Analysis: Within two months after major global shocks, Bitcoin generally outperformed gold and the S&P 500 index.

Deep Tide TechFlow message. On April 05, according to CoinDesk, Brazilian cryptocurrency exchange Mercado Bitcoin released a research report showing that in the two months following major global crises, Bitcoin (BTC) has often outperformed traditional safe-haven assets such as gold.

The study was led by Rony Szuster, head of research at Mercado Bitcoin. It analyzed asset performance within a 60-day window after economic or geopolitical shock events such as the outbreak of the COVID-19 pandemic and the escalation of U.S. tariffs, and found that Bitcoin’s returns were stronger than gold and the S&P 500 index in each analyzed cycle.

In terms of specific data, after the Trump administration announced large-scale tariff measures in April 2025, Bitcoin rose 24% over the following 60 days, gold increased 8%, and the S&P 500 rose 4%. In early March 2020, when the COVID-19 pandemic first broke out, Bitcoin also rose 21%, outperforming the other two categories of assets.

Szuster noted that the above pattern appears to be repeating again amid the current U.S.-Iran conflict. At the time of writing, since the start of the hostilities, Bitcoin has risen more than 2.2% from about $65,800 to about $67,300, making it the only asset among the three categories to record positive returns; gold fell by about 11%, and the S&P 500 dropped by as much as 4.4%, the largest single-month decline since 2022.

Szuster added that, despite its higher volatility, Bitcoin has still been the best-performing asset over the past decade.