In his newest essay, Hayes took a glance again at his earlier statements on Ethereum, in addition to a stay up for focus on the upcoming, long-awaited, and much-anticipated Merge, when Ethereum will change from the present proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).
As for the previous, he apologized for his earlier statements, saying:
“Readers who’ve been following my profession as an essayist will keep in mind I shat all around the Ethereum pre-sale. I mentioned it was nugatory. I used to be unsuitable. Please forgive me, o lord!”
He referred to his 2018 essay titled “Ether, A Double Digit Shitcoin”, through which he predicted that the value of ETH would dive under USD 100, saying: “And I used to be proper! For a short time…”
In his phrases, Hayes “turned a believer” in 2020, and he went “lengthy and powerful” when he noticed a chart depicting how the ETH market capitalization was lower than the overall market capitalization of all of the dapps (decentralized apps) it supported.
“I fervently imagine that DeFi presents a reputable various to the present monetary system — and for now, Ethereum is poised to energy the world’s monetary laptop.”
He argued that the Merge is “extraordinarily bullish” for the value of ETH – but in addition that it has not yet been priced into the market, writing:
“Given the entire compelled promoting that occurred in the course of the market drop and the poor monetary positions that the majority crypto traders have been left in, the [M]erge doesn’t look like priced in– and we have now an incredible alternative to extend Ether positions at very engaging ranges.”
Hayes went on to say that he’s “extra assured in the present day than ever earlier than that the merge will really happen,” notably because the miners are “changing into vocal about [its] unfavorable impacts.”
Whereas he mentioned he hasn’t the technical expertise to asses whether or not the Merge will certainly happen in September as estimated, Hayes harassed that “one group of Ethereum community stakeholders who completely can handicap the chance of success [is] the present crop of Ethereum miners.”
After the Merge, the Ethereum miners’ machines will change into nugatory until they will mine on one other helpful chain. As a widely known miner Chandler Guo already talked about an Ethereum arduous fork, one that may hold a PoW chain, Hayes claimed to have made contact with different Chinese language miners who confirmed that this concept is powerful in that specific base.
In April, Hayes hinted he would possibly rebalance his investments away from bitcoin (BTC) and in favor of ETH, arguing “an enormous wall of cash” will enter ETH as soon as it’s seen as an ESG (environmental, social, and governance)-friendly, yield-bearing asset. “When the mud settles at year-end, I imagine ETH might be buying and selling north of USD 10,000,” he mentioned. Within the newest essay, Hayes reiterated the USD 10,000 prediction however did not specify when it’d occur.
At 09:16 UTC, ETH trades at USD 1,658 and is up 2% in a day and down 4% in every week. The worth jumped 46% in a month, trimming its annual losses to 39%.