E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger

August 9, 2022

This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape

August 9, 2022

91% JUMP! Life insurers’ new premium income rises to Rs 39,079 cr in July 2022

August 9, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Arthur Hayes Expects $5,000 Ethereum by March 2023
Crypto

Arthur Hayes Expects $5,000 Ethereum by March 2023

Paul EasterBy Paul EasterAugust 5, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



Former BitMEX CEO Arthur Hayes says he expects Ethereum to reach $5,000 by the end of Q1 2023.

His estimate is based on a dual expectation that the Federal Reserve will ‘pivot,’ and that the Merge upgrade will be successful – both of which will bolster the price of the second-largest cryptocurrency. 

Inflationary Dollar, Deflationary ETH

As the co-founder explained in his latest blog post, Ethereum will likely yield a greater return than Bitcoin throughout the remainder of 2022. 

Though a Fed pivot would likely have a bullish effect on all asset prices, the Merge represents an Ethereum-specific event that, in his view, “will have an incredibly powerful impact on the price of ETH.”

The Merge is a long-awaited Ethereum upgrade that will transition the network’s consensus mechanism from proof of work to proof of stake. That means Ethereum miners will be rendered obsolete, while holders of the cryptocurrency will be able to earn yield by staking their holdings. 

While the primary goal of the upgrade is to increase Ethereum’s energy efficiency, it is also expected to reduce Ether’s supply issuance rate by 90%. Combined with a growing ecosystem of users constantly burning ETH through transaction fees, Hayes believes the upgrade itself will “drive the price of Ether up exponentially.”

The Merge has suffered delays due to technical complications for years, but developers are now confident that it will occur by September 19th. 

Hayes too believes that this time is for real, as Ethereum miners are actually beginning to grow worried about its reality. In fact, the former CEO claimed to have reached out to multiple members of the Chinese Ethereum mining community who are planning to orchestrate a hard fork that continues using proof of work.   

“Miners would not embark on this journey and spend valuable political capital within the community if they did not believe the merge would happen on schedule(ish),” he argued.

The Fed Will Pivot

The Federal Reserve has pursued a hawkish monetary policy for months in an attempt to reign in record-high CPI inflation. Its action has largely contributed to a selloff across both equity and crypto markets.

Hayes believes the Fed is highly likely to reverse this trend within a few months and return to money printing to protect the economy’s health. 

Despite low unemployment, the economy has already entered a recession due to two quarters in a row of negative GDP growth. Furthermore, Americans have become even more pessimistic about the state of the economy than during the covid pandemic. 

“Fighting inflation requires increasing the PRICE of money (USD) and decreasing the QUANTITY of money,” he explained. “The prescription for a “healthy” American economy requires the exact opposite.”

Hayes argued in a previous blog post that the U.S. would also need to weaken its currency against both the euro and yen to protect the international economy. 

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Vitalik Outs Himself as Having Used Tornado Cash

By Paul EasterAugust 9, 2022

Earn Rewards Through Crypto’s Piggy Bank

By Paul EasterAugust 9, 2022

Tether Announces Support for Ethereum Proof of Stake Transition

By Paul EasterAugust 9, 2022

Crypto Prices Found a Floor Because of Ethereum’s Merge, JPM Says

By Paul EasterAugust 9, 2022
Add A Comment

Comments are closed.

Our Picks

Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger

By Paul EasterAugust 9, 2022

This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape

By Paul EasterAugust 9, 2022

91% JUMP! Life insurers’ new premium income rises to Rs 39,079 cr in July 2022

By Paul EasterAugust 9, 2022
Recent Posts
  • Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger August 9, 2022
  • This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape August 9, 2022
  • 91% JUMP! Life insurers’ new premium income rises to Rs 39,079 cr in July 2022 August 9, 2022
  • AP CFW MLHP Recruitment 2022: Jobs alert! Vacancies notified at cfw.ap.nic.in – How to apply online; know salary August 9, 2022
  • Student Competition Badge Bears Custom Silicon August 9, 2022
  • Vitalik Outs Himself as Having Used Tornado Cash August 9, 2022
  • This company plans offline presence expansion; to hire 1100 people August 9, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.