BitMEX CEO Shuffles Crypto Portfolio, Choosing Ethereum Over Bitcoin

The co-founder and CEO of embattled crypto exchange platform BitMEX say that he’s rebalancing his portfolio in favor of leading smart contract platform Ethereum (ETH).

Arthur Hayes says that unlike top blockchain Bitcoin (BTC), Ethereum is not a cryptocurrency that can be used as money, but rather an asset of the planet’s biggest decentralized network.

“I expect ETH to significantly outperform any layer-1 chain that constructed a narrative that it is ‘faster and cheaper’ than Ethereum.

That narrative worked from 2020 to the end of 2021, but now Ethereum supports extremely positive price fundamentals from a flow of and returns on capital basis.”

Source: Dailyhodl