The cryptocurrency market experiences a surprising twist as BitMEX co-founder Arthur Hayes announces a major shift in his investment strategy.
In a recent Twitter post, Arthur Hayes, one of the co-founders of BitMEX, the prominent cryptocurrency exchange platform, revealed an unexpected change in his investment portfolio driven by what he referred to as a “spiritual revelation.”
The revelation led Hayes to divest from Solana (SOL), a Proof-of-Stake (POS) project associated with former FTX CEO Sam Bankman-Fried, and instead express his allegiance to Ethereum (ETH) co-founder, Vitalik Buterin.
This decision has sent shockwaves through the cryptocurrency community, raising questions about its implications and long-term effects.
A divine message leads to a shift in allegiance
Arthur Hayes, known for his involvement in the cryptocurrency industry, surprised many with his recent announcement. According to Hayes, he received what he described as a divine message during meditation, guiding him to alter his investment choices significantly. The message urged him to move away from Solana, often referred to as “Sam coin” due to its association with Sam Bankman-Fried, and embrace Ethereum, symbolically aligning himself with Ethereum’s co-founder, Vitalik Buterin.
SOL holdings sold for ETH
As a result of his spiritual revelation, Arthur Hayes wasted no time in taking action. He made the decision to liquidate his holdings in Solana (SOL) and reinvest those funds into Ethereum (ETH). This move has sparked considerable discussion within the cryptocurrency community, as Hayes is a well-known figure in the industry, and his actions can influence market sentiment.
ETH price prediction: $5,000
Accompanying his announcement of the shift in investments, Arthur Hayes boldly declared that he believes Ethereum (ETH) will reach a price of $5,000. Such a prediction, coming from a figure with Hayes’ background and influence, has garnered attention and speculation among cryptocurrency enthusiasts and investors.
Hayes’ decision to exit his SOL holdings comes at a time when Solana has been making significant gains in the cryptocurrency market. Over the past 24 hours, Solana has seen a notable increase of 16.1%, and over the course of a week, it has surged by 31%. Remarkably, in the last 30 days, Solana’s value has skyrocketed by an impressive 80.8%. During this period, SOL reached its lowest point at $53.71 and achieved a remarkable peak at $99.12, indicating substantial volatility and price fluctuations.
As of the time of writing, Solana (SOL) is hovering around the $99 level, hinting at a potential breakout above the $100 mark. On the other hand, Ethereum (ETH) has displayed a relatively modest increase, rising by over 2.6% in the last 24 hours.
Hayes’ long-term strategy uncertain
While Arthur Hayes’ announcement has created a buzz in the cryptocurrency community, it remains unclear whether this shift in his investment strategy is a momentary pivot or a long-term strategic move. Investors and enthusiasts are closely watching for further developments and statements from Hayes to gauge the extent of his commitment to Ethereum (ETH) and his price prediction of $5,000.
Coincidentally, Hayes’ announcement aligns with developments in the Ethereum ecosystem. Ethereum developers are actively preparing for the Dencun upgrade, which is poised to introduce enhanced data storage capacity through a process known as proto-dank sharding. In recent discussions, developers hinted that January 17 could be the date for the initial testing phase of the Dencun upgrade. This upgrade is a significant step for Ethereum and could have a substantial impact on its functionality and scalability.
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