Bitcoin often outperforms gold and equities in the aftermath of global shocks, according to Mercado Bitcoin.

Bitcoin outperforms gold and equities after global shocks, Mercado Bitcoin study finds

Bitcoin has consistently delivered stronger returns than traditional safe-haven assets in the aftermath of major global disruptions, according to new research from Brazilian crypto exchange Mercado Bitcoin.

The study, led by head of research Rony Szuster, analyzed 60-day periods following key economic and geopolitical shocks, including the COVID-19 outbreak and U.S. tariff escalations. Across every scenario examined, Bitcoin outperformed both gold and the S&P 500.

One example highlighted in the report came in April last year, when sweeping tariffs were announced by the Trump administration. In the 60 days that followed, Bitcoin surged 24%, compared to an 8% rise in gold and a 4% gain in the S&P 500.

A similar trend was observed during the early stages of the COVID-19 crisis in March 2020. Over the subsequent two months, Bitcoin climbed 21%, again outperforming traditional assets.

However, Szuster cautioned against drawing conclusions too quickly during periods of market stress. He noted that in the immediate aftermath of a shock, investors often liquidate positions to reduce risk or raise cash, which can temporarily weigh on all asset classes—including defensive ones.

Despite these short-term reactions, the data shows Bitcoin has repeatedly rebounded and gone on to outperform, the study found.

According to Szuster, this pattern may be unfolding again amid the ongoing U.S.-Iran conflict. So far, Bitcoin is the only one of the three assets in positive territory during the current episode.

Since the conflict began, Bitcoin has risen more than 2.2%, moving from around $65,800 to approximately $67,300 at the time of writing. In contrast, gold has declined by about 11%, while the S&P 500 has fallen 4.4%, marking its steepest monthly drop since 2022.

Szuster added that, despite its volatility, Bitcoin remains the best-performing asset of the past decade, reinforcing its growing role in global portfolios.