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Invested £10,000 in Bitcoin 10 years ago? By 2025, that would be over £12 million.¹
The same amount in the MSCI World? £27,500.²
Sounds like a clear winner, right? The reality is more complicated. This comparison only tells half the story – and glosses over the brutal crashes that Bitcoin investors have had to endure.
Since 2019, I have been running a Bitcoin savings plan alongside my ETF investments in shares. In this article, I compare both asset classes without sugar-coating anything: performance, risks, crash scenarios – and show you how to combine both worlds intelligently.
When we compare the performance of the most important asset classes over the last 10 years, there is a clear winner:
| rank | Asset class | Average annual return. | CHF 10,000 → 2025 |
|---|---|---|---|
| 🥇 | Bitcoin | ~137%¹ | CHF 12 million+ |
| 🥈 | Nasdaq 100 | ~20%³ | £67,000 |
| 🥉 | S&P 500 | ~14%³ | £38,000 |
| 4 | MSCI World | ~10.6%² | £27,500 |
| 5 | SPI (Switzerland) | ~7.8%⁴ | £21,000 |
| 6 | Gold | ~1.5%⁵ | £11,600 |
The facts are clear: Bitcoin has been the best asset class globally in 9 of the last 10 years – with a 10-fold higher return than the second-placed Nasdaq 100.³
⚠️ Important for Swiss investors: MSCI World and Bitcoin are measured in USD. The strong Swiss franc has reduced returns for CH investors. The SPI shows the real CHF return without currency risk.⁴
While Bitcoin dominates the headlines, equity ETFs have been delivering reliable returns for decades:
MSCI World (2015–2025):
SPI Swiss Performance Index:
Bitcoin could have made you a millionaire – but only if you got in at the right time. Anyone who bought at the peak of the Bitcoin bubble in 2017 sat on a loss of -80% for two years. Anyone who got in at the new all-time high at the end of 2021 experienced a crash of -73% in 2022.
Your key to success! Discover our top recommendations from real testimonials.
Before you euphorically invest all your money in Bitcoin, let's take a look at the reality:
| Period | trigger | loss | recreation |
|---|---|---|---|
| 2017-2018 | Bubble bursts | -83% | ~2 years |
| 2020 | coronavirus crash | -50% | nine months |
| 2021-2022 | FTX collapse, Fed interest rates | -73% | ~1 year |
In the worst-case scenario (2018), CHF 100,000 was reduced to just CHF 17,000. Many investors sold in panic at the low point and incurred massive losses. Those who persevered were rewarded – but that requires nerves of steel and staying power.
The data shows a fascinating pattern: the longer you hold your investment, the safer it becomes. But Bitcoin and stocks differ dramatically in the speed at which the risk of loss has historically declined.
After just one year, the risk of loss is similar for both investments – around one in four investors makes a loss. But then the paths diverge: Bitcoin investors who hold on for at least four years have historically seen no more risk of loss. With equity ETFs, it takes almost four times as long, at around 15 years.⁷
What does that mean in concrete terms? Anyone who bought Bitcoin in 2015 and held it until 2019 was guaranteed to be in the black – regardless of when exactly they got in. With shares, you would have to hold out from 2010 to 2025 for the same certainty.
⚠️ Attention: This data is based on past performance (Bitcoin since 2009, shares over 100 years). There is no guarantee that the future will develop in the same way! Bitcoin is still young – and the data will change over time.
Bitcoin: Daily fluctuations of ±10-20% are completely normal. Crashes of -30% within a few days occur several times per cycle.
MSCI World: Significantly calmer with around 15% annual volatility. In the worst case, -30% over 6-12 months, recovery usually within 1-2 years.
My personal experience: In the crash of 2022, I saw my Bitcoin portfolio fall by 65%. I persevered – in 2025, I am back in the black. But it takes a lot of nerve. You have to be honest with yourself: can you handle that?
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
After all the figures, the question is: Bitcoin or shares – which is better?
The answer: both. And neither.
✅ Highest long-term returns of all asset classes (historically)
✅ Faster recovery: No more losses after 4 years (vs. 15 years for shares)
✅ Diversification: Often performs differently than stock markets (but increasingly similarly)
✅ Limited supply: only 21 million bitcoins – genuine protection against inflation (theoretically)
✅ Stability: Significantly lower fluctuations than Bitcoin
✅ Proven: Over 100 years of historical data, reliable 7-10% returns
✅ Psychologically easier: less stress, fewer panic sales
✅ Real economy: Investment in real companies with turnover and profits
✅ Dividends: Passive income with distributing ETFs
It's not an either/or situation. Bitcoin and ETFs have different strengths. Bitcoin is a return booster for risk-tolerant investors (5-20% of the portfolio). ETFs are the foundation for every investor (80-95% of the portfolio).
The solution? A combination of both: The core-satellite strategy.
Instead of having to choose between Bitcoin and shares, you can combine both intelligently:
How it works
The big advantage: Even if Bitcoin crashes -80%, your total portfolio will only lose -8 to -16%. This is psychologically much easier to bear than a pure Bitcoin portfolio.
Let's take a look at how different mixes would have developed historically (2015–2025):⁸
| portfolio mix | Average annual return. | CHF 100,000 became: |
|---|---|---|
| 100% MSCI World | 10.6% | £275,000 |
| 90% MSCI + 10% BTC | ~16-18% | £480,000 |
| 100% Bitcoin | 137%+ | CHF 12 million+ (with perfect timing) |
⚠️ Important: 10% Bitcoin is already an aggressive allocation. For more conservative investors, 5% (or less) is a better starting point. Test your risk tolerance honestly: Can you sleep peacefully at night if your Bitcoin holdings lose -70%?
