The CEO of BitMEX, Arthur Hayes, is in today’s crypto news for his views on Ethereum‘s future and a potential surge when the initial coin offering (ICO) market returns, which according to him will be within the next 18 months.
Hayes has spoken to a cryptocurrency news outlet, where he forecasted a return to form for 2018’s “dead” ICO markets. As the founder of the major Hong Kong-based cryptocurrency trading platform said:
“The use case for Ether is primarily ICOs. That market is dead right now. Once there are new issues, then Ether will rebound aggressively.
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When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out.”
Hayes made these comments following a rare day of stability across cryptocurrency markets where ETH/USD stayed in range of $129 after doubling in a week. Currently, Ethereum is seeing losses of over 90% for the year.
“Security tokens and stablecoins will prove attractive sirens for investors in 2019,” Hayes added, noting:
“While their fundamental raison d’etre is flawed, investors in this time of pain will latch onto anything they believe will be their ticket to easy riches.”
The CEO of BitMEX, however, didn’t elaborate on whether the market will implode like that on the 2017 ICO boom. When asked about Bitcoin, he suggested a fairly small trading corridor for next year which according to him will be set between $1,000 and $10,000.
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