Former BitMEX CEO Arthur Hayes published a prediction for Ethereum. In a post titled “Five Ducking Digits”, Hayes makes the bullish case for the second cryptocurrency in terms of market cap.

Related Reading | Ethereum Bullish Signal: 1.2 Million ETH Exited Exchanges Recently

At the time of writing, Ethereum trades at $3,400 with a 5% profit in the last 24 hours.

ETH’s price trends to the upside on the 4-hour chart. Source: ETHUSD Tradingview

As NewsBTC reported, Hayes believes the current financial system began a new phase as a consequence of the war between Russia and Ukraine. The international community imposed sanctions on the former country as a response.

Russia has been cut off from the international financial system, its social elite has been punished, and its gold reserves seized. The Vladimir Putin-led country and other superpowers, Hayes argued in his thesis, will push to dethrone the U.S. dollars as a global reserve currency.

This will lead to higher Gold and Bitcoin prices as people will flee to stores of value, and neutral monetary systems. Hayes’ latest post follows this idea of the global financial crisis that will benefit cryptocurrencies.

Hayes Prediction On Ethereum, Why The Financial Sector Will Embrace It

The former BitMEX argued that Ethereum will see appreciation on the back of two main factors. First, the full deployment of ETH 2.0 capabilities with “The Merge”.

This event will join Ethereum’s execution layer or ETH 1.0 with its consensus layer or ETH 2.0, the Proof-of-Stake blockchain. Set to reduce ETH’s network energy…

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