Former CEO of BitMEX exchange Arthur Hayes urged traders to abandon securities trading on traditional financial platforms and switch to cryptocurrency trading.
In his article, Hayes emphasized that the recent incident with GameStop stock, when users of the Reddit forum significantly raised their rate, which led to losses for institutional investors, showed Wall Street’s attitude towards ordinary people. Various platforms, including Robinhood, have begun to restrict trading in GameStop shares as well as tightening margin requirements for trades.
“The owners of this game did not like the course of events and they began to restrict us so that the stock price would correct. Withdraw funds from broker accounts. Stop trading there. Stop paying a system that thinks you are second class. This protest can be really powerful! ”- wrote the former CEO of BitMEX.
Recall that at the end of January, a group of traders from the popular Internet forum Reddit launched a trend to buy shares in the GameStop computer games store chain. They wrote that large investors and hedge funds went short on these stocks and the public decided to “punish” the institutions. They really did it – for example, the hedge fund Melvin Capital lost 70% of its assets.
Interestingly, Arthur Hayes himself has been in “silence mode” since September 2020. He left his position as CEO of BitMEX last October and it is unknown what he has been doing since then.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
