- Google, Gold and Defence Stocks Emerge as Top Crypto Alternatives Since 2020 – Taurex Study
Google shares, gold and a cluster of defence companies have emerged among the strongest-performing traditional investment alternatives to cryptocurrency since 2020, according to new research by online trading platform Taurex, as renewed crypto-market volatility pushes investors to reassess where long-term value has been created outside digital assets.
The study ranked popular investment options using the change in their prices between the end of 2020 and August 12, 2026, covering major US and UK-listed companies, gold and other investment categories.
Google topped the ranking after its share price rose from US$87.60 in 2020 to US$342.40 in 2026, representing an increase of 290.70%, according to Taurex.
That placed the technology company ahead of defence contractor BAE Systems, which recorded a 238.40% increase over the period, and gold, which advanced 151.00%.
The findings come against a backdrop of renewed weakness in cryptocurrency markets, with Taurex framing the research as a comparison for retail investors considering alternatives to digital assets.
Google’s performance means an investment of US$10,000 at the beginning of the period would, based purely on the price appreciation used in the study, have grown to roughly US$39,000 by 2026.
Taurex attributed the company’s performance partly to the continued strength of its digital advertising operations and renewed investor interest as artificial intelligence became increasingly central to the technology sector.
The research showed Google’s price increasing by almost four times over the six-year period, placing it considerably ahead of several other major technology companies.
Apple ranked fourth, rising from US$130.20 to US$302.30, equivalent to a 132.10% gain, while Microsoft placed fifth after advancing from US$216.20 to US$492.40, representing 127.80%.
Meta also made the top 10, recording a 112.10% increase from US$272.90 to US$578.90.
But the results suggest that one of the most consequential investment themes since 2020 has occurred outside technology.
Defence companies occupied five of the 10 highest positions in Taurex’s ranking.
BAE Systems placed second after its reported price increased from US$672.80 to US$2,277.00, a gain of 238.40%.
Kratos Defense ranked sixth with a 123.70% increase, followed closely by RTX at 123.40%.
General Dynamics recorded a 107.40% rise, while AeroVironment completed the top 10 with a 94.20% gain.
Taurex linked the strong performance of defence equities to the expansion of military spending and heightened geopolitical tensions since 2022.
A market analyst at the trading platform said defence stocks had attracted comparatively less attention at the beginning of the period because technology companies dominated investor expectations.
That changed as governments increased spending on military equipment and security.
“Defence stocks weren’t exactly exciting in 2020,” the analyst said, pointing to rising military budgets in Europe and broader geopolitical tensions as factors supporting companies such as BAE Systems and RTX.
The concentration of defence companies within the top 10 illustrates how geopolitical developments have increasingly become an investment-market variable.
Companies exposed to aerospace, missile systems, military technology and defence procurement have benefited as governments reassessed security priorities and increased expenditure.
The precious metal ranked third after increasing from US$1,769.60 per ounce in 2020 to US$4,442.10 by August 2026, according to the Taurex data.
That represents an increase of 151.00%, putting gold ahead of Apple, Microsoft, Meta and every defence company in the ranking apart from BAE Systems.
The result challenges the perception of gold purely as a defensive asset offering protection rather than substantial capital appreciation.
Over the period measured by Taurex, gold delivered stronger price growth than several of the world’s best-known technology stocks.
The metal has historically attracted demand during periods of inflation, financial uncertainty and geopolitical risk because investors often view it as a store of value outside conventional currencies and financial assets.
The study therefore points to three distinct investment themes dominating returns since 2020: technology, geopolitical security and safe-haven assets.
Google, Apple, Microsoft and Meta represent the continued influence of digitalisation and artificial intelligence.
BAE Systems, Kratos Defense, RTX, General Dynamics and AeroVironment reflect growing defence expenditure.
Gold represents the search for protection against macroeconomic and geopolitical uncertainty.
However, Taurex’s ranking should not be interpreted as a complete measure of investment performance or a forecast of future returns.
The methodology described by the company ranks assets according to the percentage change between their 2020 starting price and their August 2026 price.
The research as presented does not indicate that the ranking adjusts for differences in volatility, investment risk, dividends, currency movements, transaction costs or taxation.
Those factors can materially affect actual investor returns. Comparisons across different asset classes also require caution because owning equity in a listed company carries a different risk profile from holding physical or financial exposure to gold, while cryptocurrency markets operate under another set of liquidity, volatility and regulatory considerations.
Past price appreciation similarly provides no guarantee that the assets leading the ranking will continue to outperform.
Still, the data provides an illustration of how dramatically investment leadership has shifted during the past six years.
The strongest returns were not confined to a single sector. Technology benefited from the artificial-intelligence boom, defence companies gained from a major reassessment of global security spending, while gold benefited from an increasingly uncertain macroeconomic and geopolitical environment.
For investors reconsidering portfolios amid cryptocurrency volatility, the findings reinforce a broader lesson about diversification.
The most successful asset of one period is not necessarily the strongest in the next, while economic shocks can create unexpected winners in sectors that previously attracted relatively limited investor attention.
What the Taurex study ultimately shows is that the investment story since 2020 has extended well beyond cryptocurrency.
While digital assets generated much of the market excitement, substantial wealth was also being created more quietly across Big Tech, gold and defence equities with Google emerging at the top of Taurex’s six-year ranking with a 290.70% price gain.
