The CEO of the crypto derivatives exchange BitMEX says he’s now investing in the DeFi craze.
In a new blog post, Hayes says he is allocating small amounts of capital in DeFi tokens to ride the wave and learn about the space. He says that his risk for any potential losses will compensate for the chance to learn about the next products and services that 100X, the parent company of BitMEX, can build.
“I fully expect to lose most of all of the money I ‘invest’ into any of these projects. In my head I like to believe I can read market sentiment and get out at the top of the bull market. But in reality, like most other traders, I will buy high, hold, hold, hold, and sell well after the top.”
Hayes says his top three bets on crypto newcomers are Yearn Finance (YFI), Aave (LEND), and Polkadot (DOT).
YFI is the governance token for Yearn Finance, a decentralized ecosystem of aggregators that optimizes token lending. DOT, on the other hand, is the native token of Ethereum challenger Polkadot that integrates custom assets and data across different blockchains. Hayes also says he’s lost money on the blockchain data migration coin Chainlink (LINK) and the experimental DeFi protocol YAM.
As for the king of crypto, Hayes says he has a “massive upside price target” and expects the leading cryptocurrency to ignite in the last quarter of 2020.
“The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough. This unfortunately will have lasting effects on everyone’s lives across the globe.
Out of the chaos, more people will mistrust centralised authority and look for ways to protect their physical persons and capital from the wanton destruction waged upon them by their rulers. My pocket rockets are primed and ready. [Come on] gold and Bitcoin.”