BitMEX founder Arthur Hayes is presenting a forecast for how the next cryptocurrency bull run could unfold.
In a new interview on the Blockworks Macro YouTube channel, Hayes says there will always be "the new thing" in crypto, which he says will likely influence an upcoming market expansion.
“There will always be news. Last cycle it was all these L1 (layer 1) blockchains that were going to be faster than Ethereum and catered to some particular ecosystem. The Solanas, the Aptosis and all that…
[With] In most of them, you have one chance. They had their only massive pump in 2021, and now everyone is saying, "Well, you didn't actually do much, so you won't pump to your all-time high again." So I believe in that sequence of Bitcoin first, then ETH, and then everything else.
Now, obviously, at Maelstrom we follow all the cycles. We want to invest in quality infrastructure and we want to invest in shitty memecoins. We're trying to make money here. So if we want to think about what will happen at the end of the venture sector, it has to be something new. Whatever it is, the new narrative.”
Hayes previously called for artificial intelligence (AI) contribute to the “most epic bull run in history.”
But Maelstrom's chief investment officer says other narratives besides AI could play a role in the next crypto bull phase, such as gaming, mining or decentralized storage. However, in the end, Hayes says that most tokens within these narratives will be "crushed" at the end of their speculative bubbles.
“I've published this AI crypto narrative, I have a stake in Filecoin, a mining company and other things like that. It could be some particular type of Web3 game, it could be some particular type of way we use social graphs. I don't know, but we'll see the zeitgeist change what people are really focusing on and new projects that haven't been tested at the end of the cycle, people will say 'OMG, there are so many people in crypto, look' . in all the wallets created, we are going to have all these clients and all these things...'
And these tokens will skyrocket and, again, get crushed like everything else because consumer adoption is difficult. It is difficult to get people to change ingrained behaviors. So yeah, I think it's going to play out very similar to the previous cycle, it's just the kind of thing that we think is going to be the next game-changing thing."
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