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In a macro-focused interview with the Bankless podcast, Arthur Hayes, the previous BitMEX CEO and present Maelstrom CIO, laid out his bullish thesis on Ethereum, arguing {that a} transfer to $10,000 and even $15,000 is a practical final result as international liquidity shifts and capital controls take maintain within the subsequent financial regime.
Requested why ETH had rallied over 50% in every week, Hayes dismissed technical triggers and pointed as a substitute to sentiment. “Probably the most hated asset goes up the quickest within the subsequent cycle,” he mentioned. “It’s simply human nature.” For Hayes, the Ethereum comeback was lengthy overdue after years of being overshadowed by Solana and different high-beta tokens. “ETH was sort of useless. Everybody hated it. The BTC/ETH ratio was falling, Solana was working… it was time.”
Why Ethereum May Soar To $10,000
Regardless of not having added to his place, Hayes mentioned he remained lengthy Ethereum and was unfazed by the present worth. “It’s nice it’s going up, however okay—let’s speak at $10,000 or $15,000. Let’s speak when it’s significant.”
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Hayes positioned Ethereum’s rebound within the broader context of what he calls a world financial “section shift”—a transition away from the US Treasury because the world’s reserve asset, towards a bifurcated system the place store-of-value flows more and more shift towards gold and Bitcoin. On this paradigm, Ethereum advantages not simply from speculative threat flows, but additionally from structural modifications in how capital strikes beneath rising monetary repression and capital controls.
Whereas he reiterated his perception that gold and Bitcoin are the 2 impartial reserve belongings in a politically fractured world, Hayes sees Ethereum as a robust high-beta commerce within the coming wave of liquidity growth. “They print the cash,” he mentioned bluntly. “And the consequence might be gold and Bitcoin going by way of the roof.”
Nonetheless, Ethereum’s path gained’t be linear. Hayes acknowledged ETH’s underperformance versus Bitcoin to this point, however steered that ETH’s second is coming—notably if regulatory readability improves or if decentralized finance regains traction with sustainable money flows. He singled out tasks like EtherFi and Pendle as examples of token ecosystems which may lastly justify valuation by way of fundamentals.
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The potential for Ethereum to outperform dramatically stays, Hayes argued, particularly because the market continues to digest what he sees as the start of the top for the 50-year US Treasury-based international monetary system. “If you wish to protect entry to capital and spend it the way you need, the one issues you’ll be able to personal are gold and Bitcoin,” he mentioned. However for the investor with urge for food for asymmetry, ETH is “a tough slog” now—but nonetheless within the early phases of what might be a runaway rally.
Whether or not Ethereum reaches the $10,000 mark in 2025 or past, Hayes is positioning for that final result. “Mailstream is about 60% Bitcoin, 20% ETH after which you recognize a number of different shitcoins and time period sheets of token offers and stuff. On my non-crypto stuff, it’s bodily gold and gold miners and T payments. That’s it,” Hayes revealed.
At press time, ETH traded at $2,477.
Featured picture from YouTube, chart from TradingView.com
