Hayes Stands by Bullish Ether Bet Despite Dismissing Ethereum Foundation

Arthur Hayes, the former BitMEX CEO and current Maelstrom family office head, expressed his disdain for the Ethereum Foundation by calling them 'a bunch of jokers'. Despite this, he remains bullish on Ether, which makes up the largest portion of his portfolio outside of Bitcoin.

In an interview with Unchained podcast host Laura Shin, Hayes said his confidence in ETH is based on market positioning, not the technology or people behind it. He stated that he doesn't care about the tech and views it as irrelevant to how markets currently price the asset.

Hayes believes Ether's gains this cycle have been limited, leaving room for significant upside. He noted that the risk of ETH going to zero is lower compared to other cryptocurrencies, making it a more attractive investment opportunity.

The former BitMEX CEO also predicted a potential price trigger: if Ether breaks above $3,000, reflexive buying could send the price quickly clearing $5,000. This represents a more than 100% move from current levels.