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Arthur Hayes: Bitcoin Hodlers Need More Patience, Its Historical Performance Has Already Been "Unmatched" Compared to Other Mainstream Assets
BlockBeats News, September 13th, BitMEX co-founder Arthur Hayes said in an interview with Kyle Chasse that Bitcoin holders need more patience. He emphasized that there is no need to be anxious just because stocks and gold are hitting new highs, as questioning why Bitcoin has not broken its previous high completely misses the point. "If you think buying Bitcoin today will get you a Lamborghini tomorrow, you are likely to get liquidated. This mindset itself is wrong. It's unfortunate that you bought Bitcoin only six months ago, but those who have been holding for two, three, five, or ten years are calmly watching the developments. People need to readjust their perspective."
Gold and the S&P 500 index hit historical highs of $3,674 and $6,587 respectively this week, while Bitcoin is still below its historical high of $12,100 set on August 14. Hayes downplayed the significance of these highs compared to Bitcoin and refuted questions about when the "Bitcoin and crypto market will start attracting global M2 inflows," stating that the premise of that question itself is flawed. "When considering currency debasement, Bitcoin has always been the best store of value asset."
Hayes mentioned that although the S&P 500 index "has risen in terms of the US dollar," it has not yet recovered to its 2008 level when measured against the price of gold. "Real estate markets fare even worse when measured in terms of gold, and US tech stocks may be one of the few assets that perform well when measured in gold. When other assets are measured against Bitcoin, the chart almost doesn't show up—Bitcoin's performance is so incredible."
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