Arthur Hayes Warns: Stop Dreaming of Lambos Overnight
Arthur Hayes, a co-founder of BitMEX, advises Bitcoin owners to have more patience and to quit worrying about gold and stocks reaching all-time highs. He went on to say that it is pointless to inquire as to why Bitcoin isn’t higher.
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. I’m sorry that you bought Bitcoin six months ago, but anyone who bought it two, three, five, or 10 years ago, they’re laughing,
Hayes
His dissatisfaction is similar to that of new Bitcoin buyers who wonder why the price of the cryptocurrency hasn’t reached $150,000 yet. He stated people need to rethink how they view this.
Hayes Claims It’s Still the Best Performing Asset Ever
CoinMarketCap reports that the price of Bitcoin is still below its peak of $124,457 on August 14. As of this writing, its current price is $116,123. A record closing high of 6,587 was recorded by the S&P 500 this week, while gold hit a new all-time high of $3,674. Hayes brushed off the importance of these highs in relation to Bitcoin. When Kyle Chasse asked when Bitcoin and the cryptocurrency market as a whole may begin to draw in larger flows from the global M2 money supply, he retorted.
I think the premise of that question is flawed. Bitcoin is the best performing asset when you think about currency debasement ever,
Hayes
Hayes: S&P 500 Still Hasn’t Recovered Since 2008 in Gold Terms
When compared to the price of gold, Hayes stated that even if the S&P 500 is up in dollar terms, it has not yet recovered from 2008.
Deflate the housing market by gold again and not anywhere close to where it was. Big US tech is probably one of the only things that has done well deflated by gold. If you deflate things by Bitcoin, you can’t even see it on the chart; it is just so ridiculous about how well Bitcoin has performed,
Hayes
For more up-to-date crypto news, you can follow Crypto Data Space.
