If we were to do the same thing at the end of the year last year we could say it went up 70% in 2021 (and that was after a big drop from it's ATH) whereas the S&P only went up 26%. See how that isn't the whole story?
I mean, you certainly can if you're taking the "buy and hold" approach, or hodl amongst the cool kids. It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY, and the excess volatility is maybe not a good thing?
The highest possible returns != what investors actually achieve.
Pointing out that at the peak it was up higher than SPY, even though it is no longer up higher, and considering that a good thing seems very odd. It would also only relevant if you're able to know when things are at a top and bottom. Did you sell any bitcoin you owned when up 70% and, if so, have we reached a bottom when it is optimal to buy back in?
There are no guarantees in life, much less in financial markets of any kind. The whole concept of markets is that different investors make different assessments of different assets.
This is the ultimate investing question. What signals a top or a bottom? How do I sell just before the price falls and buy just before it climbs back up? Is there even an answer? There must be since there are literal trading bots out there making millions.
At some point of course that has to end, as everything based on exponential growth does.