Su Zhu, the co-founder of Three Arrows Capital, admitted that his “Supercycle Thesis” was wrong, but he remains optimistic.
The Supercycle didn’t take place
Su Zhu, the co-founder of Three Arrows Capital, projected that the crypto market would enter a Supercycle in February 2021 during an appearance on the live 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 decline of the crypto market, with Bitcoin currently trading at $29,008.22, 58% down from its all-time high, he stated on Twitter that his projections were “regrettably wrong.” Despite being wrong about his theory, he remains optimistic about the crypto industry and believes it will continue growing to change the world.
Supercycle price thesis was regrettably wrong, but crypto will still thrive and change the world every day
— Zhu Su 🔺 (@zhusu) May 27, 2022
Who is Su Zhu?
Su Zhu is the Co-Founder, CEO, and Chief Investment Officer of Three Arrows Capital. It 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 close to $10 billion. However, Zhu claimed it was in the multibillion-dollar range.
Recently Three Arrows Capital announced that it is relocating its headquarters from Singapore to Dubai, United Arab Emirates. It is rumored that the proposed shift comes as the fund organizes its first-ever fund that will accept capital from outside investors.
