According to Arthur Hayes, this asset cannot be confiscated

Former BitMEX CEO calls bitcoin the best means to preserve capital

08.09.2022 - 09:40

243

1 min

What’s new? Former BitMEX cryptocurrency exchange CEO, Arthur Hayes, stated in a new essay titled “For the War” that fiat currencies and gold will not help protect capital in war conditions. According to Hayes, only bitcoin will be able to become a protective medium, and goods will be priced in it in free markets.

The full version of the essay “For the War”

What other statements have been made? The former head of Bitmex believes that any digital asset held by banks can be confiscated. In the case of bitcoin, this is almost impossible. It is outside the system and “outside money,” has no physical form and is easily convertible into other types of assets. In addition, under conditions of war, there is a growth of free markets, and if goods in those markets will be priced in an electronic currency, bitcoin will be that currency. Arthur Hayes also emphasized that now is the best time to buy the first cryptocurrency so that ordinary people can protect their wealth.

In early August, Hayes said that Ethereum’s value to reach $5000 by the end of Q1 2023. His prediction is based on two factors: a loosening of monetary policy by the US Federal Reserve System (Fed) and the network’s successful transition to the Proof of Stake (PoS) consensus algorithm. According to him, the combination of these conditions will contribute to the growth of the asset’s price.

Author:

Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy