While speaking at a recent Laura Shin’s Unchained ‘podcast‘, from the ‘CME Global Leadership Conference‘, the chief executive officer and co-founder of BitMEX, ‘Arthur Hayes’, has done nearly $1 trillion in volume over the past year. Shin asked her guests what they think of the future of blockchain technology.
Hayes initially, started with the story of how he got involved in crypto trading. Hayes worked at Citi Bank till May, 2013. He aforesaid that once he lost that job, he got into commercialism of Bitcoin [BTC] for a living. Throughout that point, he got into derivatives trading too. Around eight months after losing his job, he co-founded BitMEX, earlier in Jan. 2014.
Then he aforesaid that he believes within the future, 24/7 commercialism, as we have in crypto markets but not in most stock markets, would become the norm.
Explaining further, he said:
“What actually struck me regarding Bitcoin and the world of crypto assets was that for the primary time, you essentially have access for individuals that otherwise wouldn’t interact with financial markets. […] i believe 24/7 commercialism of all differing kinds of assets is some things that’s going to be the future, and which can bleed into different markets we’re all aware of, you know, FX, Financial Gains, and equities.”
Crypto Assets And Confused Regulations : Arthur Hayes
Later within the podcast, Shin asked her guests whether or not crypto assets are a replacement asset section. Hayes aforesaid that he suppose it’s a “blend.” He noticed that Apple’s cash reserves outsize the total capitalization of cryptocurrency. He aforesaid that presently cryptocurrency is just too small to be thought-about a “bonafied asset class” however that within the upcoming next 10 years, it “maybe” might become one.
Explaining further, he added:
“The jury is out on whether or not Bitcoin is truly secure over the long run. It’s had a decade, that is pretty smart, however it’s still an experiment. Thus I say the jury is out, but it can be a replacement way of raising capital and transferring cash around the globe.”
This is a remarkable perspective for the chief executive officer of a relevantly sized Bitcoin exchange to own and demonstrates what will solely be termed as intellectual honesty. The hype footer or the exuberant bull in any crowd would unambiguously answer “yes” once asked if Bitcoin were a replacement to something. A part of the criticism of the blockchain world has been in reference to what percentage of individuals suppose it can solve any problem.
Bitcoin saw a small hike on Monday, rising well above the $3,600 USD mark, doubtlessly indicating an end to the ongoing bear run that has ‘overrun‘ it for weeks.