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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.
Asked why ETH had rallied over 50% in every week, Hayes dismissed technical triggers and pointed as an alternative to sentiment. “The most hated asset goes up the fastest in the next cycle,” he mentioned. “It’s just human nature.” For Hayes, the Ethereum comeback was lengthy overdue after years of being overshadowed by Solana and different high-beta tokens. “ETH was kind of dead. Everyone hated it. The BTC/ETH ratio was falling, Solana was running… it was time.”
Why Ethereum Could Soar To $10,000
Despite not having added to his place, Hayes mentioned he remained lengthy Ethereum and was unfazed by the present value. “It’s great it’s going up, but okay—let’s talk at $10,000 or $15,000. Let’s talk when it’s meaningful.”
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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. In this paradigm, Ethereum advantages not simply from speculative threat flows, but additionally from structural modifications in how capital strikes below growing monetary repression and capital controls.
While he reiterated his perception that gold and Bitcoin are the 2 impartial reserve property in a politically fractured world, Hayes sees Ethereum as a robust high-beta commerce within the coming wave of liquidity enlargement. “They print the money,” he mentioned bluntly. “And the consequence will be gold and Bitcoin going through the roof.”
Still, Ethereum’s path received’t be linear. Hayes acknowledged ETH’s underperformance versus Bitcoin thus far, however instructed that ETH’s second is coming—notably if regulatory readability improves or if decentralized finance regains traction with sustainable money flows. He singled out initiatives like EtherFi and Pendle as examples of token ecosystems that may lastly justify valuation by 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 want to preserve access to capital and spend it how you want, the only things you can own are gold and Bitcoin,” he mentioned. But for the investor with urge for food for asymmetry, ETH is “a hard slog” now—but nonetheless within the early phases of what might be a runaway rally.
Whether Ethereum reaches the $10,000 mark in 2025 or past, Hayes is positioning for that end result. “Mailstream is about 60% Bitcoin, 20% ETH and then you know a lot of other shitcoins and term sheets of token deals and stuff. On my non-crypto stuff, it’s physical gold and gold miners and T bills. That’s it,” Hayes revealed.
At press time, ETH traded at $2,477.
Featured picture from YouTube, chart from TradingView.com
