BitMEX co-founder Arthur Hayes is urging Bitcoin investors to take a longer-term perspective, cautioning against the belief that buying Bitcoin will lead to immediate wealth.
Patience over instant wealth
In a recent interview with Kyle Chasse, Hayes addressed newcomers expecting rapid gains:
“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 also pointed out that those who have held Bitcoin for several years are seeing substantial returns, while recent buyers frustrated by the current price should reconsider their expectations.
Over the past ten years, Bitcoin has delivered an average annualized return of 82.4%, according to Curvo data.
Bitcoin’s performance compared to other assets
Despite Bitcoin currently trading below its all-time high of $124,100 reached in August, Hayes emphasized that the asset far outpaces traditional investments when factoring in currency debasement.
This comes as gold recently hit a record $3,674 and the S&P 500 closed at a historic 6,587.
Hayes dismissed comparisons to other assets, stating:
“Bitcoin is the best performing asset when you think about currency debasement ever.”
Deflating markets by gold and Bitcoin
Hayes noted that while the S&P 500 has gained in dollar terms, it remains below its 2008 level when measured against gold.
He added that, when denominated in Bitcoin, traditional markets barely register on the chart, underscoring Bitcoin’s exceptional long-term returns.
