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<a href="https://xpertsstudio.com/how-tethers-bitcoin-mining-plans-in-uruguay-unravelled/” title=”How Tether's Bitcoin mining plans in Uruguay unravelled”>Bitcoin, Ethereum, and the entire cryptocurrency market are experiencing a major surge. $BTC has climbed above $79,000, while $ETH has surpassed $2,400.
As the bullish sentiment in the market continues, Arthur Hayes, the former CEO of BitMEX and a closely watched figure, has made new statements about $BTC and $ETH.
Speaking to crypto journalist Laura Shin, Hayes revealed that his largest portfolio position outside of Bitcoin is in Ethereum.
Hayes noted that although $ETH ranks second by market capitalization, it has yet to surpass its 2021 peak, adding that Ethereum has a lower risk of falling to zero compared to other cryptocurrencies and is therefore more suitable for large-scale investments.
“…Currently, excluding Bitcoin, Ethereum makes up the largest portion of my portfolio. Compared to other cryptocurrencies, the risk of Ethereum’s value falling to zero is much lower. I invest a significant portion of my money because it is attractive in terms of expected return and risk ratio.”
Hayes noted that Ethereum’s weak performance in the recent bull cycle has left significant room for recovery for $ETH. He stated that if $ETH surpasses the $3,000 level, its rise could accelerate and it could quickly climb above $5,000.
“…Since Ethereum’s gains in this cycle have been relatively limited, there is still significant room for further upside.”
Looking at ETFs for Bitcoin Makes More Sense!
Hayes, also speaking about Bitcoin, said that investors who want to invest in $BTC through exchanges would be better off buying spot ETFs instead of Strategy (MSTR) shares.
Hayes stated that Strategy made sense during a period when the market feared $BTC could fall to $20,000, but its importance diminished as liquidity expanded and the economic environment eased.
Hayes argued that if investors wanted to use the exchange to invest in $BTC, they could buy BlackRock’s spot Bitcoin ETF IBIT or other ETFs, and there was no reason for them to buy Strategy.
*This is not investment advice.
Source: cryptonews.net