In a new interview with UpOnly, Su Zhu, the co-founder, and CEO of fund management firm Three Arrows Capital is revealing an astronomical price prediction for Bitcoin price.
Su Zhu, the co-founder, and CEO of fund management firm Three Arrows Capital (on the left)
Here’s why three Arrows Capital CEO predicted Bitcoin price could hit $2,500,000
He compared Bitcoin to gold, asserting that gold is likely undervalued and that in the long run, Bitcoin is primed to take over a large portion of the precious metal’s market share.
He stated:
“I mean, I think there’s an argument that gold itself is very undervalued. If it was the dominant store of value cause this thing was at like $1,700 years ago… and let’s say gold should have 5X’d if there wasn’t Bitcoin, when really we’re looking at a $50 trillion market cap. 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.”
The CEO says he expects BTC to jump up in sudden price surges along the way and, due in part to institutional investors, simply refuse to return back down to previous levels.
Eventually, says Zhu, the asset will likely look like gold does now – relatively stable:
“I think that at the top of it, it will behave like how gold is now, so low volatility-ish. And I think the way that people should think about how that process will go is that it will be [in] bursts, right. Where the markets look linear in like the short term – it’s always up $1,000, down $1,000 and then you get these bursts. And you get these big repricings and people can never buy again.”
As for what Zhu believes will come of the meme crypto-asset Dogecoin (DOGE), a project that has caught the eye of Tesla CEO Elon Musk, the Three Arrows co-founder says that it could have a significant amount of upward potential with Musk’s support.
Elon shilling DOGE a lot and he must have a plan for it. So it’s tough to say. It can go up high.”
You can see the BTC price here.
Read more:
- JPMorgan Suggested That 1% Portfolio Allocation To Bitcoin Would Serve As A Hedge Against Fluctuations In Traditional Asset Classes
- Bitcoin Price Plummeted More Than $ 2,000, Leading To The Plunge Of Large-Cap Cryptocurrencies