JAKARTA – After experiencing an increase in the last few days, the prices of Bitcoin and Ethereum have fallen again. The largest cryptocurrency decline by market cap, also dragged down other cryptocurrencies. The drop removed about $150 billion from circulation.
Although a bearish phase is still looming over the crypto market, the co-founder of crypto exchange BitMEX, Arthur Hayes, believes this decline is an opportunity to buy more cryptocurrencies.
Hayes expressed his views in a Twitter thread post. The BitMEX executive asked his nearly 300,000 followers about short-term and long-term investment strategies in crypto assets.
According to him, those who invest for the short term have misread market movements. Hayes emphasized that investors have only three options when investing in digital assets: “close it, sit back, or add more (crypto holdings).”
Next, Hayes explained the possibility of fundamental changes like what Ethereum did with its The Merge. Merge is a consensus shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). He thinks if The Merge is canceled for some reason it will make him worry about his position.
However, the transition is scheduled to take place in the next few weeks. Ethereum developers predict that the transition will be completed on September 15 or 16. On the other hand, Hayes believes the current second largest blockchain protocol is giving a signal to buy, “maybe it's time to go shopping,” Hayes said.
The BitMEX founder views Ethereum as bullish after The Merge. On the other hand, he also believes that the transition from PoW to PoS will have a positive impact on the crypto industry in the long run.
“If the merger is successful… traders will buy ETH today, knowing that the higher the price, the more networks will be used and the more deflation, pushing the price higher, causing the network to be used more, and so on,” Hayes said, quoted by CryptoPotato. Furthermore, he considered this condition to be a good thing for the beginning of the bullish phase.
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