Arthur Hayes, founder of BitMEX exchange and famous cryptocurrency phenomenon, shared data about Bitcoin and gold. By sharing a post on his X account, Hayes revealed how durable cryptocurrencies and precious commodities are against the American bond fund.
UST yields rise, no cash flow long duration assets $XAU oath $BTC should dump. But they have held up well.$TLT -14% bc yields up, $XAU flat, $BTC -5%.
The fiat financial system is fucked bc yields are rising due to inflation not growth. That is why $XAU / $BTC outperform pic.twitter.com/y4EutDwvat
— Arthur Hayes (@CryptoHayes) September 22, 2023
Arthur Hayes made the following statement after the graphic he shared:
“U.S. bond yields continue to rise. Non-cash-flowing long-term assets like Bitcoin and gold have held up well so far. The TLT fund (iShares 20+ year US bond fund) is down 14% in the last 6 months. “In the same historical period, while the price of ounce gold remained stable, Bitcoin lost only 5% in value.”
BitMEX founder attributed the reason for this situation to the problems of the fiat money system. According to Arthur Hayes, instruments such as US bonds do not provide a real return. Bond revenues do not put enough pressure on the price of gold and BTC due to high inflation. Hayes commented that in a scenario where inflation is low, crypto and commodity prices should decline further.
The famous cryptocurrency phenomenon expects a new cryptocurrency rally in the spring-summer season of next year.
Hayes’ post received many comments in a short time. Crypto lovers complained about the situation, pointing out that the BTC price also melted against inflation.
Bitcoin is trading at $26,650 as of this morning. An ounce of gold changes hands at $1,924.