## Bitcoin's 11-Year Performance Report: Overwhelming Outperformance Against Precious Metals

Starting from 2015, Bitcoin(BTC) has significantly outpaced the price increases of gold and silver. During the same period, silver rose by 405% and gold by 283%, while BTC recorded an astonishing 27,701% increase. Currently, BTC is trading near $90.44K, and analysts point out that the continued record-breaking performance is fundamentally driven by its supply limitations.

Analyst Adam Livingston commented, "Even excluding the first six years, the return gap between BTC and traditional assets is clear." In response to this performance advantage, Peter Schiff, a prominent gold supporter, has challenged the comparison's time frame. Schiff argues, "Over the short span of the past four years, BTC's dominance has diminished," emphasizing the changing times.

## Convergence Mechanisms of Asset Prices and Supply Dynamics

Matt Gorihel, co-founder of wealth management firm Orange Horizon Wealth, analyzes from the perspective of commodity markets. "Generally, commodity prices tend to converge toward production costs. Price increases typically lead to increased supply, which then causes prices to fall again," he explains.

However, there are areas where this law does not apply—assets with fixed supply quantities. Gorihel points out, "Gold and silver mines that were unprofitable a year ago are now profitable at current price levels. Meanwhile, BTC's supply cap remains fixed at 21 million coins," highlighting the fundamental differences between the two assets.

## Scenario: Falling US Dollar Boosts All Scarce Assets

A key market point to watch is the rapid decline of the US Dollar Index(DXY). According to media host Ethan Ralph, the DXY has fallen nearly 10% by 2025, marking its worst performance in a decade. The DXY measures the dollar's strength against major currencies such as the euro, Japanese yen, British pound, and Canadian dollar.

This dollar weakening, combined with the Federal Reserve's accommodative monetary policy, could serve as a catalyst for rising prices across all scarce assets, including gold, silver, and BTC. Analyst Arthur Hayes states, "In an inflationary financial environment, both physical and digital assets serve as means to preserve value."

In fact, gold is expected to surpass its previous high of approximately $4,533 per ounce in 2025, and silver has reached a record high of about $80 per ounce. Meanwhile, BTC, amid the same dollar weakening environment, is forming prices through a different dynamic rooted in its structural supply constraints, setting it apart from traditional assets.

The debate over which is a better store of value—precious metals or Bitcoin—will likely continue to attract market participants' attention, as the intrinsic properties of assets, market cycles, and monetary policy directions become increasingly intertwined.