Arthur Hayes, crypto expert and co-founder of BitMEX, has doubled his bullish stance for Bitcoin (CRYPTO: BTC) and foresees an extraordinary surge in Ethereum’s (CRYPTO: ETH) value.
What Happened: In a post on X on Friday, Hayes said he envisions a future where Ethereum reaches a six-digit valuation. According to him, Ethereum’s value could skyrocket by approximately 4,669% to achieve the $100,000 mark. He also maintained his previous forecast of Bitcoin reaching the $1 million milestone.
This summer I visited the ancestors in Rapa Nui and I asked them when the bull market would arrive?
They told me to be patient, read the words of the Lord, and I would know when to YOLO.
The time is now!$BTC = $1mm$ETH = $100k
Yachtzee bitches!!! pic.twitter.com/ufV9nthSDg
— Arthur Hayes (@CryptoHayes) November 10, 2023
In his latest blog post on Thursday, Hayes also emphasized that, in the face of global currency devaluation, investing in cryptocurrencies, particularly in Bitcoin and Ethereum, is the most prudent move. He dismissed other cryptocurrencies as less significant in comparison.
Hayes also acknowledged the potential in layer-one blockchains like Solana. Despite their high risk, these alternatives could offer substantial returns, especially after suffering significant losses in the bear market.
“Then, we get to other layer-one blockchains that claim to be an improvement on Ether. Solana is an example. These all got beaten up real bad during the bear market. As such, they will levitate off extreme lows and provide great returns for intrepid investors,” he said in the blog post.
“But, they are still all overhyped, me-too, pieces of sh*t that won’t overtake Ethereum in terms of active developers, decentralized applications (DApps) activity or Total Value Locked,” he added.
However, Hayes said he remains skeptical about their ability to outperform Ethereum in critical aspects like developer engagement and decentralized application activity.
At the time of writing, Bitcoin was trading at $37,112.53, up by seven percent in the last seven days. Ethereum was trading at $2,058.51, up by 12 percent in the previous seven days.
Produced in association with Benzinga
