According to analysis by The Kobeissi Letter based on Bitbo data, the S&P 500 has declined by 15% against Bitcoin this year. This suggests that digital assets are outperforming traditional financial instruments. Bitcoin has once again highlighted this disparity — and it’s not limited to just this year. 

99.98% Drop Against Bitcoin Over 13 Years 

As The Kobeissi Letter notes, the S&P 500 has lost 99.98% of its value against Bitcoin since 2012. This data clearly illustrates how powerful Bitcoin’s long-term returns have been for investors. 

Truly incredible:

The S&P 500 in Bitcoin terms is now DOWN -15% year-to-date.

Since 2012, the S&P 500 in Bitcoin terms is down -99.98%.

We are all witnessing history. https://t.co/DsoHhJQXvo pic.twitter.com/UHETngTqGy

— The Kobeissi Letter (@KobeissiLetter) July 11, 2025

Meanwhile, Bitcoin surpassed $118,800 on Coinbase this past Friday. BTC has risen 9% weekly and gained 24% in the first half of 2025. The 24-hour increase stands at 5.5%. This rally is driven by one key factor: massive institutional demand for spot Bitcoin ETFs. 

Charlie Bilello pointed out that Bitcoin hasn’t just outperformed indices — it has also beaten major tech stocks like Nvidia (NVDA), Tesla (TSLA), and Netflix (NFLX). 

Last 10 Years…
Bitcoin $BTC: +40,450%
NVIDIA $NVDA: +34,815%
Tesla $TSLA: +1,702%
Netflix $NFLX: +1,206%
Microsoft $MSFT: +1,199%
Amazon $AMZN: +926%
Meta $META: +751%
Apple $AAPL: +691%
Google $GOOGL: +556%
S&P 500 $SPY: +262%
Gold $GLD: +175%
US Inflation (CPI): +35%

— Charlie Bilello (@charliebilello) July 11, 2025

Spot Bitcoin ETFs Are Attracting Investors 

In 2025, ETF investors quickly turned to Bitcoin. The 12 U.S.-listed spot Bitcoin ETFs currently hold 1,264,976 BTC — over 6% of the total Bitcoin supply. According to Bitbo, the market value of these holdings has reached $148.6 billion. 

Thanks to strong demand, spot ETFs became the third-largest fund inflow category in the first half of 2025. Gold and short-term government bonds ranked first and second. This data, shared by State Street, reflects institutional investors’ increasing interest in cryptocurrencies. In fact, last Thursday marked the second-largest daily inflow in U.S. spot Bitcoin ETF history, with $1.17 billion in new capital entering these products in just one day. 

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The post S&P 500 Climbs, Yet Continues to Lag Behind Bitcoin appeared first on Coin Engineer.

Unrealistic or Visionary?

While Back’s prediction might sound overly ambitious, there’s a logic behind his thinking. Let’s look at some current market comparisons:

• The S&P 500 — representing the 500 largest publicly traded U.S. companies — is valued at around $40 trillion, accounting for roughly 40% of the global stock market.

• Gold, often seen as the ultimate safe haven asset, currently holds a market cap of about $13 trillion.

• The global GDP, the total economic output of all countries combined, sits near $105 trillion.

• The real estate market worldwide is valued at approximately $300 trillion.

Back suggests that continued monetary expansion by central banks could drive Bitcoin to such sky-high levels over time, positioning it as a dominant store of value.

Bitcoin to Infinity if Fiat Collapses?

Back’s stance aligns with the views of notable venture capitalist Tim Draper, who has stated that if fiat currencies like the U.S. dollar face massive devaluation, Bitcoin could skyrocket to infinity in comparison. In both cases, the underlying idea is that fiat erosion could propel Bitcoin to unimaginable heights.

A Lifelong Bitcoin “Permabull”

Adam Back has long been a vocal supporter of Bitcoin. He first bought BTC in 2013, and since then, he has become widely known as a Bitcoin “permabull” — someone consistently bullish on its long-term prospects.

Interestingly, Back was one of the earliest individuals to learn about Bitcoin. In August 2008, he received an email from none other than Satoshi Nakamoto, introducing the concept of decentralized e-cash. Despite this early connection, he waited several years before actually investing in the asset.

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