BitMEX founder Arthur Hayes wrote in a recent article that amid global conflicts and rising energy prices, the crypto world’s two reserve assets Bitcoin And of Ethereum He expressed his belief in his resilience.
In his statement, Hayes said, “The first stop is always Bitcoin. Bitcoin is money and money itself. The next stop is ETH. “Ether is the commodity that powers the Ethereum network, the best internet computer,” he said.
Hayes also called other layer-one blockchains like Solana, which claim to be better than ETH, overhyped and noted that they are unlikely to surpass Ethereum in terms of active developers, dApp activity, or Total Value Locked.
Hayes also touched on the potential impacts of the ongoing conflict between Hamas and Israel and the possibility of Iran being drawn into the war. Hayes suggested that any disruption in the flow of oil to the West could make it politically difficult for the FED to take a hands-off approach to monetary policy.
In such a scenario, the FED may have to increase interest rates to combat high oil prices, according to Hayes. Alternatively, war and high energy prices could lead to a recession, giving the Fed a reason to lower interest rates. Either way, Hayes believes uncertainty could initially trigger a sell-off in Bitcoin.
However, he remains optimistic about Bitcoin’s performance in wartime, saying:
“As we have seen, Bitcoin has proven to outperform bonds in times of war. “Even if there is some initial weakness, I will buy the dips.”
This announcement comes after the long-term US Treasury bond ETF TLT fell 12% and Bitcoin gained 52% since the start of the Ukraine/Russia war.
*This is not investment advice.
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