Ex BitMEX CEO Arthur Hayes apologized for calling Ethereum (ETH) a shitcoin and argued that the merger was “overwhelming” for ETH’s value.
In his latest essay, Hayes looks back at his previous statements about Ethereum, and is also excited to discuss the upcoming, long-awaited and much-anticipated merger as Ethereum changes from its current proof-of-work. (PoW) Proof of Consensus mechanism (PoS).
He apologized for what he said earlier about his past.
“Readers who have followed my work as an essayist will remember that I dismissed the entire Ethereum pre-sale. I said it was worthless. I was wrong. Please forgive me, sir!”
In his 2018 essay entitled “Ether, A Double Digit Shitcoin”, he predicted that the price of ETH would drop below $100: “And I was right! For a short time…”
In his words, Hayes “became a believer” in 2020 and went “long and strong” when he saw a chart showing how the market capitalization of ETH was less than the total market capitalization of the daps (decentralized applications) that support it.
“I strongly believe that DeFi offers a credible alternative to the current financial system – and for now, Ethereum is ready to build the world’s financial computer.”
He argued that the merger was “extremely aggressive” for the price of ETH – but not yet priced in the market, writing:
“Given the forced selling that occurred during the market crash and the poor financial position most crypto investors were left with, [M]erge doesn’t seem worth it – and we have an amazing opportunity to increase ether spaces at very attractive levels.
Hayes went on to say that he is “more confident today than ever that the merger will actually happen,” especially as miners are “making their voices heard.” [its] negative effects.”
While he says he doesn’t have the technical expertise to assess whether the merger will happen in September as speculated, Hayes stressed that “one Ethereum network stakeholder could completely disable the chances of success.” [is] The current crop of Ethereum miners.
After the merger, Ethereum miners’ machines will be worthless if they cannot mine another important chain. A famous miner Chandler Guo has already talked about an Ethereum hard fork, to protect a PoW chain, Hayes said that he has contacted other Chinese miners who confirmed that this idea is strong on that particular basis.
In April, Hayes hinted that he might adjust his investments away from Bitcoin (BTC) and in favor of ETH, arguing that “a big wall of money” would move into ETH after it was seen as ESG (Environmental, Social and Governance) friendly. , productive property. “When the dust settles at the end of the year, I believe ETH will sell north of USD 10,000,” he said. In the final essay, Hayes reiterated the $10,000 prediction but did not specify when it might happen.
At 09:16 UTC, ETH was at USD 1,658 and increased by 2% for the day and decreased by 4% for the week. The price increased by 46% in one month, reducing the annual loss to 39%.
– If Ethereum Splits, Leading Exchanges ‘Possible’ To List ETHPoW Token – BitMEX
– Vitalik Buterin Says Merger Is ‘Not Worth It’ When Investor Promises To Fork Ethereum
– Major bitcoin and crypto companies warn of ‘extreme’ risk to proof-of-stake systems.
– Advantages and disadvantages of converting Ethereum to a proof-of-stake network
– 6 key points in Vitalik Buterin’s Vision for Ethereum presented at EthCC
– As Bitcoin continues to rally, Arthur Hayes joins the chorus of $1m BTC predictions and warns of ‘The Doom Loop’.
– Next 6-12 months will be ‘brutal’, but investment ‘planting season’ starts now, says Arthur Hayes
– Cryptocurrency Proves Computer Code Leads to ‘Better Results’ Than Human Thought – Arthur Hess