Bitcoin hasn’t been moving much lately, and some investors worry it is falling behind. But Arthur Hayes, the co-founder of BitMEX, says it’s actually leading the pack.
In an interview with Kyle Chasse, a veteran Bitcoin and Web3 entrepreneur, Hayes asked the investors to stay patient with Bitcoin, even as stocks and gold hit record highs. He shared his perspective on the current state of Bitcoin, the broader crypto market and the financial world.
Bitcoin Still Leads Over Stocks and Gold
Hayes pushed back on the idea that Bitcoin is “lagging” compared to stocks, gold, or global liquidity. While traditional markets are hitting all-time highs, he reminded the investors that Bitcoin has been the best-performing asset against currency debasement in history.
He pushed back on short-term thinking in crypto. “If you thought that you were going to buy Bitcoin and next day you were buying a Lamborghini, you’re probably getting liquidated because it’s just not the right way to think about things,” he said. “Anyone who bought it two, three, five, or ten years ago is laughing,” he added, noting that long-term holders aren’t stressing over sideways moves.
He also explained that while the S&P 500 and housing look strong in dollar terms, the index has still not recovered to its 2008 levels when measured against gold. He notes that only big U.S. tech has held up well against gold.
“If you deflate things by Bitcoin, you can’t even see it on the chart. It’s just so ridiculous about how well Bitcoin has performed,” he said, noting Bitcoin’s exceptional performance.
Hayes also said that people are underpricing the upside in equities, crypto, and everything. “I dont believe in the 4-year cycle. I believe that we can continue ripping through, $150,000- $200,000 Bitcoin because of this massive macro overlay, what is happening right now between now and the end of the decade,” he said.
Fed Cuts Could Push Bitcoin Higher
Hayes also shared his view on monetary policy, saying the Federal Reserve is now firmly in a rate-cutting cycle. He expects an aggressive move at the next meeting, possibly a 50-basis-point cut.
At the same time, he warned that inflation will likely stay elevated for the next 18 to 24 months. His message to investors was clear: if you do not hold hard assets like Bitcoin, gold, or at least strong U.S. stocks, you will lose out as inflation erodes value.
Bitcoin Holds Strong
Despite doubts, Bitcoin is still holding strong on its bull market support band, halfway through September. Expert Benjamin Cowen notes that Bitcoin dominance is up just 0.04% so far in September, and big gains usually come in October and November.
Crypto analyst Rekt Capital shared that Bitcoin has completed its minimum measured move to around $109K and has since climbed back to $114K. It is currently trading at $116,036.
He explained that a weekly close above $114K would turn it into support and could fuel a bullish move toward the $114K–$120K range.