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The ex-CEO of BitMEX gives his predictions on how much the price of Ethereum will be at the end of the year

The ex-CEO of BitMEX gives his predictions on how much the price of Ethereum will be at the end of the year

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Answer The ex-CEO of BitMEX gives his predictions on how much the price of Ethereum will be at the end of the year

Arthur Hayes, the former CEO of BitMEX, explained to his readers why 2022 will be a big year for Ethereum.

He considers that the Ethereum network, after its transition to the Proof of Stake mechanism, will act as a commodity-linked bond.

In contrast, the former CEO called Bitcoin “pure money” that in essence produces nothing.

Arthur Hayes sees Ethereum as an investment not only better than Bitcoin but all other L1 protocols, which are often overvalued.

In addition, the move scheduled for this summer will be a game-changer that will put Ethereum ahead of its competitors.

Read:OpenSea bans users in Iran due to US sanctions

Ethereum’s position in the crypto market:

Arthur Hayes, co-founder of BitMEx, was not shy about his firm conviction in Ethereum in the latest to share for him. He stated that his target allocation for 2022 will be 25% Bitcoin and 75% Ethereum.

This came after its pre-allocation announced that it would split as 50% Bitcoin and 50% Ethereum at the start of the year.

Hayes made such an adjustment in part because he saw Bitcoin as money while Ethereum after promotion as a commodity-linked bond.

Where and as a quote from his blog:

Ethereum is a commodity used to power a computer, not a purely financial instrument.

Regarding the return on ethereum stakes, Hayes quoted the analysis published by Justin Drake, an Ethereum researcher who predicted that traders would see an annualized rate of return of around 8-11.5% after moving to the allocation mechanism.

For institutional bitcoin holders like Michael Saylor, who issued corporate bonds to buy more bitcoin, Hayes recommended issuing debt and buying Ethereum instead.

The reason behind this is what he sees as the potential of metaverses and decentralized finance.

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Former CEO of BitMEX and Ethereum:

Hayes’ bullish view on Ethereum also stems from his analysis of Ethereum killer projects.

Currently, Ethereum has the highest number of developers compared to L1 protocols, while this price/development ratio shows that Ethereum has the lowest score among all competitors.

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Also, looking at the locked price/value ratio/addresses and wallets, Hayes concluded that Ethereum is the least expensive, with significant performance positioning itself as a great investment against other smart contract platforms.

Hayes concluded by saying that Ethereum is expected to significantly outperform any L1 chain that is being promoted as faster and cheaper than Ethereum.

Hayes has set an Ethereum price target of $10,000 by the end of 2022.

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