Arthur Hayes shared his opinion on the recent activities of the traditional finance giants in the Bitcoin market & claimed that they are coming to take over this market.
Arthur Hayes is a 38-years-old American entrepreneur and a co-founder and former CEO of cryptocurrency exchange BitMEX. He founded the BitMex platform in 2014. In 2022 he faced 6 months of jail punishment & $10 million fine over the violation of the United States Bank Secrecy Act.
Just a few days ago, the BitMex founder Hayes shared his opinion on the current market situation & inflow of new big players in the crypto sector.
According to Hayes, a new battle has been started in this innovative sector and this battle is about who owns or controls this sector dominantly.
Hayes said that crypto was itself not a problem but a problem was always associated with the owners (the crypto companies) and this is a hint why traditional financial giants are heating up for this sector.
Furthermore, Hayes said that the government is coming for their deposit base, and they need to make sure that the only available antidote to inflation, crypto, is under their control. TradFi banks and asset managers will offer crypto exchange-traded funds (ETF) or similar types of services.
In short, these traditional finance companies are coming to this sector to make money via high commissions, as they know that their plans will help the big investors to sell their crypto assets easily for fiat money.
According to Hayes, there are huge chances that giant additional financial players may collaborate with the regulatory bodies to bring highly strict rules against the crypto investors e.g.restriction on buying & selling of crypto assets.
Hayes raised a question about the Bitcoin vision. According to this American crypto entrepreneur, it will be a highly challenging situation for the actual vision of Bitcoin creator Satoshi Nakamoto, as very big players will play with trillions of dollars of money against Bitcoin.