Arthur Hayes, CEO Of BitMEX, Shuffles His Cryptocurrency Portfolio, Opting For Ethereum Over Bitcoin

The co-founder and CEO of BitMEX , the beleaguered crypto exchange company, has announced that he is rearranging his portfolio in favor of Ethereum, the leading smart contract platform (ETH).

According to Arthur Hayes – CEO Of BitMEX:

Ethereum is not a cryptocurrency that can be used as money, but rather an asset of the world’s largest decentralized network, unlike top blockchain Bitcoin (BTC).

“Ethereum is not money, it is a commodity that powers the world’s largest decentralized computer… The Ethereum community clearly decided that ETH is a commodity used to power this computer, not a pure monetary instrument.”

Hayes notes that at the start of 2022 his portfolio was split equally between Bitcoin and Ethereum. However, he says he reoriented his crypto quota to have 25% BTC and 75% ETH as Bitcoin currently yields nothing in the face of economic turmoil.

“As global real rates are deeply negative, I want to own an asset that has a positive yield in its own currency – and at the moment, that is ETH. Bitcoin yields nothing. Therefore, from a pure interest rate differential perspective, I should own more ETH than Bitcoin.”

The executive then says that he expects Ethereum to vastly outperform its competitors such as Solana (SOL), Avalanche (AVAX), Terra (LUNA), Cardano (ADA), and Polkadot (DOT).

“I expect ETH to significantly outperform any layer-1 chain that constructed a narrative that it is ‘faster and cheaper’ than Ethereum.

That narrative worked from 2020 to the end of 2021, but now Ethereum supports extremely positive price fundamentals from a flow of and return on capital basis.”

Hayes then predicts that ETH could hit a five-digit price tag.

“When the dust settles at year-end, I believe ETH will be trading north of $10,000.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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