Key Insights on Asset Preference
Arthur Hayes, co-founder of BitMEX, reiterated on November 8, 2025, that sovereign nations still prefer gold over Bitcoin, citing historical precedence during a statement via Wu Blockchain.
This highlights the ongoing debate over asset preference, as Bitcoin gains popularity among individual investors for its volatility, yet gold remains favored by nations for conservative capital reserves.
Gold's Enduring Appeal for Reserves
Arthur Hayes, co-founder of BitMEX, emphasized that sovereign nations still prefer gold as a safe-haven. Despite Bitcoin's potential benefits, gold's established reputation and market stability remain appealing for state reserves.
Hayes identified gold as the preferred choice for reserves, contrasting with Bitcoin's higher volatility and self-custody appeal to individuals. He projects a significant Bitcoin valuation increase based on macroeconomic trends and expanding global credit.
Impact on Governmental Reserve Strategies
The preference for gold impacts governmental reserve strategies, favoring stability over Bitcoin's dynamic value. This distinction affects institutional investment patterns and poses questions about future national cryptocurrency holdings.
Financial markets experience shifts as nations maintain gold reserves. Hayes suggests Bitcoin's potential growth due to monetary policy challenges and global economic shifts could impact investment strategies in the coming years.
Bitcoin's Aspirational Role and Regulatory Hurdles
Bitcoin's role as an inflation hedge remains aspirational at the sovereign level. The historic and regulatory status of gold continues to deter national Bitcoin adoption, despite increasing interest from other sectors.
Predictions for Bitcoin reaching higher valuations hinge on economic shifts under U.S. policies. Such scenarios may bolster Bitcoin's standing as a digital asset despite regulation limitations on sovereign adoption.
Expert Commentary on Investor and Country Choices
"Sovereign nations still prefer gold as a safe-haven, while individual investors prefer Bitcoin’s high volatility and self-custody." - Arthur Hayes, Co-Founder, BitMEX, Wu Blockchain