Gold has been one of the strongest performing assets in 2025, rising 38% year to date, outpacing bitcoin's 23% advance. It's no secret, however, that bitcoin has done wildly better than gold over its short lifespan.
A comparison of both inflation-resistant assets against the U.S. money supply (M2) provides deeper insight. Adjusted for M2 growth, gold — despite its recent run — remains below its 2011 peak and is roughly at the same level as in 1975, with its all-time high against M2 occurring in 1980.
Bitcoin tells a different story: each bull cycle has seen BTC hit a record versus M2, including last month when it touched both an absolute all-time high and a new high relative to money supply.
This contrast highlights their distinct roles: gold acts as a long-standing hedge and stabilizer, while bitcoin's behavior shows how new forms of money respond dynamically to rapid monetary expansion.