Hayes Predicts $5,000 Ethereum Price Amidst Growing Institutional Adoption

Arthur Hayes, chief investment officer at Maelstrom and co-founder of BitMEX, predicts that Ethereum's price could nearly double to $5,000 within roughly a year. He believes this is due in part to Robinhood's use of Ethereum for its blockchain, making the network easier for other large financial institutions to adopt.

Ryan Hayes pointed to Robinhood's decision as a potential catalyst for wider institutional use, saying that 'Robinhood chose Ethereum as the security layer for its own blockchain. Robinhood has started a new narrative for Ethereum.'

The Ethereum price currently sits at around $2,650, which would require a gain of close to 89% to reach Hayes' target.