Arthur Hayes: Bitcoin holders need more patience, as its historical performance has long been "unmatched" compared to other mainstream assets.

On September 13, CEX co-founder Arthur Hayes stated in an interview with Kyle Chasse that Bitcoin holders need more patience and should not feel anxious because stocks and gold are reaching new highs, as questioning why Bitcoin has not broken through its previous high completely misses the point. "If you think buying Bitcoin today means you can exchange it for a LAMB tomorrow, you are likely to face Get Liquidated—this mindset itself is wrong, and it is unfortunate that you bought Bitcoin only six months ago, but those who have held for two, three, five, or ten years are laughing at the situation; people need to adjust their cognitive perspective." Gold and the S&P 500 index set historical highs of $3,674 and $6,587 this week, while Bitcoin is still below the historical high of $124,100 set on August 14. Hayes downplayed the significance of these highs in relation to Bitcoin and rebutted questions about "when Bitcoin and the crypto market will start attracting global M2 capital inflows," arguing that the premise of this question is flawed. "When considering currency depreciation, Bitcoin has always been the best store of value asset." Hayes stated that although the S&P 500 index "is rising in dollar terms," it has not yet recovered to 2008 levels when measured against gold prices. "Measuring the real estate market in terms of gold is far worse than before; US tech stocks may be among the few assets that still perform well when measured in gold. When measured in Bitcoin, other assets are almost impossible to display on the chart—Bitcoin's performance is incredible to the point of disbelief."