Hayes Reminds Bitcoin Holders to Stay Patient
Arthur Hayes, a co-founder of BitMEX, advises Bitcoin holders to be more patient and to refrain from stressing over the record highs of stocks and gold, stating that questioning why Bitcoin isn’t at a higher price misses the larger picture.
“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,” Hayes expressed in an interview with Kyle Chasse that was published on YouTube on Friday.
He added, “I’m sorry that you bought Bitcoin six months ago, but anyone who bought it two, three, five, or 10 years ago, they’re laughing,” addressing the concerns of newer Bitcoin (BTC) investors curious as to why its price hasn’t reached $150,000 yet.
“People need to readjust their perspective on this,” he emphasized. According to Curvo data, Bitcoin has achieved an average annualized return of 82.4% over the past decade.
This commentary comes as Bitcoin continues to trade below its all-time high of $124,100 reached on August 14, currently valued at $115,890 at the time of publication, as reported by CoinMarketCap.
In the meantime, gold hit a new all-time high of $3,674 this week, while the S&P 500 closed at a record high of 6,587.
Hayes downplayed the importance of these highs in relation to Bitcoin and responded to Chasse’s inquiry about when Bitcoin and the broader crypto market might begin to capture more flows from the global M2 money supply, given the new records set by stocks and gold.
“I think the premise of that question is flawed,” Hayes replied. “Bitcoin is the best performing asset when you think about currency debasement ever,” he stated.
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He noted that while the S&P 500 is “up in dollar terms,” it still hasn’t recovered from 2008 when compared to gold prices. “Deflate the housing market by gold again and not anywhere close to where it was,” he remarked.
“Big US tech is probably one of the only things that have done well deflated by gold,” he acknowledged.
“If you deflate things by Bitcoin, you can’t even see it on the chart; it is just so ridiculous about how well Bitcoin has performed,” he commented.
Looking ahead to April 2025, Hayes predicted that Bitcoin would hit $250,000 by the end of this year, a projection echoed a month later by Joe Burnett, Unchained Market Research Director, who made the same forecast.
