JAKARTA – Arthur Hayes, the former CEO of BitMEX, recently explained that 2022 will be a good year for the number 2 crypto after BTC, namely Ethereum (ETH). ETH's rich blockchain utility and algorithm switching this year has the potential to boost the price of ETH.
Hayes believes that after Ethereum makes the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the ETH network will function as a commodity-related bond, reported by CryptoPotato. On the other hand, he mentions that Bitcoin that is considered “pure money” actually “does nothing.”
Hayes further argues that Ethereum is a better investment than its competitors. The PoW to Post algorithm transition, which is planned to be carried out in the summer of this year, is considered to be a game changer or game changer so that it has the potential to put Ethereum at the forefront.
“ETH is a commodity used to power computers, not a pure monetary instrument,” he said.
This year, Hayes himself allocated 25 percent of his funds for BTC, while 75 percent for ETH. Previously, he allocated 50 percent of the funds to crypto number one and another 50 to ETH. He changed his fund allocation because he valued Bitcoin as money and Ethereum as commodity-linked bonds.
In addition, Hayes also advises institutional Bitcoin holders such as Michael Saylor, founder of the analytical platform MicroStrategy, to issue bonds and buy ETH instead of BTC. Alluding to the emergence of a number of cryptocurrencies being called “Ethereum killers”, Hayes insisted that ETH has the largest number of developers than any other layer one (L1) token.
Nevertheless, he acknowledged that Polkadot ranks second after Ethereum which has the largest developer. “Ethereum has appx. 4,000 developers, which is 3x larger than the chain with the second largest developer group, Polkadot, having the second largest developer pool.”
Due to the rich functionality of the Ethereum network and considered to be superior among L1 networks, despite often claiming to be cheaper and faster than the ETH network, Hayes is targeting ETH price performance to reach 10,000 US dollars per coin by 2022.
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