BitMEX co-founder Arthur Hayes stated that Bitcoin holders need to be more patient and not worry about stocks and gold reaching all-time highs, as questioning why Bitcoin isn't higher misses the point.
"If you think buying Bitcoin today means you can buy a Lamborghini tomorrow, you might get liquidated because that's not the right way to think," Hayes told Kyle Chasse in an interview released on YouTube on Friday.
"I'm sorry you bought Bitcoin six months ago, but anyone who bought two, three, five, or ten years ago is laughing," Hayes said, echoing the recent frustration of Bitcoin buyers who question why the price hasn't yet traded at $150,000.
"People need to readjust their perspective on this," he said. Curvo data shows that Bitcoin has had an average annual return of 82.4% over the past decade.
According to CoinMarketCap data, Bitcoin is currently trading below its all-time high of $124,100 reached on August 14, at $115,890 at the time of writing.
Meanwhile, gold reached a historic high of $3,674 this week, and the S&P 500 index set a record closing high of 6,587 points.
Hayes is unimpressed by the significance of these highs relative to Bitcoin and rebutted a question from Chasse about when Bitcoin and the broader cryptocurrency market might start attracting more capital from the global M2 money supply, given that stocks and gold are hitting all-time highs.
"I think the premise of that question is flawed," Hayes said. "Bitcoin is the best-performing asset in terms of currency devaluation," he added.
Hayes noted that while the S&P 500 is "up in dollar terms," it has not yet recovered from 2008 compared to gold prices. "When you adjust the real estate market for gold, it is far from the levels it was at that time," he added.
"U.S. large tech stocks may be one of the only assets that have performed well after adjusting for gold," he said.
"If you adjust for Bitcoin, you can't even see it on the chart; Bitcoin's performance is just too ridiculous," he said.
In April 2025, Hayes predicted that Bitcoin would reach $250,000 by the end of this year, and just a month later in May, Unchained market research director Joe Burnett made the same prediction.
Related: Novogratz: Bitcoin (BTC) is in a consolidation phase, corporate funds are shifting to altcoins
Original article: “Arthur Hayes: Bitcoin (BTC) holders chasing quick riches will face disaster”
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