The BitMEX co-founder argues that the cryptocurrency’s track record speaks louder than day-to-day comparisons with gold or the stock market.
In a wide-ranging discussion with investor Kyle Chasse, Hayes dismissed the narrative that Bitcoin is “lagging” while other assets hit fresh records. Gold climbed to $3,674 this week, and the S&P 500 closed at an all-time high of 6,587. Yet Bitcoin, hovering near $116,000, has already delivered an average annualized return of more than 80% over the past ten years. “Zoom out,” Hayes implied — anyone who bought years ago is far ahead.
For Hayes, the mistake investors keep making is measuring Bitcoin against assets it has already left behind. He pointed out that when adjusted for gold, U.S. equities still haven’t regained ground lost in the 2008 financial crisis. In contrast, Bitcoin has outperformed so dramatically that traditional charts “can’t even capture the scale.”
This, he said, makes endless comparisons to stock indices or commodities a distraction. Bitcoin, in his view, isn’t just another line item in a portfolio — it’s the single strongest response to currency debasement ever created.
While recent buyers may be frustrated that Bitcoin slipped 6% over the past month and remains below its August high of $124,100, Hayes believes the bigger wave is still coming. Back in April, he forecast that Bitcoin could climb to $250,000 before the year ends. Other analysts, including Joe Burnett of Unchained Market Research, have since echoed that target.
Hayes acknowledged that those who entered the market in the past six months may feel impatient, but his message is blunt: Bitcoin was never meant to deliver instant riches. For those willing to hold through the noise, he says, the payoff will be measured in decades — not days.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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