Arthur Hayes is remorseful for calling Ethereum a shitcoin a couple of years back and said that the Merge is very positive for the price of ETH, thus becoming a believer in the cryptocurrency’s future. Hayes is a former CEO of BitMEX.
In his most recent essay, Hayes reviewed his earlier comments on Ethereum and looked ahead to talk about the much-awaited Merge, when Ethereum will move from its present proof-of-work (PoW) consensus process to proof-of-stake (PoS).
Regarding the past, Arthur Hayes is remorseful for his former remarks by saying:
“Readers who have been following my career as an essayist will remember I shat all over the Ethereum pre-sale. I said it was worthless. I was wrong. Please forgive me, o lord!”
In 2018, he wrote an essay titled “Ether, A Double Digit Shitcoin,” in which he predicted that the price of ETH would go below $100, and he claimed: “And I was right! For a brief moment…”
In 2020, Hayes “became a believer,” and after seeing a chart showing how the market capitalization of all the dapps (decentralized apps) it supported was less than ETH, he went “long and strong.”
“I fervently believe that DeFi offers a credible alternative to the current financial system — and for now, Ethereum is poised to power the world’s financial computer.”
He claimed that although the Merge is very bullish for the price of ETH, the market has not yet priced it in. He wrote:
“Given all of the forced selling that occurred during the market drop and the poor financial positions that most crypto investors have been left in, the [M]erge does not appear to be priced in– and we have an amazing opportunity to increase Ether positions at very attractive levels.”
Hayes continued by saying that the miners are getting vocal about [its] negative repercussions, which gives him greater confidence now than ever before that the combine will truly happen.
Hayes emphasized that one group of Ethereum network stakeholders who absolutely can handicap the likelihood of success [is] the current crop of Ethereum miners, despite the fact that he claimed he lacked the technical know-how to determine whether the Merge will in fact take place in September as predicted.
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