Arthur Hayes, CEO of major Crypto Bitcoin Merchantile Exchange (BitMex) revealed in an interview with the Unchained Podcast on December 16th that cryptocurrency, particularly Bitcoins, could define a whole new asset class. BitMEX has recorded transactions worth almost $1 trillion in the past year alone, with a milestone day in July 2018 of 1,000,000 Bitcoins traded in 24 hours.
The discussion was focused on how cryptocurrency and blockchain technology could reshape the world of finance in the future. Also present on the podcast were Dan O’Prey, CMO of Digital Asset, and Alexis Ohanian, Co-Founder & Executive Chairman of Reddit and Co-Founder of Initialized Capital.
The podcast covers the CME Global Leadership Conference in Naples, Florida. When presented with the question if bitcoin represents a whole new asset class of investors, Hayes expressed scepticism while noting:
"Could it become a bona fidе asset class in the next ten years? Maybe. Still, the jury’s out on whether or not Bitcoin is actually secure in the long run. It’s still an experiment.”
However, he was optimistic that Crypto "could be a new way of raising capital and sending value around the world.”
Another aspect of digital trading which Hayes spoke about, was the transition from conventional trading hours to 24/7 trading markets. He said:
"What really struck me about Bitcoin and the world of crypto assets was that for the first time, you basically have access for people who otherwise wouldn’t interact with financial markets. […] I think 24/7 trading of all different types of assets is something that’s going to be the future, and that will bleed into other markets we’re all familiar with, you know, FX, fixed income, and equities."
Hayes had earlier noted that the current Crypto winter and market slump could last as long as 18 months, citing the previous nuclear bear market of early 2015.
The crypto market as a whole has suffered massive slumps and lows since the beginning of 2018. Not only has the value of Bitcoin plummeted by almost 75%, but the other Altcoins have also fared poorly as well. However, industry experts have estimated that the market is due for a stabilization post the 'Crypto Winter'.