Former BitMEX CEO Arthur Hayes, in a recent interview with Coin Bureau, referred to Cardano as the “first aspiring Ethereum.”
Moreover, he cast doubt on Cardano’s very relevance in the realm of digital currencies, stating that it “could be the first to become irrelevant.”
Hayes kept up his critical analysis of the altcoin market as a whole, advising investors not to fall for projects that primarily serve to attract attention rather than provide real value.
He emphasized the critical nature of differentiating authentic technological progress from smart marketing.
Hayes warns investors navigating the altcoin landscape against submitting to an increase in projects that proclaim revolutionary advancements without substantial engineering or cryptographic accomplishments.
“One should exercise a little caution when they become aware of excessive marketing targeting,” he suggested.
The author utilized EOS as an illustration of how marketing can overshadow substance in the cryptocurrency industry, using well-known figures for global promotions.
Hayes elaborated on the progression of investment products within the cryptocurrency sector, highlighting significant changes as well as variations in regulatory oversight and market reception throughout the years, with regard to Bitcoin ETFs.
Simultaneously, he expressed disapproval of the recent authorization of Bitcoin ETFs, viewing it not as an advancement for financial liberty but rather as a means for conventional financial institutions to capitalize on the excitement surrounding cryptocurrencies. He stated, “BlackRock, Fidelity, and all the other significant asset managers earn fees from this trading product.”
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