Arthur Hayes, new proponent 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 recording

In his latest essay, Hayes backtracked on his previous statements about Ethereum while sharing his predictions for Ethereum’s future, particularly regarding the merger, the event that will see Ethereum transition from the current proof-of-work (PoW) consensus mechanism ). ) for proof-of-stake (PoS):

“Readers who have followed my essay writing career will remember that I vilified the Ethereum pre-sale. I said it was worthless. I was wrong.”

He referred to his 2018 essay titled “Ether, a two-digit Shitcoin” in which he predicted that the price of ETH would dip below $100, saying: “And I was right! For a short while…”

In his own words, Hayes revised his position in 2020 when he came across a chart that depicted how the market cap of ETH was lower than the combined market cap of all the dapps (decentralized applications) it supported.

“I passionately 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.”

Arguing that the merger is “extremely bullish” for the price of ETH – but also that it has yet to be priced into the market, he wrote:

“Given all the forced selling that took place during the market downturn and the poor financial positions that most crypto investors found themselves in, the merger does not appear to be priced into the market and we have an incredible opportunity to increase The ETH positions to 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 “speaking out about [ses] bad influence.”

Although he said he lacks the technical skills to assess whether the merger will actually take place in September as planned, Hayes pointed out that “a group of Ethereum network stakeholders who may be able to inhibit the likelihood of success, is the current generation of Ethereum miners.”

After the merger, Ethereum miners’ machines will no longer have any value unless they can migrate to another chain. As a well-known miner, Chandler Guohas previously raised the possibility of a hard fork of Ethereum that would retain a PoW chain, Hayes claimed to have reached out to other Chinese miners who have confirmed that the idea is taking root in this particular base.

In April, Hayes hinted that he might rebalance his investments away from Bitcoin (BTC) and in favor of ETH, saying that massive liquidity will flow into ETH when it is seen as a productive and favorable asset. for ESG (environment, social and management) . “Once the excitement subsides at the end of the year, I think ETH will trade above $10,000,” he said. In his final essay, Hayes repeated his prediction but did not say when it might happen.

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