Arthur Hayes Predicts Dogecoin Will Get An ETF This Cycle
Regulators will inevitably approve a Dogecoin ETF after both Bitcoin and Ethereum hit US public markets, according to BitMEX co-founder Arthur Hayes.
During a Sunday interview alongside Real Vision CEO Raoul Pal, the two investors reviewed their favorite meme coin and crypto picks this cycle, as well as the top risks currently looming over the industry.
Why Memecoins Will Keep WInning: Arthur Hayes
According to Hayes, meme coins still have plenty of runway this cycle, with the market bound to get even crazier as the Federal Reserve and US Treasury print more and more money.
For the person who has just been initiated into crypto, its literally the easiest thing to understand, said Hayes. I dont need to understand blockchain, and AI, and crypto, and cryptography.
In a blog post last week, Hayes argued that the time had come to go long Bitcoin and subsequently shitcoins, in response to back-to-back interest rate cuts by both the Bank of Canada and the European Central Bank. Historically speaking, low interest-rate environments bode well for stocks and Bitcoin, which causes capital to spill over into the riskier, more volatile memecoin market.
Both Hayes and Pal said theyve got parts of their portfolio locked up in dog-themed coins including Dogecoin (DOGE), BONK, and dogwifhat (WIF).
The investors also agreed that Dogecoin would receive ETF approval in the United States by the end of the current bull market cycle.
Its the oldest memecoin, its on Robinhood, said Hayes. If youre thinking about Tradfi getting into crypto and theyre gonna put an ETF on anything they can, its a high market cap thing.
Dogecoin is currently up 136% over the past year. Since launching in December, WIF has mooned by nearly 1600%.
Trends To Watch This Cycle
Regarding other cryptos, Pal said hes ninety percent into Solana, calling it the right bet to have. By contrast, Hayes said he predicts that Aptos the 27th-ranked crypto by market cap size to flip Solana in the layer 1 game within the next 1 to 3 years.
In terms of what to avoid, both men agreed that Cardano is a narrative of the last cycle, with Pal also taking a stab at Ripple (XRP).
The men also had similar worries about what could pose major risks to crypto during this cycle.
Both highlighted large centralized venues that control massive sections of the crypto market. Pal expressed concern over Derebits 90% market dominance in the options market, while Hayes argued that Coinbase and various banks which control the Bitcoin backing the worlds largest Bitcoin ETFs could lose customers a lot of money.
If Im gonna hack crypto, Im going after one of these US custodians one of these banks, Hayes said. Never have they had to custody an asset where if they lose it they cant call up the Treasury or the Fed and get another bailout.
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