Arthur Hayes, co-founder of the BitMEX exchange, recently sent a strong message to the community: those holding Bitcoin (BTC) need to practice patience and maintain their faith, rather than panic at the fact that gold or stocks have continuously reached new highs while Bitcoin has not yet made the expected leap.
In an interview broadcast on Kyle Chasse's YouTube channel on Friday, Hayes warned that the mentality of 'wanting to get rich quickly' is a dangerous trap, which can lead to poor decisions and severe consequences.
"If you think you can just buy Bitcoin today and drive a Lamborghini the next day, you are almost certainly going to be liquidated. That is a completely flawed mindset," Hayes emphasizes.
He also does not hesitate to point out the difference between short-term expectations and long-term results in the journey of investing in Bitcoin. According to Hayes, those who bought BTC in recent months may feel disappointed because the price has not reached the expected target, but that does not change the nature of this asset:
"I understand the disappointment of those who bought Bitcoin six months ago and are waiting for an immediate breakthrough. But look back at those who have held it for two, three, five, or even ten years – all of them are smiling happily, because the profits they have made are truly extraordinary."
Bitcoin still leads in long-term performance
According to data from Curvo, over the past decade, Bitcoin has delivered an average annual return of up to 82.4% – an impressive figure that almost no traditional asset can approach. This is clear evidence of Bitcoin's unique position in the global financial ecosystem.
Currently, Bitcoin is fluctuating around the price of 115,000 USD, still lower than the all-time high of 124,100 USD set on August 14. Meanwhile, gold has just recorded a new historical high of 3,674 USD/oz, and the S&P 500 index has also surged to 6,587 points – both becoming focal points of attention for traditional investors.
However, Hayes argues that the important thing when evaluating Bitcoin's performance is not to compare it with stock indices or values measured in USD – which is a currency that continuously loses value due to inflation and the money printing policies of central banks. He believes that using gold as a measure will show a more accurate picture.
Gold has long been considered a value-holding asset for thousands of years, a natural 'anti-inflation' measure of the global economy. When comparing Bitcoin with gold, its performance becomes so superior that it is almost 'irrational': while many other markets – from stocks to real estate – are declining or have yet to recover to pre-existing levels when converted to gold, Bitcoin maintains a continuous growth curve and shows almost no visible decline on the chart.
Hayes emphasizes:
"If you use gold as a benchmark for comparison, you will realize that Bitcoin's performance is truly in a different league. It not only surpasses traditional assets but also proves to be the optimal value storage tool in the context of fiat currency losing strength."
Therefore, he argues that being overly focused on price milestones in USD – such as 115,000 USD or the expectation of 150,000 USD – is not enough to evaluate Bitcoin's potential. Instead, the important thing is to look at the ability to preserve and increase real value that Bitcoin has demonstrated over more than a decade.
Refuting the view that 'Bitcoin is lagging behind' and the vision of $250K this year
In the eyes of many investors, Bitcoin seems to be 'losing steam' when compared to the strong surge of gold and stocks. In just the past 30 days, the price of BTC has dropped by about 6%, a figure that has disappointed many as this cryptocurrency has yet to break through the 150,000 USD mark as many had hoped.
However, according to Hayes, this perspective is completely misleading. He believes that evaluating Bitcoin solely based on short-term fluctuations, or directly comparing it to traditional financial indices, essentially overlooks the larger picture. To understand the true value of Bitcoin, it must be placed in correlation with the real value and long-term trends of other asset classes.
For example, U.S. stocks, the S&P 500 index may have continuously set records in USD, but when converted to gold, it has yet to return to the pre-2008 financial crisis peak. This shows that the real value of the stock market has been significantly eroded over time.
The global real estate market is also in a similar situation. When calculated in gold, property prices have not only significantly decreased in purchasing power but have also yet to recover to the highest levels in the past.
Even the leading technology corporations in the U.S. – which are seen as the 'engines of growth' of the modern economy – are just a few exceptions that have maintained their position when compared to gold.
Meanwhile, Bitcoin presents a completely different story. Hayes emphasizes that if you remove the volatility of fiat currency by converting it to gold, the price chart of Bitcoin reveals a stunning reality:
"If you chart the price of Bitcoin in terms of gold, you can hardly see any drop. Its performance is so superior that it is overwhelming."
It is this sustainability and differentiation, according to Hayes, that makes Bitcoin a unique asset. It not only surpasses short-term fluctuations but also proves its ability to store and increase value – something that gold, stocks, or real estate cannot replicate in the same timeframe.
In addition to emphasizing the importance of patience, Hayes also expressed a strong belief in the long-term growth prospects of Bitcoin. He not only sees BTC as a sustainable asset against short-term volatility but also believes that this cryptocurrency is on the verge of a historic breakthrough.
In April 2025, he made a bold prediction: Bitcoin could reach the milestone of 250,000 USD before the year ends. Just a month later, this assessment was further reinforced when Joe Burnett, the market research director at Unchained, made a similar forecast. The resonance from reputable voices in the industry has contributed to increasing the community's confidence in the scenario that Bitcoin will enter a new cycle of strong growth.
