Arthur Hayes, former CEO of Bitmex, talks about the potential of Ethereum, the largest altcoin project in the market, to reach $10,000 by the end of 2022. However, he reiterates that the market can be turbulent, especially in the middle of the year.
Leading altcoin can reach $10,000 despite volatile market
Arthur Hayes says it’s still possible for Ethereum to reach $10,000 by the end of 2022. Moreover, he also voiced his view on Terra’s decline, which is a direct result of the rise in Federal Reserve rates and the liquidity crises that drove the stablecoin price to crash. On a broader spectrum, on the long-term issue of ETH, Hayes is confident that the crypto can grow exponentially and hit $10,000 by the end of the year.
Hayes recently explained in April why 2022 will be a great year for Ethereum. He says that once blockchain moves to a PoS system, it will now be a commodity-based or a “currency bond” unlike BTC, which he says is “pure money.” He also states that ETH is a better investment than BTC and other cryptocurrencies. The transition, scheduled to take place in the summer of 2022, will be the turning point that will put Ethereum ahead of the game.
“Ethereum is superior to BTC”
Arthur Hayes has strong convictions about how superior ETH is to BTC. In his own words:
ETH is not a pure monetary instrument but a commodity used to power the computer.
Meanwhile, Hayes advises people to buy Ethereum and issue ETH bonds. The rationale behind this is that someone who buys ETH is automatically identified as a DeFi or metaverse company, increasing its stock price. With
ETH switching to a PoS mechanism very soon, Hayes believes the leading altcoin will be able to attract more ESG funds (environmental, social and governance funds) and be immune from regulatory issues. More and more people are pushing for a PoS mechanism as it is environmentally friendly compared to the PoW mechanism.
Hayes says that this may not happen anytime soon, as the overall market situation can be staggering and highly volatile in the Ethereum price surge. The only hope here is that the Fed will reconsider its regulations and not put too much pressure on the crypto market. Despite the volatility in the crypto market, Hayes believes that Ethereum could reach $10,000 by the end of 2022 if the uptrend continues.
“The market will not be able to see a rise for a while”
As quoted by Kriptokoin.com, Hayes said in a recent Medium article that Bitcoin has reached the end of the cycle, so it will not be able to rise for a while. The famous executive says that based on data from Glassnode, there should be a strong support zone around $25,000. We covered the details in this article.
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