Arthur Hayes, the co-founder of BitMEX, a crypto exchange that recently confirmed the acquisition of Bankhaus von der Heydta German bank, wrote a blog titled “Five dodge figurespraising Ethereum and how ETH 2.0 will set the world’s second-largest crypto network apart from competitors dubbed “Ethereum killers.”
Ethereum versus L1
In his Medium blog, Arthur Hayes noted that the upcoming ETH 2.0 merger will forever change the course of the Ethereum network. Furthermore, he also revealed that investors who believe in layer 1 dominance “have gotten caught up in hope and elevated a group of layer 1 Ethereum killers of smart contracts to massive valuations.”
Citing the Electric Capital report, Arthur Hayes pointed out that Ethereum has approx. 4,000 developers, almost 3 times that of the Polkadot chain, which comes second after ETH in number of developers. Hayes also said:
ETH is the third cheapest behind TERRA and AVAX. I’m not even sure ADA should be included, if there was ever a coin that only traded on hopium, it’s Cardano. Compared to these fundamental ratios, ETH is perhaps the cheapest L1
As a result, Hayes concluded that at the start of 2022 his portfolio was 50% Bitcoin and 50% Ether but as “he believes in the cheapness of ETH relative to the rest of the crypto firmament “, he will change his wallet to 25% BTC and 75% ETH.
“Five Dodge Figures”
Hayes touched on the fact that his prediction from years ago that Ethereum would reach double-digit price levels has come to fruition. Hayes pointed out the following fact in his blog:
Bitcoin should again be seen as a store of value and a hedge against inflation, as it is the hardest form of money ever created. Ether is not money, it is a commodity that powers the largest decentralized computer in the world.
“When the dust settles at the end of the year, I think ETH will be trading north of $10,000,” concluded the BitMEX co-founder who recently pleaded guilty to violating the Bank Secrecy Act.