Bitcoin beats gold and stocks with 633% real return, study finds

Bitcoin has topped Taurex's October 2026 comparison of 10 investment assets with a reported 633.2% inflation-adjusted return, ahead of silver, U.S. stocks and gold.

Summary

• Bitcoin ranked first with a 633.2% real return despite a reported 25% annual decline.
• Silver returned 60.7% after inflation, followed by the S dP 500 at 57.3%.
• Seven of the 10 assets gained purchasing power under the study's inflation adjustment.
• Savings accounts, U.S. aggregate bonds and palladium recorded negative real returns in the comparison.

Taurex reported that Bitcoin's cumulative real return exceeded every other asset in its comparison, while several familiar savings and investment options lost purchasing power. The online trading platform included cryptocurrencies, precious metals, shares, property, farmland, cash and bonds in its October breakdown.

In the report's ranking, Bitcoin was the only cryptocurrency assessed. The study placed silver second with a 60.7% real total return, followed by the S dP 500's dividend-inclusive return of 57.3% and gold's 55.5%.

Using roughly 25% cumulative U.S. inflation, the researchers adjusted investment gains to compare changes in purchasing power, according to the supplied methodology. The report says its calculations included dividends and interest where applicable, rather than relying solely on changes in quoted prices.

Bitcoin leads the ranking despite its annual decline

Despite reporting a 25% decline in Bitcoin over the previous year, Taurex assigned the cryptocurrency a 633.2% cumulative real return and a 49% real compound annual growth rate. Its reported cumulative gain was more than 10 times silver's result.

Across the study's asset list, Bitcoin's return stood apart from the remaining positive results, which ranged from 1.6% for U.S. real estate investment trusts to 60.7% for silver. The report ranked each asset by cumulative real return rather than its latest annual performance.

For Bitcoin, the platform's summary described performance since 2020, while its methodology referred to both four- and five-year tracking periods. The stated holding periods therefore varied within the report's accompanying explanation.

Recent reporting has also documented episodes when investors pulled money from both Bitcoin and gold. On May 28, crypto.news covered JPMorgan's assessment of Bitcoin and gold outflows, with analysts led by Nikolaos Panigirtzoglou describing reduced demand for trades linked to currency debasement.

In that assessment, the bank said exchange-traded funds tracking both assets had suffered outflows over the preceding two weeks, alongside weaker institutional positioning in CME futures.

"It is not a case of Bitcoin funds shifting to gold; rather, both asset classes are facing a simultaneous decline in demand," JPMorgan said.

Silver and U.S. stocks finish ahead of gold

Among the traditional investments assessed, Taurex ranked silver above both gold and the S dP 500. The metal's 60.7% cumulative real return came with a reported real annual growth rate of 9.9%.

For gold, the study listed a 55.5% cumulative real return and 9.2% annualized growth after inflation. In its investment example, the platform said $10,000 invested in gold at the starting point would have purchasing power equivalent to about $15,500 in 2020 dollars.

With dividends included, the S dP 500 delivered a 57.3% real total return and a 9.5% real annual growth rate in the comparison. Taurex's accompanying account put the index's nominal cumulative gain at approximately 96%.

Over the five calendar years discussed in the report, the platform said U.S. shares rose in four, including gains of about 29% in 2021 and 25% in 2024. The report identified 2022 as the losing year, with a decline of approximately 18%.

On July 30, earlier coverage of Bitcoin's post-PCE recovery recorded gains across cryptocurrency, U.S. equities and precious metals following the June U.S. inflation release.

According to that report, Bitcoin gained 1.2% to around $64,804, while the S dP 500 rose approximately 0.9% in early trading. Gold added about 0.3% to $4,076 per ounce, and silver gained 0.6% to approximately $58.

U.S. inflation data provides a separate market comparison

For American investors, Taurex's comparison used U.S. price inflation alongside domestic stock, housing, farmland and bond measures. Its approximately 25% inflation adjustment covered cumulative price increases over the study period, rather than a single annual inflation reading.

An Aug. 13 report examining Bitcoin's muted CPI response documented a limited price reaction to the July consumer price index release on Aug. 12. That coverage reported annual headline inflation of 3.4% and a monthly increase of 0.1%.

In the same report, Bitcoin moved from roughly $63,800 to $64,100 over four hours, a gain of approximately 0.47%. The article also reported $854 million in U.S. spot Bitcoin ETF inflows during the first week of August.

According to the August coverage, perpetual futures trading activity had fallen to a three-year low ahead of the CPI release, while options markets priced an expected Bitcoin move of only 1.3%.

Housing gains while cash, bonds and palladium lose value

Below the four leading assets, Taurex ranked U.S. house prices fifth, with an 18.6% real total return and 3.5% real annual growth. U.S. farmland followed with a cumulative inflation-adjusted gain of 10.4% and annualized growth of 2%.

For U.S. REITs, the report included total returns and recorded a 1.6% cumulative real gain, equivalent to 0.3% annualized growth. The property investment category was the lowest-ranked asset that still beat the study's inflation benchmark.

At the bottom of the table, Taurex assigned U.S. savings-account cash a negative 18.2% real total return and a negative 3.9% annual growth rate. Its account summary also cited a 34% share of Americans holding savings accounts paying at least 4% interest.

U.S. aggregate bonds recorded a negative 22.2% real total return and a negative 4.9% annualized result, according to the comparison. Palladium finished last, with a 62.7% cumulative real loss and a negative 17.9% real annual growth rate.