BitMEX CEO Arthur Hayes Explains Why Ho Chooses Ethereum Over Bitcoin

Ethereum’s popularity continues to grow and at the moment of writing this article, ETH is trading in the green. The coin is priced at $3,500.

The co-founder and CEO of the crypto exchange BitMEX says that he’s rebalancing his portfolio in favor of Ethereum (ETH).

In a new essay, Arthur Hayes explained that unlike top blockchain Bitcoin (BTC), Ethereum is not a crypto that can be used as money, but rather an asset of the planet’s biggest decentralized network.

“Ethereum is not money, it is a commodity that powers the world’s largest decentralized computer… The Ethereum community clearly decided that ETH is a commodity used to power this computer, not a pure monetary instrument.”

He said that at the start of 2022 his portfolio was split equally between Bitcoin and Ethereum. On the other hand, he explained the fact that he reoriented his crypto quota to have 25% BTC and 75% ETH. He does this in a time when Bitcoin currently yields nothing in the face of economic turmoil.

“As global real rates are deeply negative, I want to own an asset that has a positive yield in its own currency – and at the moment, that is ETH. Bitcoin yields nothing. Therefore, from a pure interest rate differential perspective, I should own more ETH than Bitcoin.”

Hayes also said that he expects Ethereum to vastly outperform its competitors such as Solana (SOL), Avalanche (AVAX), Terra (LUNA), Cardano (ADA), and Polkadot (DOT).

a popular crypto strategist is predicting price surges for Ethereum (ETH) rivals Avalanche (AVAX) and Near (NEAR) as the markets continue to rise more and more.

Pseudonymous analyst Cantering Clark has recently said that he sees smart contract platform Avalanche making a big move after breaking its resistance at $84.

“AVAX waking up against BTC and ETH pairs, and with a major break in the USD pair above a weekly level that has absolutely shut it down until recently. Long and strong.”