According to market commentators, after a year of big moves in both camps, a sharp divide has emerged between Bitcoin proponents and precious metals proponents. Bitcoin’s long-term gains are held up as evidence that it remains the best-performing asset, while gold and silver have staged a dramatic rally that has taken some investors by surprise. Opinions are divided and the debate is loud.
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Bitcoin’s big lead since 2015
Bitcoin has risen approximately 27,700% since 2015, a figure cited by analyst Adam Livingston. That figure dwarfs the gains for silver and gold over the same period, which are around 400% and 280% respectively.
Livingston argued that even if you ignore Bitcoin’s earliest years, the cryptocurrency still outperforms the metals by a wide margin. Some see that as a clear victory for the crypto thesis. Others are not convinced.
Bitcoin vs Silver vs Gold since January 1, 2015:
Silver: 405%
Gold: 283%
Bitcoin: 27,701%Even if we ignore the first six years of Bitcoin’s existence for the crybabies whining about the time frame comparison…
…gold and silver drastically underperform the APEX ASSET.… pic.twitter.com/vdAnatqRKG
— Adam Livingston (@AdamBLiv) December 27, 2025
Critics are pushing back on the deadlines
Gold attorney Peter Schiff told Livingston to focus on a shorter period — the past four years — and said Bitcoin’s moment may have passed. This challenge reflects a broader concern among metal owners that past performance may not be repeated.
Now just do the last four years. Times have changed. The time of Bitcoin is over.
— Peter Schiff (@PeterSchiff) December 27, 2025
Matt Golliher, co-founder of Orange Horizon Wealth, offered a different angle, saying that commodity prices tend to move back toward the cost of production, and higher prices often lead to more supply. He also pointed out that sources of gold and silver that were unprofitable a year ago are now being mined at a profit.
Supply and macro forces drive prices
Gold and silver both rose to new highs in 2025. Reports show that gold reached around $4,533 per ounce and silver almost $80 per ounce. At the same time, the US dollar has weakened, with the US Dollar Index down about 10% this year.
Several analysts linked these moves to expectations of Fed easing in 2026 and rising geopolitical tensions that could push traders into scarce assets. Zaner Metals strategist Peter Grant said thinner trading and the Fed’s outlook have fueled sharp swings.
Surprisingly unpopular opinion: Gold and silver don’t need to slow down for Bitcoin to perform well.
Bitcoiners who think this should happen have low T and don’t understand any of these assets.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) December 28, 2025
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Bitcoin’s path is not tied to metals
According to Glassnode analysts and macro strategists, Bitcoin doesn’t need gold or silver to cool off before it can rise again.
James Check, a principal analyst at Glassnode, argued that the assets don’t have to trade against each other. Macro strategist Lyn Alden echoed that view, noting that the two can attract demand at the same time and are not strict rivals in practice.
Arthur Hayes added that Fed easing and a weaker dollar should broadly increase scarce assets, including digital and physical stores of value.
Featured image from Unsplash, chart from TradingView