Arthur Hayes predicted the approval of Dogecoin-ETF and the prospects for the crypto market
Date: 2024-06-17 Author: Henry Casey Categories: CRYPTO PAYMENTS
Arthur Hayes, co-founder of the BitMEX exchange and a well-known crypto expert, gave an interview to the Coin Bureau project, where he discussed the current state of the cryptocurrency market and its prospects. One of the key points of the interview was his prediction of the imminent approval of the Dogecoin-ETF.
Hayes expressed confidence that the Dogecoin ETF will be approved “before the end of this cycle.” He emphasized that Dogecoin is the oldest memecoin with enormous cultural significance. “If people are willing to spend their salary on big brand items, they will definitely trade memcoins as it is a trend and a hot topic,” Hayes said.
Hayes justified his forecast with the following arguments:
- Dogecoin is the oldest memecoin in the Web3 sphere.
- This asset is already traded on the Robinhood platform in the USA.
- Dogecoin has a high market capitalization.
He noted that he did not specify the time frame he meant by “cycle,” but expressed confidence in the inevitability of ETF approval.
Support from other experts
Hayes' views are echoed by CEHV Fund Managing Partner Adam Cochran. He also suggests that the American regulator will approve ETFs based on Litecoin and Dogecoin in the next wave, although he expresses doubts about Solana funds.
In his interview, Arthur Hayes touched on several key topics regarding the cryptocurrency market and strategy for the future:
Hayes shared his principles for 2024:
- Do not sell assets.
- Don't panic.
- Avoid using too much leverage.
Economic situation
Hayes expressed the opinion that central banks will continue to print money, which will lead to a worsening situation with inflation.
He called Ethena the best case of the current cycle, noting that this stablecoin is among the top 4 in terms of value on the market.
Hayes said he does not support any of the US presidential candidates. In his opinion, the elections will cause some volatility, but will not have a significant impact on the cryptocurrency market.
Potential Risks
He noted that the biggest potential risk in the next two to three years is a hack of a large institutional custodian, which could result in losses of $50 billion to $100 billion in crypto assets.
Hayes also expressed confidence that the Aptos ecosystem will show rapid growth. In his opinion, this project can beat Solana in the “L1 blockchain race” and become the second largest first-level network already in this cycle.
Arthur Hayes' forecasts highlight his confidence in the significant growth and development of the cryptocurrency market in the coming years. His predictions about the approval of Dogecoin-ETF and the prospects of projects such as Aptos indicate the high potential of crypto assets and blockchain technologies.
