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Former BitMEX CEO Arthur Hayes, who is talked about a lot with his investments as well as his statements about Bitcoin (BTC) and altcoins, made new statements.
In an interview with The Big Whale, Hayes stated that the US presidential election is currently the biggest obstacle facing the cryptocurrency market and said that he believes that Bitcoin and crypto markets will regain momentum after the uncertainty about the outcome of the election is eliminated.
At this point, Hayes added that he thought the new president would not be determined immediately after the November elections, but would be determined over a period of 3-6 months.
Hayes stated that the US elections pose a risk to assets such as Bitcoin and could hinder the rise, and that he expects the election uncertainty to disappear and that he will not make any more purchases in the next few months due to excessive risk.
The famous name stated that after the election, government spending will increase, the dollar will lose value and as a result, Bitcoin and cryptocurrencies will gain value.
“No matter who wins, the winner will print the money, which will create a positive environment for Bitcoin,” Hayes said, adding that investors should act carefully in the period leading up to the election.
Solana's Challenge to Overtake Ethereum!
Arthur Hayes also touched on Ethereum (ETH) and Solana. Stating that it is very difficult for altcoins like SOL to surpass Ethereum, Hayes said that Ethereum is currently the leader in terms of innovative applications and the number of developers.
While Hayes acknowledged that Solana is also innovative and competitive in many ways, he fundamentally said that it would be difficult for SOL and other altcoins to overtake ETH.
“Solana is incredibly well-made. It has a really good foundation. It has a great, engaged community. The memecoin thing has been one of the best things that has ever happened to Solana. But at the end of the day, it has a quarter of the market cap of ETH.
“At this point, on a probabilistic basis, it's going to be extremely difficult for Solana and other altcoins to surpass ETH. Because it doesn't stop at ETH.”
*This is not investment advice.