ETH will be trading north of $10k, says BitMEX Co-Founder


The Co-founder of crypto exchange BitMEX pointed out the reasons, which can pump the price of Ethereum this year. 

Ethereum is a crypto and derivative trading-based exchange platform. It is owned and operated by HDR Global Trading Limited. At present, the exchange is trying to expand its reach in the spot market with better significance with the BMEX token, the native token of the BitMEX exchange. 

Recently Arthur Hayes, co-founder of crypto exchange BitMEX, published a blog on Medium and noted that Ethereum has full chances to trade at the $10,000 price range because of network upgrade plans. 

“When the dust settles at year-end, I believe ETH will be trading north of $10,000.”

BitMEX Co-Founder believes that once Ethereum will shift to Proof-of-stake then it will grab huge attention from Proof-of-work critics and also Ethereum will act as a bond for people to make money by staking their holding.

“native rewards issued to validators in the form of ETH-based issuance and network fees for staking ETH in validator nodes.”

Further added: 

“There is a significant amount of money managers that would like to allocate to “crypto” — by which they mean Bitcoin and or Ether — but the Proof-of-Work consensus mechanism is considered energy wasteful.”

By considering these facts, Hayes said that it will further create a reason for the big investors to go with Ethereum investment because of no tension for environmental issues-based questions. 

Hayes asserted that with the POS consensus, Ethereum will perform much better over other crypto assets as a layer-1 blockchain in this industry. 

Hayes claimed that Bitcoin is the best store of value but here Ethereum is different, which is a “commodity that powers the world’s largest decentralized computer”. 

According to BitMEX Co-Founder, Ethereum will see huge numbers of DApps (decentralized apps) inflow after the merge with Pos consensus.

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