During an appearance on the Unchained podcast, Arthur Hayes called SOL a highly liquid coin that has the potential to grow rapidly if Bitcoin performs well. According to Hayes, in the long term, it does not matter who wins the election, since the crypto market will be more affected by the decision of the US Federal Reserve (Fed) to cut rates on November 7. Investors’ attention is still focused on the central bank’s monetary policy, and not on the election results, the businessman noted.
Regardless of who becomes US president, Hayes doubts there will be significant improvements in cryptocurrency regulation. Hayes therefore advised traders and investors to focus on market fundamentals rather than political events that may only have a temporary impact on market dynamics.
The co-founder of BitMEX explained why he now prefers SOL over ether. As Hayes put it, Ethereum is too slow – the network needs a “change of narrative” to change people’s perceptions of the blockchain’s deteriorating performance in recent months. Solana, on the other hand, is growing rapidly and is even capable of surpassing Bitcoin if the crypto market rises, Hayes suggested. He emphasized that SOL’s impressive rise from $7 to over $180, especially after the collapse of the FTX crypto exchange, proves the coin’s ability to grow quickly and maintain its value.
In early October, Hayes called Ethereum the “undefeated king of altcoins” as the network leads in the number of decentralized applications. Last year, Hayes urged investors to ditch their SOL coins and invest in Ether.
Source: Bits
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