In a surprising turn of events, , co-founder of the once-famous Three Arrows Capital (3AC), emerged from the shadows after the Singapore-based crypto-focused hedge fund faced a court-ordered liquidation in 2022.
Davies stepped into the public eye with an attention-grabbing proclamation.
For those unfamiliar with the term, a cryptocurrency supercycle is a period of unprecedented growth in which investor enthusiasm rises to unprecedented levels.
The last supercycle, marked by bitcoin‘s rise to $69,000, occurred more than two years ago. According to Davies, we have now entered a new supercycle, suggesting an imminent surge in the crypto market, particularly on , which is poised to shatter previous highs.
Hot Crypto Winter
While the outlook is intriguing, the market remains uncertain. It is interesting to note that Davies’ nemesis, former BitMex CEO , has a similarly bullish outlook.
Hayes, a vocal critic of both Davies and his 3AC partner Su Zhu, adds fuel to the fire of speculation with his essays discussing how and why the crypto market will reach new highs in the coming years.
Currently, bitcoin is trading at $41,800, a staggering 65% below its all-time high. Skepticism surrounds the potential for such a heavily capitalized asset to recover in the near future. On the other hand, since the beginning of 2023, it has seen a remarkable surge of 171% at its peak.
BTC to USD by Whether or not you agree with Davies’ bold prediction is a subjective matter, given 3AC’s history and reputation. However, the crypto space is guaranteed to be full of life and discourse as these contrasting perspectives unfold.
