Arthur Hayes, co-founder of BitMEX, has analyzed why Bitcoin underperformed compared to gold and the Nasdaq in 2025. Hayes attributes Bitcoin's lackluster performance to its reliance on U.S. dollar liquidity, which did not expand as expected. In contrast, gold surged due to sovereign nations stockpiling it amid fears of U.S. asset seizures, while the Nasdaq benefited from government support for AI industries. Hayes suggests that Bitcoin's future performance hinges on an increase in U.S. dollar liquidity, which he anticipates will occur in 2026. He predicts that measures such as the Federal Reserve's new money-printing program and increased bank lending to strategic industries will boost liquidity, potentially driving Bitcoin's value higher. Hayes remains optimistic about Bitcoin's prospects, advocating for leveraged exposure through related stocks like MicroStrategy and Metaplanet.