Arthur Hayes Expects $5,000 Ethereum by March 2023 - BitcoinEthereumNews.com
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.” Ang Pagsamahin is a long-awaited Ethereum upgrade that will transition the networks 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 rate ng pagpapalabas by 90%. Combined with a growing ecosystem of users constantly burning ETH through transaction fees, Hayes believes the upgrade itself will “drive the