BitMEX founder and crypto industry veteran Arthur Hayes says there’s a massive trade to play as the digital asset market edges higher.
In a new interview on the CryptoBanter YouTube Channel, Hayes says that the crypto bull market started in March of 2023 when the Federal Reserve printed trillions of dollars to support the struggling US banking sector.
Hayes refers to the move as a “stealth” printing of money that ultimately triggered Bitcoin’s (BTC) move into a new bull market.
“Every bull market feels good in the beginning and then it gets overextended and then we fall. We’ve started 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 we have the president and all of his people lined up saying ‘We are going to print as much money as possible to try to undo 30 years of Chinafication of global manufacturing,’ and so that is a massive trade.
Alongside of that we have China printing money, we have Europe printing money, we have Japan printing money. So everyone’s printing money, the US is going to try and print the most amount of money out of everybody.”
With markets starting to tick higher, Hayes has his eye on Solana (SOL), Ethereum’s (ETH) biggest rival. According to the Maelstrom 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 ‘going up’ crypto. Why did you buy it? It’s going up. Number go up.
Everyone sees the number going up, I’m gonna buy the number go up too. I call it the high-beta Bitcoin. I want some extra juice. If I think the market is going to pop then I’m going to buy some SOL.
The reason SOL has done so well from post-FTX when it got to $7… is that the profitability of the chain has improved dramatically. And so, from a low base, obviously 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’s stupendous, and it matches up with the growth of the price of the crypto.”
At time of writing, Solana is trading for $203, up over 2% on the day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
