BitMEX Co-Founder Praises Solana ($SOL) as “High Beta Bitcoin” Ahead of the US Election

1 month ago 9

Arthur Hayes shared his perspective on the current state of the crypto market and recommended the best cryptocurrency for investors to consider amid the anticipation surrounding the US presidential election.

Arthur Hayes is a popular entrepreneur in the crypto space and co-founder of BitMEX, one of the largest crypto derivatives exchanges. Known for his influence in the crypto trading world, Hayes has been both a controversial figure and a thought leader, frequently offering insights on market trends and blockchain technology.

On 1 Nov 2024, Arthur Hayes appeared on a podcast on the Unchained YouTube channel. During the discussion, he stated that he currently favours Solana cryptocurrency over Bitcoin as a top choice in the present environment.

BitMEX co-founder noted that, while Bitcoin remains a foundational asset in the ecosystem, it lacks appeal for traders due to its relatively low volatility. This stability makes Bitcoin less attractive compared to assets like Solana, which offer greater potential for dynamic growth.

Hayes believes that the current political uncertainty — with speculation that either Donald Trump or Kamala Harris will become the next US president — will only have a temporary effect, in contrast to Federal Reserve interest rate decisions, which have a more lasting impact.

Additionally, Hayes explained that if monetary easing is on the horizon, assets like Solana, which can quickly capture market fluctuations, provide a more direct opportunity for potential gains. Bitcoin, with its stable positioning, may not fully capitalise on these high-energy phases.

According to Hayes, even Ethereum struggles to compete with Solana, as Ethereum’s limitations and lack of agility contrast with Solana’s responsiveness on various fronts.

Bitcoin Price Action

The current trading price of Bitcoin is $68,576, marking a 100% increase over the last 12 months. However, Bitcoin’s price dropped nearly 2% in the past 24 hours.

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