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- Arthur Hayes, the co-founder of crypto derivatives trading platform BitMEX, sees Ether’s price surging above the $30,000 price market.
- Hayes explains that the rising demand for Artificial Intelligence could spearhead this price rally.
Market players are still making their Ethereum price predictions known as the market prepares to enter a new month. Recently, key players have laid out their expectations for Bitcoin, with many analysts citing the bullish potential for the apex cryptocurrency.
Similarly, one prominent figure in the cryptocurrency market is convinced that Ethereum (Ether) has the potential to outperform other rival assets in the long term.
According to Arthur Hayes, the co-founder of BitMEX, the growing demand for Artificial Intelligence could boost Ether’s price in the future.
In a recent blog post, explained that artificial intelligence will not only have significant dominance in the United States, he asserts that the State will fail to exert control over AI as there is no way to punish an AI. This will in turn eliminate the need for an AI economic unit, such as an AI DAO, to comply with any state-based legal policies.
However, if the government were to force an AI to comply, the network substrate powering the DAOs will need to use smart contracts that have been deployed and executed on public blockchains.
“Because the state can’t exert control over DAOs, DAOs will fundraise and trade debt, equity, utility, etc. tokens on DEXs that are not hosted on traditional centralized exchanges (CEX). DEXs will trend toward becoming natural monopolies, as they will be the first truly global trading venues where any being with an internet connection can meet and transact.” Hayes wrote.
Hayes says Ether will surge by 1,556%
With Ethereum becoming one of the most widely adopted decentralized platforms, Ethereum is best positioned for AI applications to establish DAOs necessary to carry out smart contracts.
He further explained that as DAOs become more valuable to the economy than already existing companies, DEXs will carry out more trades than traditional CEXs. Hayes is certain that trading volume on DEXs hosted on the Thereun network will become the largest drivers of on-chain activities.
“Ethereum transactions will grow exponentially as DAOs proliferate. As a result, the price of ETH should skyrocket in anticipation of this AI DAO hypothesis is widely believed.” He added.
Going forward, Hayes explained that a handful of decentralized exchanges with natural monopolies over the trading of specific tokens will arise. Once these DEXs are identified, purchasing their governance tokens will produce beaucoup profits.
In the long term, the price of Ether could surge by a staggering 1,556% in the next 5 years. This will send the price of the second most valued asset by market cap, to $31,063, from its press time price of $1,866.
Notably, the analyst gave room for underperformance, as he explained that he is not at all concerned about Ether hitting the exact price point within 5 years. “I want to be directionally correct and profit as the narrative shifts from ‘won’t happen’ to ‘might happen.” He concluded.
