Bitcoin
Investment Returns Diverge Sharply Based on Unit of Account, Analysis Shows
A market-neutral strategy yielding five percent can result in opposite financial outcomes depending on whether performance is measured in bitcoin, dollars, or euros.
An analysis by DCY illustrates how portfolio performance changes fundamentally depending on the base currency used for accounting. In 2022, two market-neutral strategies delivering a 5% gain produced drastically different outcomes: an investor measuring returns in dollars gained 5%, while an investor holding returns in bitcoin suffered a 62% decline in dollar value due to bitcoin's 64% annual drop.
The effect reversed in 2023, when a 5% return denominated in bitcoin generated a 168% increase in dollar terms, whereas a 5% dollar return represented a 59% loss in bitcoin purchasing power.
The report also highlights foreign exchange exposure for European investors, noting that a 5% dollar return in 2025 turned into an approximate 7% loss in euros after the dollar depreciated by 11.6% against the euro.
These two are not the same thing, and one does not produce the other. The left is how this single article reads, from its tone alone. The right is the site’s own call on the asset, from indicators and analysis. Press tone feeds no score and no signal: on the only corpus this site has measured, daily tone tracked the move that had already happened and showed no measurable link with what followed.
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Rewritten from the headline, the teaser and the one-line summary the qualification step produced — that is all the material there is, and nothing is added to it. The source link is kept on file so any item can be checked, and is not published here.
