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In a macro-focused interview with the Bankless podcast, Arthur Hayes, the previous BitMEX CEO and present Maelstrom CIO, laid out his bullish thesis on Ethereum, arguing {that a} transfer to $10,000 and even $15,000 is a practical end result as world liquidity shifts and capital controls take maintain within the subsequent financial regime.
Requested why ETH had rallied over 50% in every week, Hayes dismissed technical triggers and pointed as an alternative to sentiment. “Essentially the most hated asset goes up the quickest within the subsequent cycle,” he mentioned. “It’s simply human nature.” For Hayes, the Ethereum comeback was lengthy overdue after years of being overshadowed by Solana and different high-beta tokens. “ETH was sort of lifeless. Everybody hated it. The BTC/ETH ratio was falling, Solana was operating… it was time.”
Why Ethereum May Soar To $10,000
Regardless of not having added to his place, Hayes mentioned he remained lengthy Ethereum and was unfazed by the present worth. “It’s nice it’s going up, however okay—let’s discuss at $10,000 or $15,000. Let’s discuss when it’s significant.”
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Hayes positioned Ethereum’s rebound within the broader context of what he calls a global monetary “phase shift”—a transition away from the US Treasury because the world’s reserve asset, towards a bifurcated system the place store-of-value flows more and more shift towards gold and Bitcoin. On this paradigm, Ethereum advantages not simply from speculative danger flows, but additionally from structural modifications in how capital strikes beneath growing monetary repression and capital controls.
Whereas he reiterated his perception that gold and Bitcoin are the 2 impartial reserve property in a politically fractured world, Hayes sees Ethereum as a strong high-beta commerce within the coming wave of liquidity enlargement. “They print the cash,” he mentioned bluntly. “And the consequence will probably be gold and Bitcoin going via the roof.”
Nonetheless, Ethereum’s path gained’t be linear. Hayes acknowledged ETH’s underperformance versus Bitcoin up to now, however recommended that ETH’s second is coming—notably if regulatory readability improves or if decentralized finance regains traction with sustainable money flows. He singled out tasks like EtherFi and Pendle as examples of token ecosystems that may lastly justify valuation via fundamentals.
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The potential for Ethereum to outperform dramatically stays, Hayes argued, particularly because the market continues to digest what he sees as the start of the top for the 50-year US Treasury-based world monetary system. “If you wish to protect entry to capital and spend it the way you need, the one issues you possibly can personal are gold and Bitcoin,” he mentioned. However for the investor with urge for food for asymmetry, ETH is “a tough slog” now—but nonetheless within the early levels of what might be a runaway rally.
Whether or not Ethereum reaches the $10,000 mark in 2025 or past, Hayes is positioning for that end result. “Mailstream is about 60% Bitcoin, 20% ETH after which you recognize a variety of different shitcoins and time period sheets of token offers and stuff. On my non-crypto stuff, it’s bodily gold and gold miners and T payments. That’s it,” Hayes revealed.
At press time, ETH traded at $2,477.
Featured picture from YouTube, chart from TradingView.com