BitMEX CEO slams BCH just after a new listing

June 16, 2020 Editor Altcoin 0

  • BitMEX CEO, Arthur Hayes, commented on the BCHUSD perpetual contract launch, calling BCH a ‘shitcoin.’
  • Hayes is a known Bitcoin supporter who has slammed altcoins in the past, including Ethereum.
  • The contract went live only hours ago, and it is the fourth such contract on BitMEX.

BitMEX, one of the main destinations for anyone willing to trade in Bitcoin derivatives, recently posted a new announcement. The announcement was published on June 1st, and it revealed that BitMEX plans to launch the BCH/USD perpetual swap contract.

Today, June 16th, the contract finally went live, and the exchange’s CEO had a curious remark to accompany the event.

BCHUSD perpetual swap contract goes live on BitMEX

According to the BitMEX announcement, the new contract is the fourth Quanto contract that the platform has launched. The previous one came only a little more than a month earlier, on May 5th, and it was ETHUSD Quanto futures contract. Before that, the XRPUSD contract came on February 5th, also this year.

The contract has a taker fee of 0.075% and a maker fee of -0.025%. It requires a base initial margin of 4%, while the maintenance margin sits at 2%. It also has a fixed BTC multiplier, no matter of what the USD BCH price is. What this means is that traders can either long or short the rate of BCH/USD, without the need to own either. The margin is entirely in XBT.

BitMEX CEO slams yet another altcoin

What did come as a bit of a surprise was the exchange’s CEO’s announcement which followed the launch. Arthur Hayes is known for his witty remarks and humor that is not always subtle.

He marked the launch of the contract by asking the community “Which shitcoin should BitMEXdotcom list next?”

Hayes’ remark is not exactly shocking, as this is far from the first time that this vocal Bitcoin supporter had referred to altcoins as shitcoins. Only two years ago, in August 2018, he said the same for Ether. In fact, he named it a ‘double-digit shitcoin.’

He commented on Ethereum’s market movement in 2017, stating that the profit was made by Ethereum holders, promoters, and ‘shitcoin projects.’

He also recently commented on Bitcoin’s own price drop, noting that the correlation between BTC and legacy markets is on the rise.