Arthur Hayes, co-founder and former CEO of BitMEX exchange, talked about an altcoin project. Hayes explained that the altcoin is pregnant with major developments and will have a boom by December. Here are the details…
“This altcoin will explode before December”
According to Arthur Hayes, trading with Ethereum Merge is extremely easy. The BitMEX co-founder gave an interview to Bankless on Wednesday. In this interview, Hayes discussed the upcoming Proof-of-Stake upgrade of the Ethereum Blockchain called “Merge”. According to him, the Merge upgrade will bring a big change to the Ether network. Hayes said that he has been investing in the leading altcoin ETH for a long time as he awaits this change.
Hayes also shared that ETH could act as a catalyst for Merge’s upward price momentum. According to the famous CEO, with Merge, Ethereum will be stronger even in macroeconomic conditions. According to Hayes, even if the Fed raises interest rates, it will not end the price increase for the post-Merge altcoin.
“I expect $3,000 in ETH price by the end of the year”
After the Merge, Ethereum’s daily ETH emission rate was adjusted to drop from around 13,000 ETH to 1,600 ETH. Hayes says that this drastic cut and the market demand to use Ethereum will help ETH rise in the future. Also, the CEO points out that Ethereum is currently the main hub of DeFi. According to him, DeFi usage continues to increase despite the ETH price being at depressed levels.
The host asked Hayes how he sees Ethereum trading due to the structural change that Ethereum is about to go through. Hayes gave the answer “easy” to this question. The BitMEX founder is widely regarded as one of crypto’s top writers and traders. Moreover, this year the leading altcoin became notorious for its bullish prospects in ETH price. He has made bold price predictions for Ether several times on his Medium blog. cryptocoin.com As we reported, Hayes has repeatedly suggested that he could reach $10,000 by 2022. However, he now predicts that we will see $3,000 in ETH by December.
“The doubts about Merge are not unfounded”
Merge is scheduled to launch in less than a week. But Hayes says it’s reasonable to be skeptical about the upgrade. The famous CEO underlines that he is skeptical about whether the market will still start successfully. He mentions that suspicions are not unfounded, as Vitalik Buterin has been talking about this for years. However, Merge adds that if it happens, it will be a very positive catalyst for the altcoin price.
Current estimates suggest that the Merge upgrade will occur on September 15. ETH is currently trading at $1,632, up 7.7% on the day. Also, the leading altcoin sits at 0.084, its 2022 high against Bitcoin. But even after the last rally, ETH is somewhat far from Hayes’ $3,000 target. Ethereum price is trading around 66.6% behind its all-time high.
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