Bitcoin Cash (BCH) Is a Shitcoin, According to BitMEX CEO Arthur Hayes

Arthur Hayes, the CEO of one of the leading Bitcoin derivative exchanges, BitMEX, has once again slammed a cryptocurrency for being a “shitcoin.” This time it was Bitcoin Cash (BCH) that’s under his radar.

BitMEX Listing BCH/USD Perpetual Contract

In an announcement from June 01st, 2020, BitMEX revealed that it’s going to launch a BCH/USD perpetual swap contract with up to 25x leverage. Today, the contract went live.

“This is the fourth quanto contract to be launched on our platform and follows the successful introduction of the ETHUSD quanto futures contract on May 05th, 2020, and the XRPUSD swap contract on February 05th, 2020. Together, these three new quanto contracts represent further diversification of trading opportunities for users as we continue to expand our innovative product range.” – reads the announcement.

The contract has a maker fee of -0.025% and a taker fee of 0.075%, requiring a base initial margin of 4% and maintenance margin of 2%. The contract has a fixed Bitcoin multiplier regardless of the USD Bitcoin Cash price. In other words, traders can long or short the BCH/USD rate without touching BCH or USD. The margin is posted in XBT.

Another “Shitcoin” Goes to BitMEX

The CEO of the exchange, Arthur Hayes, who’s well known for his witty remarks, marked the launch of the contract on his official Twitter profile. However, he also added a pinch of his popular attitude.

“BCHUSD perp is now live. Which shitcoin should BitMEXdotcom list next?” – he tweeted.

hayes_jun16 — Arthur Hayes, Source: Twitter

This isn’t the first time Hayes is referring to a cryptocurrency other than Bitcoin as a shitcoin. Back in August 2018, the CEO of the Exchange called Ether, “a double-digit shitcoin.” He referred to the parabolic market move in late 2017, saying that “the real profit in 2017 was made by Ether holders, shitcoin projects, and promoters. The seed capital for many of the venerated crypto hedge funds emanated from outsized returns on holdings of Ether and token projects.”

On another note, Hayes also commented on the recent decline in Bitcoin’s price. He mentioned the growing correlation between legacy markets and BTC.

Spoos and #bitcoin tanking at the same time. What a shame, take that JPOW wampum and put it to good use. pic.twitter.com/NlSLT5lKoh

— Arthur Hayes (@CryptoHayes) June 15, 2020