Arthur Hayes: Bitcoin Investors Need to Be Patient

BitMEX crypto exchange co-founder Arthur Hayes told Kyle Chase on a YouTube podcast that Bitcoin investors should give up the desire to make a profit here and now and be patient. According to him, comparing the dynamics of the leading digital currency with the growth of gold or the stock market is wrong, since Bitcoin was originally created as a tool for protecting against inflation, not for quick enrichment.

Hayes noted that many buyers are disappointed by the recent price correction, but that such sentiment is based on misguided expectations. “If you thought you could buy a luxury car the next day after buying Bitcoin, you’re probably going to lose your investment because that’s the wrong approach,” he said. He emphasized that long-term holders of the cryptocurrency have already reaped significant gains, compared to those who were counting on short-term gains.

According to the analytical resource Curvo, over the past 10 years, the average annual return of Bitcoin has exceeded 82%. And this is significantly higher compared to traditional assets. Currently, the leading cryptocurrency was trading near $166 thousand, which is slightly below the historical extreme of $124.1 thousand, recorded on August 14. Over the month, the cost has decreased by 6%. For comparison, gold in early September updated its historical record at $3674, and the S&P 500 index closed at 6587 points.

Hayes stressed that stock market and precious metals indicators should not distract investors from their real goals. In his opinion, it is more correct to evaluate assets in the context of inflation and purchasing power.

He recalled that since 2008, the S&P 500 index has not returned to its previous values relative to gold, and real estate has also lost a lot of value over the years. The only exceptions were the largest US technology companies, which managed to take advantage of the changes in the market and adapt to them.

Source: cryptonews.net