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May rise to $5000 — Blockchain Media Indo…

May rise to $5000 — Blockchain Media Indo...

The price of ETH was trading in the range of US$1,723 today, up 4.13 percent in the last 24 hours. Arthur Hayes, the former CEO of BitMEX, believes that the price of the cryptocurrency could rise to US$5,000.

He said that in blogher not so long ago, that she was very bullish about the development of the price of another crypto after BTC.

Former BitMEX CEO Arthur Hayes shares his views bullishit is for crypto ETH.

Hayes believes the price of the cryptocurrency could jump to US$5,000 after unite done. Unite is a new step in the Ethereum blockchain involving systems Proof of work with the system Proof of stake which have been going hand in hand for several years.

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Once fully merged, Ethereum 2.0 will fully adhere to the system Proof of stake. This ensures that mining tools are no longer needed GPU to verify transactions. Unite planned for September 2022.

“I used goal resistance for ETH at $5000. This is obviously a psychological resistance. I believe this is a conservative forecast, since structural changes in demand/supply dynamics will never be fully appreciated a priori, as is the case in halving Bitcoins that will continue to earn return positive,” he said.

The basis of Hayes’ argument was beyond that unite That is, if the Fed is more lenient in not raising its benchmark interest rate more aggressively. Low interest rates are a “guarantee” for the crypto market, and ETH in particular can rise upwards, which encourages greater capital inflows.

“Even if the Fed is not dovish in the near term, then ETH may have a chance to enter US$3,500,” Hayes said.

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According to Hayes, after uniteETH will become deflationary as its supply will be scarcer than before.

Although his opinion is somewhat wrong, as there is no maximum supply in ETH, Hayes may be referring to a new system of burning ETH transactions.

Hayes was very critical of Ethereum. In 2018, he correctly predicted that the price of ETH would fall into double digit territory.

However, Hayes then changed direction starting in 2020, as Ethereum was massively used in various DeFi projects, increasing use case ETH. For Hayes, DeFi is the key to using Ethereum because it is more efficient than traditional financial systems.

The price of ETH has indeed shown a good rally over the past week, although the crypto market was quickly shaken up yesterday evening, after the latest US employment data was released, sending the US dollar soaring. [ps]

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