BitMEX co-founder Arthur Hayes says that the market still hasn’t priced in the significance of Ethereum’s (ETH) successful transition to a proof-of-stake consensus model.
In an interview with Raoul Pal of Real Vision, Hayes says that the Ethereum network is now capable of supporting a new ecosystem filled with new businesses and protocols, something that hasn’t been priced in for ETH just yet.
“Obviously, the price of ETH isn’t reflecting this right now because we have overriding liquidity concerns, but I do think, assuming that the upgrade continues to go well, you have these interesting things [that are] going to create new businesses for the entire ecosystem, which might not be completely apparent today. It might take six to 12 months for people to go ‘Oh okay, now I get it.’ There are these new primitives that are completely… They owe their existence to the fact that there is this yield that I can count on if I stake my ETH.”
At time of writing, Ethereum is valued at $1,315,...
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