Arthur Hayes: Solana will be a “high-beta Bitcoin” during the US election

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, is bullish on Solana ahead of the US election, calling it a “high-beta Bitcoin” in an episode of the Unchained podcast. With only a few days left until the election, Hayes explained that Solana is a good choice because it is highly liquid and will likely rise if Bitcoin performs well. Moreover, Hayes claimed that in the long run, it does not matter who wins the US election, as the primary impact on digital assets will be the Fed’s decision on whether to cut interest rates on November 7. Hayes also said that he prefers SOL over ETH, believing that Ethereum is currently “too slow” and needs a narrative change to change people’s perception of its poor performance in recent months. He pointed out that Solana currently has “mind share” and moves quickly, and when the market is booming, it is likely to outperform Bitcoin, while Ethereum has the “same beta coefficient” as Bitcoin, or even slightly lower. Hayes also warned that no matter how politics change, cryptocurrency regulation is unlikely to see significant improvements, and advised investors to pay more attention to market fundamentals rather than political developments, which often have only a short-lived impact on market dynamics. (Crypto Briefing)