- BitMEX Founder Arthur Hayes prefers Solana over Ethereum, calling the former a “high beta Bitcoin.”
- Hayes’ interest in Solana is based on its highly responsive nature and strong liquidity.
- The founder clarified that he would maintain his long-term position in Ethereum.
BitMEX founder Arthur Hayes shared his preference for Solana over Ethereum, calling it a “high beta Bitcoin” due to its responsiveness to market shifts. With the U.S. election approaching, Hayes suggested that Solana could outpace other altcoins and even surpass Ethereum, which he describes as “old, slow, and boring.” He highlighted that SOL’s liquidity and sensitivity to market changes make it a potentially stronger performer than Bitcoin in a bullish environment.
In an Unchained podcast, Hayes predicted that Solana would likely see a surge during the election period, thanks to its liquidity and close correlation with Bitcoin. He explained that he plans to turn to Solana for quick trades, viewing it as a better short-term vehicle than Ethereum, which he’s held for an extended period. Hayes clarified that he has no plans to sell his Ethereum holdings, saying:
“I will trade SOL as we enter the election period. I want quick movements due to its high beta against Bitcoin, knowing it will rise when Bitcoin performs well…That’s not to say I’m going to be selling any of my ETH, which has a very long core position in. It’s just Solana is a better trading vehicle right now given the mind share that it has amongst it.”
Hayes also noted Solana’s impressive recovery, rising from $7 to over $180 despite the FTX collapse, showcasing its ability to regain and hold value. As of press time, Solana trades at $168.41, marking a 0.59% increase on the day and a 17% rise over the past month. Meanwhile, Ethereum remains at $2,508.72, holding a relatively stable price.
Read also: Arthur Hayes Apes Into GOAT Coin as Solana Meme Token Surges 270%
Hayes added that while the upcoming U.S. election may drive short-term gains, it isn’t the primary force behind a long-term bull run. Instead, he sees the Federal Reserve’s potential stance on monetary policy as the most influential factor for digital assets going forward.
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