Former BitMEX CEO and co-founder Arthur Hayes has explained that this year will be very important for Ethereum.
According to him, after the crypto’s mainnet moves to the Proof-of-Stake consensus algorithm, something that should happen already this summer, the altcoin developed by Vitalik Buterin will function as a commodity bond, becoming a better investment compared to other tier 1 blockchains, which are mostly overpriced.
Hayes believes that whereas Bitcoin will remain a “star” in the market, the leading crypto is “pure money” that, according to its own protocol, “does nothing.”
Arthur has cited Ethereum researcher Justin Drake, whose calculations show that the income of ETH stakers after the transition will be 8% -11.5% per annum. Hayes has added:
“The Ethereum community has clearly decided that ETH is an exchange commodity used to power this computer and not a pure monetary instrument.”
He has noted that in early 2022, his portfolio consisted of BTC and ETH in equal shares.
