Arthur Hayes, former CEO of BitMEX, well-known for his insights on Bitcoin (BTC) and altcoins, has made new statements regarding the state of the crypto market. In an interview with The Big Whale, Hayes pointed to the U.S. presidential election as the biggest hurdle currently facing the crypto market.
U.S. Election Uncertainty Stalls Bitcoin Momentum
According to Hayes, the uncertainty surrounding the election outcome is holding back momentum in Bitcoin and the broader crypto markets. He believes that once the election uncertainty is resolved, Bitcoin and other cryptocurrencies will regain strength. Hayes added that it may take 3-6 months for the winner to be officially determined after the election in November.
Hayes emphasized that the U.S. election presents risks to assets like Bitcoin and could delay any price surge. For this reason, he stated that he will refrain from making major investments in the coming months due to the heightened risk.
Post-Election Spending and Dollar Devaluation
Hayes also predicts that after the election, government spending will increase, leading to a devaluation of the dollar. He believes this will create a favorable environment for Bitcoin and cryptocurrencies to rise in value. Hayes stated, “No matter who wins, the winner will print money, which will create a positive environment for Bitcoin.” He advised investors to exercise caution in the months leading up to the election.
Solana vs. Ethereum: Can SOL Overtake ETH?
In addition to discussing Bitcoin, Hayes touched on Ethereum (ETH) and Solana (SOL). He expressed doubt that altcoins like Solana would be able to surpass Ethereum. Hayes acknowledged Solana’s innovation and competitiveness but maintained that Ethereum leads in terms of developer activity and innovative applications.
“Solana is incredibly well-built with a strong foundation and an interactive community,” said Hayes. “But at the end of the day, ETH has four times the market value of Solana, and it will be very hard for SOL and other altcoins to surpass Ethereum.”
