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Bitcoin is at $81,000 right now...
Over 3 years (from the last ATH in November '21) it's roughly even with SPY, maybe a little behind. Over 2 years it crushes SPY. Over 4 years (and any further) it crushes SPY.
Comparing it to spy actually handicaps it in favor of bitcoin. A more appropriate comparison controlling for volatility would be something like 2-3x SPY, like UPRO, which beats Bitcoin by a bigger margin. Controlling for volatility, Bitcoin has , as of Today, slightly greater returns and vastly more volatility which makes it worse .
But so far, yes, you're right that Bitcoin as of now is the better performing asset nominally speaking.
UPRO doesn't seem to have performed that well.
https://www.marketwatch.com/investing/fund/upro
On 1/1/2020, it was at $36, now it's at $95. Tesla went from $36 to $335. Bitcoin did even better, going from about $7,000 to $88,000 today. Even Apple went from $74 to $224, it did better than UPRO (and pays dividends). Microsoft did similarly well.
It's not like Microsoft or Apple were unheard of back in early 2020, they're basically blue-chips.
ETFs are generally mediocre investments and have management fees, better to just pick out stocks or crypto specifically. If we look at just the 1 year, Bitcoin is up 140%, UPRO is up a measly 100%. UPRO might be a decent investment but it's not a great one.
A decent amount of volatility is good. You want to get in before the institutional investors, not after they've pumped the market up to high heaven. They're already all over ETFs.
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It has done well but it hasn't exactly been 'belly button lint in exchange for untold riches' if you've jumped on board any time since like 2016.
If you jumped onboard 14 hours ago, you'd already have made 7-8% profit, which is what SPY might make in a year. It's at 87K now, rising to 88 as I write this post.
Untold riches for nothing is a very high standard that we've only ever seen with bitcoin and ETH (which was originally distributed to BTC addresses). There used to be BTC faucets where people gave them away, evangelizing to new users.
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