Bitcoin historically the best performing asset 60 days after major global crisis

Bitcoin has delivered the strongest 60-day returns following major global disruptions since 2020, outperforming both equities and gold across several high-volatility periods.

The top digital asset posted an average 37% two‑month return across events since 2020, versus 3.5% for the equity gauge and 6.2% for gold.

BlackRock data shared by Bitcoin analyst and Marathon Digital advisor Sam Callahan breaks down the performance of the S&P500, gold, and Bitcoin after historical global crises.

During the 60 days following the U.S.–Iran escalation in January 2020, Bitcoin rose 20%, while the S&P 500 fell 7% and gold gained 6%.

In the same timeframe after the COVID-19 outbreak was declared in March 2020, Bitcoin climbed 21%, reversing a steep initial 25% drop over the first 10 days. Meanwhile, the S&P 500 and gold recorded 2% and 3% gains, respectively.

EventDateSPX (10D)Gold (10D)BTC (10D)SPX (60D)Gold (60D)BTC (60D)U.S.–Iran EscalationJan. 3, 20202%0%12%-7%6%20%COVID OutbreakMar. 11, 2020-20%-9%-25%2%3%21%2020 U.S. Election ChallengesNov. 3, 20207%-1%19%12%-1%131%Russia’s Invasion of UkraineFeb. 24, 20221%2%-6%3%9%15%U.S. Regional Banking CrisisMar. 9, 2023-2%10%25%4%11%32%Yen Carry Trade UnwindingAug. 5, 20242%0%0%7%9%3%Trump’s “Liberation Day”Apr. 2, 2025-7%7%0%(-5.72% 15D) (+6.80% 15D) (-0.34% 15D)

Following the U.S. election challenges in November 2020, Bitcoin surged 131% in 60 days. This compared to a 12% rise in the S&P 500 and a 1% decline in gold. The period included heightened uncertainty around the electoral process and stimulus negotiations.

After Russia invaded Ukraine in February 2022, Bitcoin returned 15% over 60 days. Gold outperformed equities, gaining 9% versus the S&P 500’s 3% uptick. Bitcoin initially fell 6% in the first 10 days before recovering.

The March 2023 U.S. regional banking crisis also saw a sharp move in Bitcoin, which gained 32% in 60 days. Gold rose 11%, while the S&P 500 climbed 4%. This period included liquidity concerns and institutional fallout.

In contrast, Bitcoin’s response to Japan’s Yen carry trade unwinding in August 2024 was muted, rising just 3% in 60 days. Gold gained 9%, and the S&P 500 added 7%.

Thus, data shows Bitcoin repeatedly recovering faster and outperforming other assets across major market dislocations, particularly within a two-month window.

The 60‑day mark for tariffs announced on “Liberation Day” arrives Jun. 1; Bitcoin is flat over the first 15 days, with the S&P 500 down 5.72% and gold up 6.8%.

After 60 days, Bitcoin has only underperformed gold once in 2024 during the Yen carry trade unwinding.