BitMEX co-founder and CEO Arthur Hayes recently declared that he believes Bitcoin’s price will hit $ 50,000 by the end of the year, during an interview with CNBC where he explained that his company works mostly with retail traders.
Hayes previously worked for Citigroup and Deutsche Bank equity. He revealed that the reason for basing BitMex’s operations in Hong Kong is that he thinks that Asians are more comfortable trading digital assets. He also believes that cryptocurrency trading is a more “established” business in North Asia. He noted:
“Asia dominates cryptos because they’re very used to trading digital assets. South Korea has been trading digital goods related to gaming for two decades. When you move to a purely money based digital currency they understand that culturally, so they get on board quickly.”
His priority is to serve crypto retail investors throughout the world by facilitating the access to his products. He highlighted that his cryptocurrency exchange focuses primarily on Bitcoin-related trades and offering of “high leveraged” derivatives.
In fact, BitMEX allows traders leverage their trades up to 100x in various products, and also offers 25x leveraged Monero contracts. Additionally, it offers futures contracts for Bitcoin Cash, Litecoin, and Ripple.
The Wharton School of Business graduate mentioned also that there is not “much institutional presence in crypto. However, this seems to change. He noted that his platform is already prepared to serve institutional investors. Probably, the software upgrades that incorporate new crypto trading options and other measured applied by the company should help institutional investors enter the game.
Furthermore, he stated that BitMEX takes security and consumer safety very seriously. He revealed that the company holds “a large amount of Bitcoin” and has “processes” in place that in a “certain way” will safeguard users’ funds.
However, despite these measures, he insists on saying that “you will take that risk.” This risk can be in the form of selecting to invest in a highly volatile asset class or simply using online exchanges, which are still vulnerable to hackers.