BitMEX founder Arthur Hayes is bullish on three cryptocurrency projects during the current bull market cycle.
In a new interview with Pomp Investments founder Anthony Pompliano, Hayes said Pendle (PENDLE), a decentralized finance (DeFi) project that allows users to tokenize and sell future yields, has a lot of upside potential as it is innovating in the interest rates space.
“To use Bitcoin, Ethereum, or any cryptocurrency farm-to-table, you need interest rates to borrow and lend within the ecosystem. So we started looking at that. Pendle is pioneering this. They created some interesting things with the ability to separate fixed and transaction returns for point allocation to specific protocols.
They are planning to release their own version of leveraged interest rate swaps… I think that if Pendle can actually drive these rates down, it could become the largest derivatives exchange in the entire space, whether centralized or decentralized. Build an ecosystem-wide default yield curve for Bitcoin, Ethereum, and other shitcoins.”
At the time of writing, Pendle is trading at $2.52, down 2.5% in the last 24 hours.
Next, the trader says he is also bullish on Filecoin (FIL), a peer-to-peer file storage network that artificial intelligence (AI) companies could potentially use as a means of storing data.
“Filecoin: Clearly the AI story is still unfolding. And you’re seeing all this energy in the traditional stock market for all these AI companies. I think we are just getting started in this AI bubble… Obviously, AI training models are very data intensive.”
Filecoin is trading at $8.24 at the time of this writing and is down more than 7% in the last 24 hours.
Finally, traders are bullish on Bitcoin (BTC) ordinal. Bitcoin Ordinal allows users to inscribe digital data, such as images and videos, into single satoshis, or individual units of BTC, creating the equivalent of a non-fungible token (NFT) on the cryptocurrency king’s network.
“I think the ordinal numbers are going to be huge this cycle and we’re going to see some new ways to release artistic creations directly on the Bitcoin blockchain that will be different from anything we’ve seen before.”
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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