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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.
For 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.
As 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
Valeria Blokhina
