Former CEO and co-founder of BitMEX, Arthur Hayes, has explained why 2022 will be a very important year for Ethereum and made a bullish forecast for the price of the asset.
According to him, after the network’s transition to the proof-of-stake consensus algorithm, which is planned for the summer, Ethereum will function as a commodity bond. This will provide a better investment compared to other tier 1 blockchains, which are mostly overpriced.
Bitcoin will remain a “star” in the market, Hayes is sure. However, digital gold is “pure money” that, according to its own protocol, “does nothing.”
The former CEO of BitMEX has referred to Ethereum researcher Justin Drake. According to his estimates, the income of ETH stakers after the transition will be about 8% or11.5% per annum. Hayes has said:
“The Ethereum community has clearly decided that ETH is an exchange commodity used to power this computer and not a pure monetary instrument.”