Three Arrows Capital CEO: “Supercycle price thesis was regrettably wrong”

The head of cryptocurrency investment fund Three Arrows Capital Zhu Su has admitted his Bitcoin “supercycle” hypothesis is no longer true.

On May 27, the CEO of hedge fund Three Arrows Capital posted on Twitter:

The “Supercycle” is a prediction made by Mr. Su Zhu in January 2021, claiming that the cryptocurrency market will grow long-term and not experience a major correction. The founder of Three Arrows Capital also claims that the Bitcoin (BTC) price will reach the $2.5 million mark in this super cycle, bringing the market capitalization to par with the metal gold.

Even so, the BTC price has dropped from $50,000 in January of last year to only about $28,000 by the end of May 2022. The highest price reached by the world’s largest cryptocurrency was $69,000 in November 2021. BTC is currently recording 8 consecutive weeks of red candles – something that has never happened in its 13-year history – and is on track to set a new record of 9 weeks of red candles overlapping red.

Although Three Arrows Capital has been one of the most successful crypto funds in the market through the 2020-2021 bull cycle, they have often been involved in a lot of controversies.

Most recently, after the collapse of LUNA-UST, Three Arrows Capital received criticism and ridicule from the crypto community for its “strong shill” moves on Terra. Founder Zhu Su was also found to have posted on Twitter to “seduce” followers to mortgage properties to “all-in” into Anchor and receive 20% interest just a few days before the entire Terra ecosystem collapsed. And of course, this tweet has been deleted.

Immediately after, the fund participated in the sale of $1.5 billion of Bitcoin to the Luna Foundation Guard just 2 days before UST was de-peg, a move that was said to be “out of stock” right before the crash.

Mr. Zhu Su then had to apologize to the community.

Three Arrows Capital in early May also announced to move its headquarters from Singapore to Dubai after the regulatory environment in the lion island nation is no longer favorable, while the UAE is actively attracting many large companies in the crypto industry, including the world’s largest cryptocurrency exchange, Binance.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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