Arthur Hayes, founder of BitMEX and crypto industry veteran, says there is a huge trade to play as the digital asset market soars higher.
In a new interview on the CryptoBanter YouTube channel, Hayes says the crypto bull market started in March 2023 when the Federal Reserve printed trillions of dollars to support the struggling US banking sector.
Hayes refers to the movement as a ‘stealth’ printing of money that ultimately triggered Bitcoin’s (BTC) move into a new bull market.
“Every bull market feels good at first, but then the market becomes overloaded and then we fall. We started with the bull market. We started in March 2023 when the Fed stealth printed $4 trillion, Bitcoin went from $20,000 to $74,000 and now the president and all his people are lining up saying, ‘We’re going to print as much money as possible to try to undo thirty years to make. of the chinafication of global production,” and so that is a huge trade.
In addition, we have China printing money, we have Europe printing money, we have Japan printing money. So everyone is printing money, the US is going to try to print the most money out of everyone.”
As markets start to tick higher, Hayes has his eye on Solana (SOL), Ethereum’s (ETH) biggest rival. According to Maelstrom’s CIO, SOL will continue to outperform ETH, at least in the short term.
“I think it’s Solana in the short term, and that’s because it’s the ’emerging’ crypto. Why did you buy it? It goes up. Number goes up.
Everyone sees the number rising, I’m going to buy that the number also rises. I call it the high beta Bitcoin. I want some extra juice. If I think the market is going to pop, I’m going to buy some SOL.
The reason SOL has done so well from post-FTX when it hit $7… is because the chain’s profitability has improved dramatically. And so obviously from a low base it’s easy to really outperform, the transactions are growing, it’s super cheap, it’s profitable now…
If you look at the revenue growth over the last 18 months, it is astonishing and consistent with the growth in the price of the cryptocurrency.”
At the time of writing, Solana is trading at $203, up over 2% on the day.
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