Hayes says that the time to turn bullish on crypto is “now” while unveiling a target of $100,000 for Ethereum – an increase of about 4,669% from the current level.
The BitMEX founder also reiterates his prediction that Bitcoin will hit $1 million.
In a new blog post, Hayes further says that as currencies debase across the globe, the “smartest trade” would be “going long crypto.” According to the BitMEX founder, Bitcoin and Ethereum are “crypto’s reserve assets” while “everything else is a sh*tcoin.”
Besides Bitcoin and Ethereum, Hayes says there are other opportunities that exist in the crypto space offering the potential of higher returns at a greater risk.
“Then, we get to other layer-one blockchains that claim to be an improvement on Ether. Solana is an example. These all got beaten up real bad during the bear market. As such, they will levitate off extreme lows and provide great returns for intrepid investors. But, they are still all overhyped, me-too, pieces of sh*t that won’t overtake Ethereum in terms of active developers, decentralized applications (DApps) activity, or Total Value Locked.
Finally, all manner of DApps and their respective tokens will pump. This is the most fun, because down here is where you get the 10,000x returns. Of course, you’re also more likely to get rugged, but where there is no risk there is no return.”
Ethereum is trading at $2,097 at time of writing while Bitcoin is worth $37,083.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3