Arthur Hayes bets on $10k Ethereum and CryptoPunks as new status symbols
Arthur Hayes, Chief Funding Officer at Maelstrom and former BitMEX CEO, has shared a extremely optimistic outlook for Ethereum (ETH), predicting that the digital asset may attain a brand new all-time excessive of $10,000 by the top of the yr.
In a July 23 weblog post, Hayes described ETH as “essentially the most hated large-cap crypto,” likening its present sentiment to Solana following FTX’s collapse in 2022 earlier than its meteoric rise from $7 to $280.
Hayes believes momentum is now shifting. He factors to Ethereum’s rising use in company treasury methods and assist from main Western institutional gamers, together with Fundstrat’s Tom Lee, as indicators of an impending rally.
He advised that mounting institutional confidence may set off a market breakout, saying buyers ought to be proactive.
In line with him:
“Purchase first, ask questions later.”
CryptoPunks may outshine ETH
Whereas bullish on Ethereum, Hayes additionally argued that CryptoPunks NFTs may outperform ETH by way of greenback worth.
He reasoned that Ethereum holders will seemingly channel their earnings into NFTs as standing symbols, reflecting broader societal behaviors round wealth and status.
Hayes questioned:
“[NFTs are] an web standing recreation. The entire world financial system exterior of meals and power manufacturing is a big standing recreation, why would the web society be any totally different?”
This attitude echoes feedback from Yat Siu, chairman of Animoca Manufacturers, who compares NFTs to luxurious gadgets like Rolex watches or Birkin luggage. In line with Siu, individuals buy this stuff primarily on account of their cultural symbols of identification and belonging somewhat than their performance.
CryptoPunks, launched in 2017 as one of many first NFT tasks on Ethereum, have gained legendary standing within the digital artwork world.
On the peak of the market in 2021, the gathering’s flooring value was price a median of 125 ETH, however its worth fell considerably in the course of the market winter to a low of 21 ETH.
Nonetheless, with the NFT house having fun with some type of renaissance currently, CryptoPunks’ worth has surged up to now week by over 20% to 48 ETH, which equates to $177,000.
Talked about on this article
