Over the past ten years, Bitcoin has significantly outpaced precious metals: according to analyst Adam Livingston, Bitcoin grew by 27,701%, while silver increased by 405% and gold by 283% during the same period. These figures have sparked public debate between cryptocurrency advocates and precious metal supporters, with disputes focusing both on the data itself and the chosen timeframes for comparison. At the same time, 2025 saw a notable weakening of the US dollar, which has also been cited in arguments regarding the outlook for scarce assets.
Asset Performance Comparison Over 10 Years
Adam Livingston presents aggregated data over the decade, showing that in terms of total returns, Bitcoin substantially outperforms gold and silver: Bitcoin's growth is reported at 27,701%, while silver and gold increased by 405% and 283%, respectively. Livingston also notes that even if the first six years of Bitcoin's existence are excluded, the trend still favors the cryptocurrency, underscoring his argument about the asset's long-term superiority. This approach to selecting the timeframe offers one perspective, but it itself remains a subject of debate among experts.
If you want to explore recent price changes and their connection to macro factors in more detail, we recommend the article on Bitcoin and gold price dynamics, which discusses recent market movements and their causes.
Criticism and Alternative Views
Criticism mainly centers on the choice of timeframe for comparison: Peter Schiff suggested comparing assets over four years instead of ten, arguing that conclusions might differ over a shorter window. This observation highlights that different horizons yield varying pictures of returns and volatility, so conclusions depend on the comparison methodology. The public debate between gold advocates and Bitcoin supporters emphasizes that the discussion remains largely methodological and contentious.
Matt Golliher points out a peculiarity of commodity markets: over the long term, commodity prices tend to converge toward production costs, whereas assets with fixed supply behave differently. This remark underscores that the pricing mechanics of cryptocurrencies and precious metals differ, which is important to consider when assessing their roles as stores of value.
For readers wishing to weigh the arguments "for" and "against" from a store-of-value perspective, the overview Bitcoin or Gold — Which Is Better as a Store of Value is useful, discussing key criteria for such a choice.
Impact of Dollar Weakening on Asset Markets
In 2025, the US Dollar Index (DXY) dropped by 10%, and this decline has become one of the arguments in discussions about the dynamics of scarce assets. According to analyst Arthur Hayes, the dollar's weakening and the Federal Reserve's inflationary policies will serve as positive catalysts for prices of scarce assets, including gold, silver, and BTC. These macro factors are frequently used in debates about how different asset classes will behave amid changes in fiat currency values.
Why This Matters
For a miner in Russia owning between one and a thousand devices, such comparisons help understand the relative performance of assets into which they might reinvest revenue. Information that Bitcoin has shown substantial growth over ten years, along with discussions about the dollar exchange rate's impact, provides context for decisions on whether to hold proceeds in BTC, metals, or rubles. However, the data and analysts' opinions do not replace your own assessment of costs, returns, and risks.
Even if asset price movements do not directly affect equipment operation, they influence the purchasing power of mining revenue and potential profitability when selling or holding mined cryptocurrency. Therefore, it is useful to consider both long-term asset returns and critics' arguments about time horizons, as well as monitor the currency in which you conduct your accounting.
What to Do?
- Assess your exposure: determine what portion of mining revenue remains in BTC, is converted to rubles, or invested in other assets.
- Optimize costs: review electricity rates, equipment operating modes, and maintenance to reduce variable expenses.
- Diversify holdings: allocate revenue across multiple instruments (BTC, fiat, metals) considering your volatility tolerance and operational needs.
- Monitor the dollar exchange rate and market signals: a declining DXY and analyst commentary can influence asset price dynamics, so stay attuned to macroeconomic developments.
- Plan liquidity: maintain reserves to cover operational costs and enable quick responses to price drops or rises without forced equipment sales.