BitMEX founder Arthur Hayes is naming an altcoin he thinks will outperform the rest ahead of the upcoming US presidential election.
In a new interview on the Unchained YouTube channel, the crypto veteran says he’s interested in trading Ethereum (ETH) rival and smart contract platform Solana (SOL) because he believes it will jump in price alongside Bitcoin (BTC).
“Going into the election, I’ll trade SOL. It’s the high beta Bitcoin, so I want the whippy action, it’s liquid, and I know it’s going to pump when Bitcoin does well — I want to trade SOL. I don’t want to trade ETH.”
According to Hayes, Ethereum is too “old, slow, and boring,” thus, he’s turning to Solana as he believes it will outperform both the crypto king and the top altcoin during the next bull market.
“Solana’s got the mind share, it moves, it’s high beta Bitcoin, and so I actually put on some small positions. Bitcoin broke out [but] I’m not going to buy Bitcoin, let me buy SOL because when the market rotates then it’s gonna outperform.”
However, Hayes notes that he’s not going to be selling any of his long ETH positions to bet on Solana.
“That’s not to say I’m going to be selling any of my ETH, which has a very long core position in. It’s just Solana is a better trading vehicle right now given the mind share that it has amongst it.”
Solana is trading for $169.51 at time of writing, a 1.51% dip during the last 24 hours, while Ethereum and Bitcoin are valued at $2,502 and $70,749 respectively.
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