window that starts or ends in that month has no figure. The past-year real-dollar cells show a dash for that reason.
Bitcoin vs gold: questions
Worked out from the same monthly data as the tables. Educational information, not financial advice.
Has Bitcoin or gold done better after inflation?
Since October 2013, Bitcoin by a wide margin: up 28,424% after US inflation against gold’s up 122%. Over the past five years the result is different: Bitcoin +12.3%, gold +94.9%. Bitcoin’s figure comes with far deeper falls along the way.
How many ounces of gold is one Bitcoin worth?
About 19.9 troy ounces at the Oct 2026 month-end, using Bitcoin’s close and the month’s average gold price. The most was 37.8 ounces in Jan 2025. In Oct 2013 it was 0.15.
How far has Bitcoin fallen in real terms?
On month-end closes after US inflation, Bitcoin has fallen by more than half 4 times since 2013. The deepest was 77.8%. Intraday falls were larger.
Do Bitcoin and gold move together?
Hardly at all on this data. The correlation of their monthly real returns over 154 months was −0.08, close to zero. In 2015, 2021, 2025, one rose after inflation while the other fell.
Important information
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Cryptoassets are largely unregulated in the UK, so you are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong. Educational information only, not financial advice. Read our disclaimer.