BitMEX founder revealed the likely Ethereum price after switching to PoS
Arthur Hayes believes that the upcoming switch of ETH to the Proof-of-Stake algorithm will significantly increase the asset’s investment appeal
02.04.2022 - 07:00
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What’s new? BitMEX cryptocurrency exchange co-founder Arthur Hayes believes that Ethereum can break the $10 000 mark in 2022. According to him, ETH’s upcoming switch to the Proof-of-Stake (PoS) algorithm will make it look like a bond, which can significantly increase the altcoin’s institutional appeal.
What else does Hayes say? In a blog post, the exchange’s founder wrote that the Ethereum blockchain should merge its 2.0 and 1.0 chains this year, after which it will switch to the PoS algorithm. The initial predictions indicate that the annual yield of ETH in such a model can be as high as 11%. Hayes expects the potential yield to attract large amounts of institutional capital, pushing ETH prices to new highs this year.
On April 2, ЕТН ranks second in the list of the largest cryptocurrencies by capitalization. The asset price is $3 480, and the market capitalization is $418,7 billion, according to CoinGecko.
What are the advantages of PoS? Proof-of-Stake is a consensus algorithm, the idea of which appeared on the Bitcointalk forum in 2011. The essence of PoS is that all network maintenance operations are performed by cryptocurrency holders. This algorithm requires significantly less computing power than PoW mining.
The PoS model is expected to virtually nullify the problems associated with energy costs for ETH mining. This will bring it into compliance with regulations that monitor the impact of cryptocurrency mining on the environment.
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