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BitMEX Founder Arthur Hayes Reveals ‘Super Power’ Altcoin Portfolio of Ethereum, GMX and One More Crypto Asset

BitMEX Founder Arthur Hayes Reveals ‘Super Power’ Altcoin Portfolio of Ethereum, GMX and One More Crypto Asset

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Source: Daily Hodle

BitMEX founder Arthur Hayes is revealing his altcoin portfolio while predicting that 2023 could be a great year for the crypto industry.

In a new article, the crypto capitalist says that he expects the Federal Reserve to begin printing money again next year, which could serve as a catalyst for a massive rally for Bitcoin (BTC) and other risk assets.

“I don’t know if $15,900 was this cycle’s bottom. But, I do have confidence that it was due to the cessation of forced selling brought on by a credit contraction. I don’t know when or if the US Federal Reserve will start printing money again.

However, I believe the US Treasury market will become dysfunctional at some point in 2023 due to the Fed’s tightening monetary policies. At that point, I expect the Fed will turn the printer bank on, and then boom shaka-laka – Bitcoin and all other risk assets will spike higher.”

Hayes notes that while he’s waiting for the Fed to start printing money again, he’s planning on earning yield by purchasing US Treasury bills.

“Everything is cyclical. What goes down, will go up again. I like earning close to 5% by investing in US Treasury bills with durations shorter than 12 months. And therefore, I want to be earning a yield while I wait for the crypto bull market to return.”

The venture capitalist goes on to reveal some of his altcoins holdings, describing some of them, such as derivatives exchange GMX and NFT marketplace LooksRare (LOOKS), as ‘super-powered.’

According to Hayes, he’s mostly interested in digital assets that have a correlating beta with BTC and Ethereum (ETH), meaning that if one or both of the top two digital assets were to see a rise in price, the altcoins would at a minimum also rise that amount.

“My ideal crypto asset must have beta to Bitcoin, and to a lesser extent, Ether. These are the reserve assets of crypto. If they are rising, my asset should rise by at least the same amount – this is called crypto beta.

This asset must produce revenue that I can claim as a token holder. And this yield must be much greater than the 5% I can earn buying six or 12-month treasury bills. I have a few super-powered assets such as GMX and LOOKS in my portfolio.”

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Featured Image: Shutterstock/gg_tsukahara/monkographic

The post BitMEX Founder Arthur Hayes Reveals ‘Super Power’ Altcoin Portfolio of Ethereum, GMX and One More Crypto Asset appeared first on The Daily Hodl.

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Author: Daily Hodl Staff