Hayes Bullish on ETH Despite Calling Ethereum Foundation 'Jokers'

Maelstrom Chief Investment Officer Arthur Hayes expressed his bullish views on Ethereum (ETH) despite calling the Ethereum Foundation 'a bunch of jokers'. He said that ETH's investment case is driven by market positioning, and not by its technology or governance. According to Hayes, ETH is still below its 2021 highs despite being the second-largest cryptocurrency.

Hayes stated that he doesn't care about the technology behind Ethereum, saying 'it has nothing to do' with his investment thesis. He emphasized that market positioning is key, and pointed out that ETH's price hasn't eclipsed its 2021 record high. Hayes also said that the risk of ETH going to zero is lower than for other cryptocurrencies.

As Maelstrom's largest holding outside Bitcoin (BTC), Hayes expressed his comfort with putting size on the trade. He predicted that a break above $3,000 would set off reflexive buying, leading to a quick clearing of $5,000. Hayes also discussed FLOP Labs, a payments network denominated in floating point operations, which he described as the latest 'FLOP' venture.