Arthur Hayes: Bitcoin Hodlers Need More Patience, Its Historical Performance Has Already Been "Unmatched" Compared to Other Mainstream Assets

On September 13th, Arthur Hayes, the co-founder of BitMEX, stated in an interview with Kyle Chasse that Bitcoin holders require more patience. He emphasized that there is no need to be anxious simply because stocks and gold are reaching new highs. The act of questioning why Bitcoin has not broken its previous high completely misses the point. "If you believe that buying Bitcoin today will enable you to obtain a Lamborghini tomorrow, you are likely to face liquidation. This way of thinking itself is incorrect. It is unfortunate that you purchased Bitcoin only six months ago. However, those who have been holding for two, three, five, or ten years are observing the developments calmly. People need to adjust their perspectives." Gold and the S&P 500 index reached historical highs of $3,674 and $6,587 respectively this week, while Bitcoin remains below its historical high of $12,100 set on August 14th. Hayes downplayed the importance of these highs in comparison to Bitcoin and refuted questions regarding when the "Bitcoin and crypto market will begin to attract global M2 inflows." He stated that the premise of this question itself is flawed. "When considering currency depreciation, Bitcoin has always been the best asset for storing value." Hayes mentioned that although the S&P 500 index "has increased 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 perform even worse when measured in terms of gold. Among US tech stocks, they may be one of the few assets that perform well when measured in gold. When other assets are measured against Bitcoin, the chart almost does not show up - Bitcoin's performance is extremely remarkable."