Legendary Crypto Investor Arthur Hayes is Bullish on Filecoin

During his Singapore Token2049 speech, legendary crypto investor, Arthur Hayes, made a case for the resurgence of Filecoin. The co-founder and former CEO of BitMEX delivered a comprehensive analysis of the cryptocurrency landscape before offering his expert opinions.

A true veteran in the crypto scene, Hayes predicted that the Bitcoin and crypto bull market could start early in 2024. He then made a case for Filecoin, stressing that its decentralized storage solution will be a lot more useful as AI and crypto interject. What could this mean for Filecoin price, which is down almost 99% from its all-time high?

Early Bull Market in 2024

To help his audience understand his arguments, Arthur Hayes started by pointing out the growing synergetic relationship between crypto and AI. He further stressed that crypto bull markets, in the past, have often been driven by technological advancements or fiat currency liquidity. He then noted that next year could be the year both factors will be in play at the same time during a bull market.

With Bitcoin halving scheduled for mid-2024, crypto enthusiasts are naturally anticipating a bull market. Hayes’ argument is in the line that the growing influence of AI in the crypto scene could yield benefits in the market early next year. And with macroeconomic variables pointing to fiat currency troubles, the bull market is almost inevitable.

Citing significant issues like COVID-19 and drawing parallels with older events like World War II and the Great Depression, Hayes suggested that the next bull market could be the most significant one in history, not just for the cryptocurrency market but the entirety of risk assets.

Making the case for Filecoin

Before posting that Filecoin will rise from its monumental price decline over the years, Mr. Hayes connected the dots between AI’s demand and the role of decentralized storage in the future. He stressed that relying on centralized storage solutions like Amazon will not be sustainable.

Citing the obvious problems with centralized exchanges such as governmental/regulatory issues, potential price hikes, and unilateral alteration of terms, Hayes concluded that it wouldn’t serve in the best interest of the evolving blockchain industry. Decentralized storage, therefore, is vital.

Decentralized storage, undoubtedly, will become more crucial for the crypto landscape as the industry advances. The growing interjection with Artificial Intelligence further stresses the need for change. Filecoin could just be the answer.

Filecoin in recent times

Though Filecoin (FIL) has experienced a significant price drop since hitting an all-time high of $237.24 in April 2021, it remains a high-utility crypto. It also ranks #31 among the largest cryptocurrencies by market capitalization. A price increase could easily push it further up the chart.

In terms of utility, Filecoin remains a highly relevant project. It has real active users across the world benefiting from its resources. Some Filecoin storage platforms, such as Seal Storage, have been undertaking projects all along.

The launch of the Filecoin Virtual Machine is another important event within the Filecoin ecosystem. Filecoin recently announced that over 10 million FIL has been pledged via apps built on the FVM. According to DeFi Llama data, TVL of Filecoin via FVM has surpassed $80M.

Wrapping Up

Arthur Hayes might just be right in his bullish Filecoin prediction. His detailed analysis of the crypto landscape lends credence to his exertions. As crypto and Artificial Intelligence interjects, the need for decentralized storage will become more obvious. Filecoin’s utility will become a lot more useful across the evolving markets.

It is unclear when the Filecoin price will record a significant surge. As Hayes predicted, the crypto bull market may come early next year, but Filecoin may record a noticeable price change before that. Keeping an eye on our Filecoin price prediction can help you take advantage of upcoming opportunities.