Following recent global concerns and economy, Willy Woo of Adaptive Capital, a crypto fund analyst, forecasts where the price of Bitcoin (BTC) is headed in the coming months. He said he wouldn’t be surprised if the price of crypto took a nose-dive alongside other traditional markets given the widespread fear, panic and uncertainty of the global economy.
Although he affirmed that the crypto currency had not yet hit the bottom and believed its fundamentals remained strong, fueled by interest from Millennials, he still maintained it was a very volatile product, one which must be handled with great caution. He warned that anything could happen given the highly risky and volatile nature of the asset.
While referencing a phrase coined by formed US Defence Secretary, Donald Rumsfeld, Woo expressed his concerns about the ‘unknown unknowns’ which was a phrase implying the uncalculated risks from future events that are so unexpected they had never been considered. In his words, he said,
“We should also take caution. In the ten years’ price history of Bitcoin (BTC), it has only existed inside a macro bull market, we have zero data on how it behaves in a macro bear market. This is the known unknown. I wonder about the unknown unknowns”.
CEO, Three Arrows Capital, Su Zhu, also shared similar sentiment that Bitcoin would shine in the long run as central banks were searching for new and increasingly extreme means to stimulate markets and keep credit flowing.