BitMEX founder Arthur Hayes praises Ethereum: Predicts ETH at $10K
Arthur Hayes, the co-founder of BitMEX, a crypto exchange that recently confirmed the acquisition of Bankhaus von der Heydt, a German Bank, has written a blog titled "Five Ducking Digits" praising Ethereum and how ETH 2.0 will set the world's second-biggest crypto network apart from its competitors dubbed as "Ethereum killers."
Ethereum vs. L1s
In his Medium blog, Arthur Hayes noted that the upcoming ETH 2.0 merge will change the course of the Ethereum Network forever. Furthermore, he also revealed that the investors who believe in the dominance of Layer 1s "have gotten caught up in the hopium and elevated a group of smart contract layer-1 Ethereum killers to massive valuations."Citing the report from Electric Capital, Arthur Hayes pointed out that Ethereum has appx. 4,000 developers which is almost 3 times that of the Polkadot chain which comes second to ETH in terms of the number of developers. Hayes also stated:
ETH is the third cheapest behind TERRA and AVAX. I am not even sure ADA should be included, if there ever was a coin that traded purely on hopium it is Cardano. When viewed against these fundamental ratios, ETH is perhaps the least expensive L1As a result, Hayes concluded that at the beginning of 2022, his portfolio consisted of 50% Bitcoin and 50% Ether but since "he has conviction in the cheapness of ETH relative to the rest of the crypto firmament," he will change his portfolio to 25% BTC and 75% ETH.
'Five Ducking Digits'
Hayes talked about the fact that his prediction from years ago about Ethereum reaching 2-digit price levels which came to fruition. Hayes pointed out the following fact in his blog:Bitcoin must again be viewed as a store of value and an inflation hedge, as it is the hardest form of money ever created. Ether is not money — it is a commodity that powers the world’s largest decentralized computer."When the dust settles at year-end, I believe ETH will be trading north of $10,000," concluded the co-founder of BitMEX who recently pleaded guilty to violating the Bank Secrecy Act.
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