Arthur Hayes, co-founder of BitMEX, says the next Merge will cause Ethereum’s price to soar above $3,000
Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, forecasts that the price of Ethereum (ETH) will go to $3,000 by the end of the year.
Hayes recently said on the “Bankless Podcast” that the Merge will have a significant impact on the price growth since it will result in a fundamental shift to the blockchain architecture.
The expert expressed confidence that a successful merger would attract enough purchasers to propel the stock’s price, stressing that neither Fed-related FUD nor political actions would be able to thwart such a move.
With Ethereum’s switch to a proof-of-stake blockchain less than two days away, the volume of on-chain transactions has fallen as investors shun the cryptocurrency out of fear of extreme volatility. While the Ethereum foundation continues to reassure crypto enthusiasts that the merging is proceeding as planned, apprehension has been mounting over the event’s viability.
Hayes, although staying optimistic about the merger, did not rule out the prospect of an explosion. He refused, however, accusations that the merger was exaggerated and may deter purchasers, resulting in a price drop.
When asked about his Ethereum goals, the expert said that he had “purchased calls for $3,000 before the end of the year.” Arthur, who Favours active trading over “holding,” said that he chose December because the market tends to fluctuate significantly in the fourth quarter.
The second-largest cryptocurrency by market capitalization was trading at $1,580 at press time, after a 24-hour decline of 8.09%. According to CoinGecko statistics, Bitcoin was trading at $20,212 following a 9.83% decline over the same time period.