Arthur Hayes, new supporter of Ethereum (ETH)

The former CEO of BitMEX, Arthur Hayesapologized for calling Ethereum (ETH) a shitcoin a few years ago and argued that the merger is “extremely bullish” for the price of ETH.

Arthur Hayes. Source: video capture

In his latest essay, Hayes backtracked on his earlier statements on Ethereum, sharing his projections for the future of Ethereum, particularly regarding the merger, the event that will see Ethereum move from the current consensus mechanism to proof. of-work (PoW) to proof-of-stake (PoS):

“Readers who have followed my career as an essay writer will remember that I slandered the Ethereum presale. I said it was useless. I was wrong.”

He was referring to his 2018 essay entitled “Ether, a double-digit shit coin“, In which he predicted that the price of ETH would plummet below USD 100, saying,“ And I was right! For a short period…”

In his own words, Hayes revised his stance in 2020 when he came across a chart showing that ETH’s market cap was less than the total market cap of all supported dapps (decentralized applications).

“I strongly believe that DeFi offers a credible alternative to the current financial system and, for now, Ethereum is ready to power the world’s financial computer.”

He said the merger is “extremely bullish” for the price of ETH, but also that it has yet to go public, writing:

“Given all the forced sell-offs that took place during the market recession and the bad financial positions that most cryptocurrency investors have found themselves in, the merger does not appear to have been priced by the market and we have an incredible opportunity to increase. the ETH positions at very interesting levels. “

Hayes went on to say he is “more confident than ever today that the merger will indeed take place”, especially since the miners “are talking. [ses] negative impact.”

Although he said he did not have the technical skills to assess whether the merger will actually take place in September as planned, Hayes pointed out that “one group of stakeholders from the Ethereum network that may be able to hinder the odds of success is the current generation of Ethereum miners. “

After the merger, the Ethereum miners’ machines will no longer have any value unless they can migrate to another chain. As a well-known miner, Chandler Guopreviously raised the possibility of a hard fork of Ethereum, which would keep a PoW chain, Hayes said he reached out to other Chinese miners who confirmed the idea is rooted in this particular base.

In April, Hayes hinted that he could rebalance his investments by moving away from Bitcoin (BTC) and in favor of ETH, saying massive liquidity will flow into ETH once it is seen as a productive and ESG-friendly asset. governance). . “Once the excitement subsides at the end of the year, I think ETH will trade above $ 10,000,” he told her. In his latest essay, Hayes reiterated his prediction, but didn’t say when it might happen.

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