Arthur Hayes, the CEO of BitMEX, is certainly one of the most interesting people in the crypto space – mostly because of his (controversial) statements.
In the latest news, Hayes predicted that the Ethereum price is on track to plunge to double-digit price levels, illustrating the movements quite colorfully.
As he wrote in BitMEX’s “Crypto Trader Digest” which is the exchange’s newsletter, he argued that Ethereum is “a sh*tcoin” and that the ETH price has been buttressed by initial coin offerings (ICOs) since early 2017.
What’s interesting is the fact that the investments have been made by venture capitalists (VCs), which, according to him, will eventually capitulate to the bear market and dump their Ether and ERC-20 tokens at different price levels.
In his own words, Morehead wrote:
“The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or backup the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go ‘fuck it’, and dump everything they can.”
Ethereum has been one of the main headliners in the recent crypto bloodbath, trading as low as $249 on Monday and still being down 22% over the past week, despite the last recovery to about $280.
At this moment, Hayes is confident that “Ether goes from a 3-digit to a 2-digit sh*tcoin.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post