The allure of rapid wealth creation often overshadows the fundamental principles of sound investment, particularly in volatile markets like cryptocurrency. For many entering the Bitcoin arena, the expectation of immediate, life-changing returns can lead to significant disappointment. Arthur Hayes, co-founder of BitMEX, recently offered a sharp critique of this prevalent short-term mentality, advocating instead for a disciplined, long-term perspective that truly unlocks Bitcoin’s potential as a store of value.
Hayes underscores that purchasing Bitcoin with the intent of acquiring a luxury item like a Lamborghini the very next day is a misguided approach, often culminating in financial losses. He highlights a clear dichotomy between short-term speculators and patient investors: “I feel sorry for those who bought Bitcoin six months ago, but anyone who bought it two, three, five, or ten years ago is laughing today.” This statement directly addresses the frustration of those anticipating swift gains, such as a price jump to $150,000. Data from Curvo indeed illustrates Bitcoin’s robust historical performance, registering an average annualized return of 82.4% over the past decade, a figure that strongly supports the long-term investment thesis.
While Bitcoin’s price currently trades below its all-time high of $124,100 reached on August 14th, standing at $115,890 at the time of publication according to CoinMarketCap, traditional assets have seen recent peaks. Gold ascended to a new high of $3,674 this week, and the S&P 500 closed at a record 6,587 points. Hayes, however, dismisses the notion that Bitcoin is lagging behind. He posits that the premise of such comparisons is flawed, asserting that Bitcoin stands as the best-performing asset against monetary devaluation in history, a critical attribute in an era of expanding global M2 money supply.
Bitcoin’s Performance Against Monetary Devaluation
Hayes further elaborates on Bitcoin’s extraordinary performance by employing a deflationary lens. He argues that while the S&P 500 may appear to be “up in dollar terms,” its recovery since 2008 is significantly diminished when measured against the price of gold. Similarly, real estate markets, deflated by gold, are far from their previous highs. Only U.S. big technology companies show a strong performance when deflated by gold. However, when these same assets are deflated by Bitcoin, Hayes contends, “they don’t even appear on the chart; it’s ridiculous how well Bitcoin has performed.” This analytical framework underscores Bitcoin’s unique position as a hedge against inflation and a superior long-term wealth preserver.
Looking ahead, the long-term outlook for Bitcoin continues to attract attention from industry veterans. In April 2025, Hayes himself projected Bitcoin to reach $250,000 by the end of the year, a prediction echoed by Joe Burnett, Director of Market Research at Unchained, a month later. Such projections, while not guarantees, serve to reinforce the narrative of Bitcoin as a transformative asset for those with the foresight and patience to navigate its inherent volatility and capitalize on its long-term growth trajectory.
Blockchain developer and writer, Daniel combines hands-on coding experience with accessible storytelling. He holds multiple blockchain certifications and authors technical explainers, protocol deep-dives, and developer tutorials to help readers navigate the intersection of code and finance.