BitMEX founder Arthur Hayes has named an altcoin he believes will perform better than others ahead of the upcoming US presidential election.
In a new interview on the Unchained YouTube channel, the cryptocurrency veteran said he is interested in trading Solana (SOL), an Ethereum (ETH) competitor and smart contract platform. Because he believes the price will skyrocket along with Bitcoin (BTC).
“Once we get into the election, I’ll trade SOL. It’s a high beta Bitcoin, so I know it’s vibrant and liquid and will get pumped if 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.” Therefore, he is turning to Solana, believing that it will outperform both the cryptocurrency king and the top altcoin in the next bull market.
“Solana shared the sentiment and moved and actually took a small position in Bitcoin because of its high beta. Bitcoin exploded (but) I won’t buy it. I would buy SOL because it will perform better when the market turns.”
However, Hayes said he would not sell his long ETH position to bet on Solana.
“That doesn’t mean I’m going to sell ETH, which has been my core position for a very long time. “It’s just a better bargain at the moment, given Solana’s shared heart.”
As of this writing, Solana is trading at $169.51, down 1.51% over the past 24 hours, while Ethereum and Bitcoin are worth $2,502 and $70,749 respectively.
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