BitMEX founder and cryptocurrency industry veteran Arthur Hayes said large-scale transactions are possible as the digital asset market rises.
In a new interview on the CryptoBanter YouTube channel, Hayes said the cryptocurrency bull market began in March 2023, with the Federal Reserve printing trillions of dollars to support the struggling U.S. banking sector.
Hayes calls this move a “stealth” money printing that ultimately triggered Bitcoin (BTC) to enter a new bull market.
“Every bull market feels good at the beginning, but then gets overextended and goes down. We have started a bull market. We started in March 2023 when the Fed stealthily printed $4 trillion and Bitcoin rose from $20,000 to $74,000. Now the president and all his people are lining up and saying, ‘We’re going to print as much money as we can to get back 30 years. It refers to the ‘sinicization of global manufacturing’, which is large-scale trade.
Besides that, China is printing money, Europe is printing money, Japan is printing money. So everyone is printing money, and America is going to try to print the most money of everyone.”
As the market begins to rise, Hayes is keeping an eye on Ethereum (ETH)’s biggest rival, Solana (SOL). According to Maelstrom CIO, SOL will continue to outperform ETH, at least in the short term.
“In the short term, I think it’s Solana because it’s a ‘rising’ cryptocurrency. Why did you buy it? It’s going up. The numbers go up.
Everyone sees the numbers going up and I’m going to buy the numbers going up. I call it high beta Bitcoin. I want to drink some more juice. If I thought the market was going to explode, I would buy SOL.
The reason SOL performed so well after FTX, hitting $7, is because the chain’s profitability has improved dramatically. So, if you look at it from a lower base, it’s definitely easier to do better, the deals are growing, it’s very cheap, and now it’s profitable…
“If you look at the revenue growth over the last 18 months, it’s been tremendous, and it’s consistent with the growth in cryptocurrency prices.”
As of this writing, Solana is trading at $203, up more than 2% on the day.
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