The crypto exchange BitMEX co-founder, with over a decade of experience, is regarded as one of the true veterans of the crypto market. In a recent YouTube interview, he warned newcomers not to enter Bitcoin with unrealistic “get-rich-quick” expectations.
“If you thought buying Bitcoin today meant driving a Lamborghini tomorrow, you’re setting yourself up to get liquidated,” Hayes said. “That’s the wrong mindset to have.”
At the time of writing, Bitcoin trades around $115,800, up 4.4% week-over-week. Much of the optimism has been fueled by expectations that the Federal Reserve will cut interest rates at its upcoming meeting next Wednesday, potentially extending the current bull run.
Hayes, however, showed little patience for short-term traders: “I’m sorry you bought Bitcoin six months ago, but those who bought two, three, five, or ten years ago are laughing today.”
According to him, investors need to reframe their perspective. Even with its recent sideways price action, Bitcoin remains by far the best-performing asset in history once fiat currency depreciation is taken into account.
He noted that while the S&P 500 has risen in dollar terms, it still hasn’t recovered from the 2008 financial crisis when measured against gold. A similar trend holds for real estate.
As for gold’s recent rally, which pushed it to an all-time high of $3,666 on Tuesday, Hayes was unimpressed: “When you measure performance in Bitcoin terms, gold barely even registers. The outperformance of BTC is simply unmatched.”
Earlier this year, in April, Hayes predicted Bitcoin could reach $250,000 before year’s end — a target that now feels bold, but not impossible.