‘Bitcoin Is Society’s Best Hope for a Private Form of Electronic Money.’- BitMEX CEO

By Swati Kishore

The Chief Executive Officer at BitMEX, Arthur Hayes wrote a blog post titled ‘Two sides of the coin: the bifurcated near-future of money’ on January 3rd, 2019. His blog post referenced Bitcoin and said that although Bitcoin is an experiment, the future of the world’s pioneering cryptocurrency is bright.

Hayes heads BitMEX, well-known Seychelles-based crypto exchange and derivative trading platform which offers users access to worldwide financial markets through cryptocurrency.

In his blog post, Hayes elaborated on the future of money and said that humanity will witness a bifurcated monetary future and that such a future will be better than our past which was characterized by monetary monopoly. Hayes highlighted,

“And I say this even in the face of the various centralizing forces currently being marshalled: humanity’s bifurcated monetary future will be better than our monopoly monetary past, as some money becomes more convenient while other money becomes far more private.”

While the cryptocurrency markets might have seen a  proliferation of altcoins such as Ether, Ripple, Litecoin, and more, however, Hayes is of the opinion that Bitcoin, the cryptocurrency which started it all in 2009, is, in fact, the best hope for digital, private money.

The CEO highlighted that Bitcoin is highly secure. He supported his opinion by explaining that in the ten years of its existence, the cryptocurrency has never been successfully hacked.

In his blog post, he also mentioned how he was amazed at Bitcoin as an invention. According to Hayes, Bitcoin is bringing together individuals from all walks of life together towards a collaborative effort to achieve a common end.

Hayes opinions in his latest blog post may be pointing toward a positive sentiment towards Bitcoin, but it is interesting to note that in December 2018 he had also claimed that Bitcoin’s price may see a further downward trend in 2019 amidst continuing volatility.

The CEO of Bitmex had also claimed that the world’s second largest cryptocurrency by market cap (at the time of writing), Ethereum, will go back to the levels of USD 200 after the ICO market makes a comeback within the time period of eighteen months.