Arthur Hayes, co-founder of BitMEX, emphasizes that Bitcoin investors should exercise patience and refrain from fretting over the record highs of stocks and gold. He believes that questioning why Bitcoin’s price isn’t higher overlooks a crucial aspect of the market.
In a recent YouTube interview with Kyle Chasse, Hayes remarked, “If you expected to buy Bitcoin today and drive away in a Lamborghini tomorrow, you’re likely setting yourself up for liquidation because that’s not the correct mindset.”
He added, “I understand your disappointment if you purchased Bitcoin six months ago; however, those who invested two, three, five or even ten years back are probably enjoying quite a laugh,” reflecting on the concerns voiced by newer Bitcoin (BTC) investors wondering why its value hasn’t soared to $150,000 yet.
“It’s essential for people to shift their viewpoint on this matter,” he stated. Data from Curvo indicates that over the past decade, Bitcoin has achieved an impressive average annual return of 82.4%.
Hayes refutes claims about Bitcoin’s underperformance
This commentary comes as Bitcoin remains below its peak price of $124,100 reached on August 14th; it was trading at approximately $116,007 at publication time according to CoinMarketCap.
This week also saw gold and the S&P 500 hitting new all-time highs at $3,674 and $6,587 respectively.
Hayes downplayed these milestones in relation to Bitcoin’s performance when responding to Chasse’s inquiry about when global M2 inflows might start favoring cryptocurrencies amidst rising stock and gold prices.
“The foundation of your question is flawed,” Hayes responded. “When considering currency debasement over timeframes like this one—Bitcoin stands out as an exceptional asset.”
The astonishing performance of Bitcoin
While acknowledging that the S&P 500 may be “up in dollar terms,” he pointed out it still hasn’t recovered relative to gold since 2008. “If we adjust housing market values against gold again now,” he noted further “we’re nowhere near previous levels.”
“Major US tech companies might be among the few assets performing well when adjusted for inflation via gold,” he continued.
“However,” he concluded dramatically regarding inflation adjustments with respect to bitcoin: “the results are so extreme they barely register on any chart—it’s simply astonishing how well bitcoin has performed.” In April 2025 alone , Hayes forecasted that by year-end , bitcoin could reach as high as $250K—a prediction echoed just weeks later by Joe Burnett from Unchained Market Research in May .