Bitcoin Has Returned 0% for 5 Years. Get Ready for the S&P 500 to Do the Same.

The article argues that Bitcoin has delivered roughly zero net returns over the past five years, despite large swings, and uses that as a warning that the S&P 500 could face a similar “lost half-decade.” It points to prior U.S. equity examples in 2000-2005 and 2007-2012, when investors who bought major market highs endured multi-year drawdowns and only returned to breakeven years later. The piece says elevated valuations, heavy concentration in AI/tech leaders, and corporate spending on AI infrastructure could suppress future stock-index returns. With Treasury yields around 5%, equities no longer have the same valuation support from the old TINA backdrop. The market impact takeaway is bearish-to-cautious for broad U.S. equities: while long-term upside may stall, the author believes volatility could still create active trading opportunities.