One of the leading supporters of the cryptocurrency industry, Arthur Hayes, from Hong Kong’s registered Bitmex in Seychelles, said that Bitcoin might not be ready to deploy its course or at least not yet ready.
Speaking with Yahoo Finance U. K at an event sponsored by Spectator, Hayes drew attention to his views on the current state of affairs on the crypto market, looking more pessimistic than optimistic. The executive director of Bitmex, formerly a trader at Deutsche Bank and Citi, explained that the current volatility levels in cryptocurrency markets, which were at least unsatisfactory, could last for another “12 to 18 months.”
Hayes added that his forecast for the continuation of the “flatness” of the cryptocurrency market could be brought to the five-year trading experience of Bitcoin (BTC), which began after he resigned from Citibank, one of the leading financial institutions. He elaborated on his many years of experience, saying:
“I’m just basing it on my previous experience. I started working with Bitcoin in 2013, when the price ranged from 250 to 1300 dollars, and then from 2014 to 2015, it was a kind of nuclear bearish market. The price collapsed, the volume collapsed-very, very difficult to earn. ”
Considering that BTC can continue to fall further, Hayes added that “we (Bitmex) believe that trading volumes can fall more from where they are now.” Given that the business of Hayes, Bitmex, is only as profitable as the number of trades passed through the popular trading exchange, many believed his last comment.
This call came a few months after Hayes released and then doubled the forecast for BTC, which stated that a leading cryptoactive asset could exceed 50 000 dollars by the time it arrives on January 1, 2019. At that time Hayes, who spoke with CNBC Fast Money and his board of traders, noted that “we are one positive normative decision”, from the repeated approach to Bitkonu and probably its superior. However, as mentioned earlier with his comments on Yahoo Finance, his prediction has probably since been canceled.
However, while the CEO of Bitmex essentially changed his mind by turning to the “dark Side”, many of his peers from industry leaders expressed a much more positive view. Communicating with Yahoo Finance U. K, Will Warren, co-founder of 0x, referred to his experience in the industry, but, unlike the executive director of Bitmex, argued that this market is undergoing a phase of consolidation and may in due course move up.
Warren added that he believes that the long-term trend for this industry will be “great [worldwide] introduction of bitcoins and similar technologies.”
Mati Greenspan of EToro, who recently flooded binance Coin (BNB), joined the sentiment by informing Yahoo that raising awareness and education on cryptocurrency markets could stimulate a fast bullish race, but did not provide Information to the media about the exact timeline.