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The former CEO of BitMEX has voiced confidence in Ethereum’s ability to beat the odds and reach $10,000, a 3x increase over current pricing, citing various grounds for his belief.
Before the end of the year, Arthur Hayes, co-founder of crypto exchange BitMEX, predicts that ETH will become a five-digit coin in USD terms.
Selling Bitcoin holdings
“I believe ETH will trade north of $10,000 when the dust settles at year’s end,” he said.
Is this the wave investors have been waiting for Hayes, who predicted two years ago that Ethereum would become a four-digit coin in USD terms, feels that the impending Merge, which will entirely transform the layer-one network into a Proof of Stake (PoS) confirmed blockchain, will be the largest boost for ETH’s price.
The pundit believes that because of the “native rewards issued to validators in the form of ETH-based issuance and network fees for staking ETH in validator nodes” and the “native rewards issued to validators in the form of ETH-based issuance and network fees for staking ETH in validator nodes,” the PoS network will attract a lot of attention from Proof of Work (POW) critics, leaving Bitcoin out in the cold.
He also feels Ether’s rise is influenced by its DApps ecosystem. According to DefiLlama, the total value locked in Ethereum-based protocols is currently above $140 billion, making it the largest Defi ecosystem, according to Hayes.
He claims that, unlike Ethereum, which he describes as “a commodity that drives the world’s greatest decentralized computer,” Bitcoin is viewed solely as a store of value, putting a high gardened wall between investors and growing networks.
However, he claims that he intends to sell a major portion of his Bitcoin holdings in order to buy more Ethereum and Solana, believing that values would soon retest or surpass November highs.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
