Failed crypto hedge fund Three Arrows Capital‘s (3AC) co-founder shared his predictions for the 2023 crypto industry.
As the cryptocurrency market prepares to leave the tough 2022 behind, the dark clouds have not gone away yet. The rain that started in the middle of the year continues to rain on crypto projects or companies. terracrisis and FTX Major events such as the collapse of the Three Arrows Capital, which operated in Singapore until the beginning of May, was among the companies that collapsed with the explosion of the Terra stablecoin project in the same period. Kyle Davies, one of the founding partners of the company, explained his future views on the industry.
2023 Crypto Industry Predictions from 3AC Co-Founder
unable to prevent the sinking of 3AC Kyle Davies is one of the least trusted names by investors in the industry. However, being a name from the crypto ecosystem is enough to attract the masses.
In a post on his Twitter account, Kyle Davies covered sensitive issues and views on the future of popular products and companies in the industry.
1) SBF pleads guilty and ~100 ppl are indicted. He serves no days in jail this year.
2) Genesis and Grayscale face class actions. The SEC brings a criminal case against DCG for improprieties between affiliated subsidiaries.
— Kyle Davies (@KyleLDavies) December 26, 2022
First of all, Davies believes that SBF, the CEO of bankrupt cryptocurrency exchange FTX, will plead guilty and that about 100 people will be charged, but he will not go to jail in 2023.
Other 2023 crypto industry forecasts are as follows:
- As for Genesis and Grayscale, both companies will face class action lawsuits, according to the 3AC co-founder, and the SEC will file a criminal case against Barry Silbert’s Digital Currency Group for non-compliances between subsidiaries.
- Two of the most discussed topics in late November and early December were Binance and Tether. Both were accused of going bankrupt and failing to meet the needs of investors. But Davis believes both will do well: Binance’s market share will increase and Tether’s peg to the dollar will remain intact.
- He believes that the rally in the cryptocurrency market will start much lower than the current prices and Dubai and Singapore will become major cryptocurrency hubs.
- Despite the negative picture most analysts paint today, Bitcoin and Ethereum will still produce blocks and function as they should. Despite the industry’s declining activity over the past few months, crypto is not going to die.