Three Arrows Capital CEO says he was wrong about ‘Supercycle’

    29 May 2022
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    Su Zhu, the co-founder and CEO of Three Arrows Capital, admitted that he was wrong about the “Supercycle Thesis,” but he remains optimistic about the crypto. Before, he predicted that the crypto market would enter a Supercycle in February 2021.

    Back in February 2021, the co-founder of Three Arrows Capital, Su Zhu, predicted that the crypto market would enter a Supercycle during an appearance on the podcast UpOnly. Zhu projected that the price of BTC would reach $2.5 million and stated that Bitcoin is ready to take over a significant portion of the precious metal’s market share.

    Given the recent meltdown of the crypto market, with Bitcoin currently trading at $29,007, 58% down from its all-time high, he stated in a Twitter post,

    “Supercycle price thesis was regrettably wrong, but crypto will still thrive and change the world every day.”

    Despite being wrong about his theory, he remains optimistic about the crypto industry and believes it will continue growing to change the world.

    Su Zhu, Three Arrows Capital co-founder, CEO, and Chief Investment Officer, is well-known for its early investments in Avalanche, Near Protocol, Starkware, Axie Infinity, and AAVE. The venture firm’s AUM is estimated to be about $10 billion.

    As earlier reported, Three Arrows Capital announced that it is relocating its headquarters from Singapore to Dubai, UAE, citing its crypto-friendly climate. The proposed shift reportedly comes as the fund organizes its first-ever fund that will accept capital from outside investors.

    Image Source: https://www.cryptonary.com/three-arrows-capitals-su-zhu-admits-he-was-wrong-about-supercycle/

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