Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a surprising turn of events, Kyle Davies, cofounder of the once-infamous Three Arrows Capital (3AC), emerged from the shadows after the Singapore-based crypto-oriented hedge fund faced court-ordered liquidation in 2022.
Davies took to the public sphere with an attention-grabbing proclamation.
Godfrey BenjaminFor those unfamiliar with the term, a supercycle in the cryptocurrency realm signifies a period of unparalleled growth, where investor enthusiasm skyrockets to unprecedented levels.
The last supercycle, marked by Bitcoin's surge to $69,000, occurred over two years ago. According to Davies, we have now entered a new supercycle, hinting at an imminent surge on the crypto market, particularly on Bitcoin, poised to shatter previous highs.
Hot crypto winter
While the prospect is intriguing, the market remains uncertain. What is interesting is that Davies' arch-nemesis, Arthur Hayes, former CEO of BitMex, echoes a similarly bullish sentiment.
Hayes, a vocal critic of both Davies and his 3AC partner Su Zhu, adds fuel to the fire of speculation with his essays, where he discusses how and due to what the crypto market will reach new highs in the coming years.
Gamza KhanzadaevAs of now, 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, BTC has seen a remarkable 171% surge at its peak.
Whether one aligns with Davies' bold prediction or not is a subjective matter, given the history and reputation of 3AC. The crypto space, however, is guaranteed to be buzzing with life and discourse as these contrasting perspectives unfold.
Alex Dovbnya
Godfrey Benjamin
Vladislav Sopov
Dan Burgin