💡 Notice: These figures are based on historical data and are heavily dependent on the entry date. If you had entered in 2017 or 2021, the results would have been significantly worse!
I hold about 80% of my portfolio in ETFs and 20% in satellites (Bitcoin, gold and, from the old days, a few individual shares).
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"Bitcoin vs. stock ETFs – Which is the better investment? 19")
Would you like to learn more about the best ETF providers for Switzerland? Take a look at my Online broker comparison Switzerland an.
Now you know the theory. But how do you actually get started?
The biggest mistake? Selling in a panic during a crash. That's exactly when you should be thinking long term. Let your savings plan run automatically, don't check the charts every day, and review your portfolio once a year – remember to rebalance.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
After all the figures, tables and scenarios, the final question is: which strategy is right for you?
ETFs are only right for you if You are new to investing and cannot cope with fluctuations of -50%. You value stability over maximum returns and want to sleep peacefully at night. That's perfectly fine – it's better to start conservatively than not to start at all.
Core-satellite (ETFs + Bitcoin) is right for you if You already have or are building an ETF portfolio and are thinking long term (at least +10 years). You can psychologically withstand fluctuations and are willing to invest 5-10% of your portfolio in Bitcoin. You are looking for excess returns without putting all your eggs in one basket.
Bitcoin is neither a saviour nor the devil's work. It is a highly volatile asset class with enormous potential returns – and equally enormous risks.
The core-satellite strategy combines the best of both worlds: equity ETFs as a foundation for stability and peace of mind, Bitcoin as a return booster for additional opportunities. For me personally, the 80/20 split is the sweet spot. You have to find your own balance – but one thing is certain: without ETFs in your portfolio, you're doing something wrong.
Whether you opt for 100% ETFs or the core-satellite strategy, the first step is to get started. Setting up an ETF savings plan takes 20 minutes. One Bitcoin savings plan with Relai set up as well.
What's keeping you?
Transparency: This article was created in paid collaboration with Relai. I have been using Relai myself for years for my Bitcoin savings plan and only recommend products and services that I am personally convinced of. My analyses, comparisons and opinions remain completely independent of this.
Important note: This is not investment advice. Only invest money that you are prepared to lose. Cryptocurrencies are high-risk and suitable for long-term investors with strong nerves.
No. Bitcoin is significantly more volatile, with potential crashes of -80%, while equity ETFs fall by a maximum of -30 to -50% (historically). However, Bitcoin recovers more quickly: historically, after four years, no further losses were possible, whereas with equities it took around 15 years.⁷
A maximum of 5-20% of your total portfolio, depending on your risk tolerance. My assessment (not investment advice): 10% for balanced investors, 5% for conservative investors, up to 20% for very risk-tolerant investors.
Yes, absolutely! A savings plan of £200 per month is ideal for the cost averaging effect. With Relai, you can even start with as little as £50 per month. Small amounts add up over the years.
I recommend a hardware wallet for Bitcoin values of CHF 5,000 or more. For smaller amounts, the Relai app is sufficient. I myself transfer funds from Relai to my hardware wallet on a quarterly basis – this way, I combine convenience with security.
That's exactly what the core-satellite strategy is for. With 90% in ETFs, even if you lose your entire Bitcoin investment, you'll only be 10% in the red. So remember: never invest more than 20% of your portfolio in Bitcoin!
¹ Bitcoin Historical Data: Portfoliomix.de, CoinTelegraph, Bankrate.com (Bitcoin performance 2015–2025)
² MSCI World Performance: MSCI Inc., Investingintheweb.com, Yahoo Finance (10-year performance in USD and CHF)
³ Nasdaq 100, S&P 500 Performance: Bloomberg, Charlie Bilello via Messari Research, Börse Online
⁴ SPI Swiss Performance Index: SIX Swiss Exchange, Seat11a.com, PPCmetrics, Pictet Wealth Management
⁵ Gold performance: World Gold Council, Gold.de, Bitpanda Blog
⁶ Bitcoin Crash History: Bankrate.com, Wikipedia (Cryptocurrency Bubble), Webopedia, Yahoo Finance
⁷ Probability of loss by holding period: LazyPortfolioETF Bitcoin Rolling Returns (2009-2025), Curvo.eu MSCI World Historical Performance, Dimensional S&P 500 Long-term Rolling Returns. Bitcoin shows a 26% loss risk at 1 year, 14% at 3 years, 0% from 4 years. MSCI World: 30% at 1 year, 15% at 3 years, 0% from 15 years.
⁸ Portfolio scenarios: Own calculations based on historical data from MSCI, Bitcoin price data, Yahoo Finance
Disclaimer: All information is provided without guarantee. Past performance is no guarantee of future results. This article does not constitute investment advice. Please consult an independent financial advisor if necessary.
Eric is the founder of Schwiizerfranke.com and certified IAF wealth advisor. Since 2019, he has been helping Swiss citizens to organise their finances comprehensibly, independently and efficiently.
📌 Note: This article is for information purposes only and does not constitute personalised investment advice.
Hello, Eric,
A lovely article with useful recommendations!
The only criticism: the average annual return of 127% is somewhat misleading.
As you can see from your chart «Bitcoin vs. MSCI World», Bitcoin rose more rapidly at first and has been slowing down over the years.
(See also «Bitcoin Power Law».)
A new entrant today therefore earns significantly less than an average of 127% per year. And this figure will continue to decline with each passing year.
Regards, Walter
Thanks for adding that, Walter. You're right, the future can never be deduced from the past – I hope that came across in the article.
(The most recent days on the crypto market demonstrate this very well).