Su Zhu, co-founder of Three Arrows Capital, has admitted that his “supercycle price thesis” and projection that bitcoin could reach $2.5 million have not worked out as he expected.
He stated that the Supercycle Price Thesis was wrong but that crypto will continue to thrive and make a difference in the world every single day.
Zhu proposed the supercycle, which suggested that the crypto market would slowly rise over this market cycle to avoid a prolonged bear market.
Zhu suggested in an interview that bitcoin could reach $2.5 million per coin. This is if bitcoin had the same market value and price as gold.
Bitcoin’s value has dropped from around $50,000 at the time of that interview to below $30,000. The total crypto market cap dropped from $2.8 trillion down to $1.2 trillion during that interview, and the prices of different crypto assets, including metaverse land and non-fungible tokens (NFTs), have also fallen dramatically.