Former Bitmex CEO – Arthur Hayes Thinks It Might Be A Good Time To Buy
According to the former Bitmex Arthur Hayes , after the most recent drop in the market, he believes this retracement could be a good opportunity to move up.
In its latest Twitter thread on the price actions in the crypto market, the former BitMEX executive began by asking his nearly 300K followers whether they have a short-term or a long-term strategy in regard to investing in digital assets.
If they are here for the short-run, then the price action is “ugly”. In the opposite situation, “it could mean you read the market wrong”. In this case, investors have three options, according to Hayes – to “cover, sit tight, or add more”.
He believes that only those who had their investment thesis changed fundamentally should leave the market. Giving an example with Ethereum and the Merge, he asserted that if the long-anticipated event gets canceled for some reason, that will make him worried about his position.
Since this is not the case, and the Merge is still scheduled to undergo in the next several weeks, Hayes remains a believer in the second-largest blockchain protocol and suggested that “it might be time to go shopping”.
Hayes seems indeed quite bullish on the Merge – the event that will finally see Ethereum transition from the energy-intensive PoW to the more nature-friendly PoS. In a recent blog post, the BitMEX co-founder said he believes there could be a sell-the-news moment, meaning that the price could retrace in the short term, but it would be ultimately positive for long-term investors.
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