In a recent interview with Kyle Chasse, Arthur Hayes, the co-founder of BitMEX, provided a candid perspective on the current state of Bitcoin and the attitudes of its holders. He emphasized the need for patience amongst Bitcoin investors, urging them to focus less on the immediate performance of Bitcoin in comparison to stocks and gold, which recently achieved record highs.
Hayes tackled the frustration expressed by some newer Bitcoin investors, who are questioning why Bitcoin hasn’t surged to $150,000 yet. “If you thought you were buying Bitcoin and the next day you were buying a Lamborghini, you’re probably getting liquidated because it is not the right way to think about things,” he remarked. He acknowledged the disappointment of those who purchased Bitcoin in recent months but compared their experience to those who bought in 2012 or earlier, saying, “anyone who bought it two, three, five, or 10 years ago, they’re laughing.”
According to Curvo data, Bitcoin has delivered an impressive average annualized return of 82.4% over the previous decade. As of now, Bitcoin trades below its all-time high of $124,100, which was reached on August 14, and is currently priced at $115,890 according to CoinMarketCap. In stark contrast, gold surged to a new all-time high of $3,674 this week, while the S&P 500 closed at a record high of 6,587.
Despite the recent downtrend, with Bitcoin declining 6.09% over the past month, Hayes was dismissive of the notion that Bitcoin is falling behind. He challenged the underlying assumption of a question posed by Chasse regarding Bitcoin’s potential to attract investment flows from the global M2 money supply, following record highs in traditional markets. “I think the premise of that question is flawed,” he stated, asserting that Bitcoin remains “the best performing asset when you think about currency debasement ever.”
Hayes lauded Bitcoin’s performance, noting that while indices like the S&P 500 appear to be rising in dollar terms, they haven’t kept pace against the price of gold since the 2008 financial crisis. He urged investors to consider the stark contrast in value when deflated by gold, suggesting that the broader market, except for major U.S. tech stocks, is underperforming relative to Bitcoin.
Looking ahead, Hayes expressed optimism about Bitcoin’s future, projecting that it could reach $250,000 by late 2025—a sentiment echoed by Unchained Market Research Director Joe Burnett just a month later. Hayes advised current investors to recalibrate their expectations and maintain a long-term view towards the cryptocurrency’s growth and potential.
