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Crypto Billionaire Expects Bitcoin to Soar to $88K in Less Than Two Months

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Sun, 08/22/2021 - 07:54
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Alex Dovbnya
Three Arrows Capital CEO Su Zhu is convinced that Bitcoin is ready to smash through its April all-time high
Crypto Billionaire Expects Bitcoin to Soar to $88K in Less Than Two Months
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Three Arrows Capital co-founder and CEO Su Zhu has taken to Twitter to reveal his awfully precise Bitcoin price target of $88,888. The Credit-Suisse-trader-turned-crypto-billionaire claims that the flagship cryptocurrency will be able to hit the aforementioned target in less than two months from now. 

This comes after fellow co-founder Kyle Davies tweeted that Bitcoin looked like it wanted to “supercycle” right through all-time highs.

Extreme greed

On Aug. 21, Bitcoin hit a three-month high of $49,830 on the Bitstamp exchange, with bulls now back in the driver’s seat.

Alternative.me's “Crypto Fear & Greed Index” is now at 78 after entering the “extreme greed” territory.

Still, the index is still far from its peak level of 95 that was reached in February.

Related
Peter Schiff Says Those Who Are Not Selling Bitcoin Now Are "Real Idiots"

A long-term target

When it comes to long-term price predictions, Zhu said that Bitcoin hitting $2.5 million would be “definitely possible” in the future if it were to chip away at gold’s market share as the leading store of value during an interview with UpOnly in late February:

So then you’re already halfway there to $100 trillion and that will get you to $2.5 million per BTC and I think that that is definitely possible.

Zhu started Three Arrows Capital with Davies, his former high school classmate, at their apartment all the way back in 2012. After initially working with emerging markets, the hedge fund switched its focus to crypto and turned its founders into billionaires.

Three Arrows Capital has invested in Bitcoin, Ethereum, Dogecoin, Avalanche as well as a slew of DeFi protocols (Aave, Balancer, SushiSwap among others) and cryptocurrency companies such (BlockFi, Deribit among others).  

In May, Davies told Bloomberg that Ethereum, the flagship altcoin, is the firm’s largest cryptocurrency holding.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.