Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom, has shown support for Solana, calling it 'high beta Bitcoin'* in an interview on the Unchained podcast.
In the context of the upcoming U.S. elections, Hayes emphasized that Solana is an attractive choice due to its high liquidity and growth potential if Bitcoin performs positively.
He also suggested that, in the long term, the outcome of the election is not the main determining factor, as this will depend on the Federal Reserve's decision regarding interest rate cuts on November 7. Hayes remarked:
"The bigger picture still revolves around the Fed's monetary policy rather than immediate results from the election."
Additionally, Hayes expressed a preference for Solana over Ethereum, stating that Ethereum is currently 'too slow' and needs to change its approach to improve performance. He pointed out that Solana is dominating the market, moving quickly, and has the potential to perform better than Bitcoin during growth phases, while Ethereum has a beta equivalent to or lower than Bitcoin.
Hayes highlighted the impressive rise of Solana from around $7 to over $180, especially following the collapse of FTX, demonstrating the ability of this coin to maintain its value. He also mentioned regulatory aspects, warning that significant improvements in cryptocurrency regulations are unlikely, regardless of how the political context changes.
Finally, Hayes advised investors and traders to focus on the fundamentals of the market rather than political developments, as they often have only temporary impacts. He emphasized the importance of choosing high beta assets like Solana in the context of anticipated monetary easing.
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