In a comprehensive interview with investor Kyle Chasse, Arthur Hayes, co-founder of BitMEX, argued that Bitcoin 
$78,823 presents a grander picture beyond daily price comparisons. According to Hayes, claims about Bitcoin “lagging” behind while gold and stock markets reach records are misleading. He pointed out that gold has surged to $3,674, and the S&P 500 closed at 6,587. However, Bitcoin, fluctuating around $116,000, has delivered over 80% average annual returns over the past decade. His message is clear: “Look further.” Those who invested in Bitcoin years ago are still in a profitable position.
Breaking Free from Incorrect Comparisons
Hayes believes the biggest mistake is valuing Bitcoin in comparison to gold or stocks. He emphasized that even after the 2008 financial crisis, U.S. stocks could not compensate for their losses against gold. Hayes argues that Bitcoin’s performance is so robust that it cannot be measured by conventional charts. Therefore, he defines Bitcoin not as an ordinary investment vehicle but as the strongest response ever created against currency devaluation.
Strong Long-Term Prospects
Despite a 6% drop in the last month that has concerned short-term investors, Hayes maintains that Bitcoin still holds significant upward potential. In his statement from April, Hayes predicted Bitcoin could reach $250,000 by the end of the year, a sentiment shared by other analysts such as Joe Burnett from Unchained Market Research. Hayes acknowledges the impatience of those who invested in the last six months but reminds that Bitcoin is designed not for quick riches but for long-term value appreciation.
Meanwhile, last week, the total reserves of Bitcoin investment products reached 1.47 million BTC, equaling 7% of the supply. This figure demonstrates investment funds’ confidence in Bitcoin. Analysts argue that institutional interest in Bitcoin ETFs could support the price in the long term, supporting Hayes’ view that Bitcoin is a stance against the global financial system, not merely a ‘portfolio piece.’
