$BTC Many friends have been complaining that $BTC Bitcoin has risen too little compared to gold, and even more so compared to silver. The gap is huge, and the S&P 500 has even left Bitcoin behind. But is this really the case?

I selected April 10, 2023, as the reference point. The reason for choosing this date is because it was the first time BlackRock announced plans to apply for a Bitcoin spot ETF. This was also the first time the world's leading asset management company applied for a cryptocurrency ETF. I believe this date marks the beginning of institutional entry into BTC.

From this point until 5 a.m. Beijing time today, when the US stock market closed:

BTC's price rose from $28,342 to $89,256, an increase of 3.149 times.

Gold's price rose from $1,945 to $5,447, an increase of 2.8 times.

Silver's price rose from $22.9 to $105.6, an increase of 4.611 times.

The S&P 500 rose from 4,085 points to 6,978 points, an increase of 1.708 times.

The reason for using this data for comparison is that Bitcoin only started to be recognized by institutions from this time onward. Gold, silver, and the S&P 500 had already passed ETF approval early on and have long been part of institutional allocations. Therefore, from the perspective of institutional entry, BTC's price increase has only lagged behind silver, and even surpassed gold and the S&P 500. It’s important to note how much history Bitcoin has, compared to how long the other three assets have been around.

As institutional buying of BTC progresses, I believe Bitcoin's development will not stop here.