BitMEX founder Arthur Hayes names an altcoin that he thinks will outperform the rest ahead of the upcoming US presidential election.
In a new interview on the Unchained YouTube channel, the crypto veteran says he is interested in trading Ethereum (ETH) rival and smart contract platform Solana (SOL) as he believes it will rise in price alongside Bitcoin (BTC).
“Going into the elections, I will trade in SOL. It’s high beta Bitcoin so I want the fast action, it’s liquid and I know it’s going to pump if Bitcoin does well – I want to trade SOL. I don’t want to trade ETH.”
According to Hayes, Ethereum is too “old, slow and boring,” which is why he is turning to Solana, as he believes it will outperform both the crypto king and the top altcoin during the next bull market.
“Solana has the mindshare, it’s moving, it’s high beta Bitcoin, and so I took a few small positions. Bitcoin broke out [but] I’m not going to buy Bitcoin, let me buy SOL because when the market turns, it will perform better.”
However, Hayes notes that he won’t be selling any of his long ETH positions to bet on Solana.
“That’s not to say I’m going to sell my ETH, which has a very long core position. It’s just that Solana is a better trading vehicle right now, given the market share it has in it.”
Solana is trading at $169.51 at the time of writing, down 1.51% over the past 24 hours, while Ethereum and Bitcoin are valued at $2,502 and $70,749 respectively.
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