A high-profile bitcoin whale predicts more pain ahead for the global economy as the ramifications of the coronavirus shutdown take their toll.
Joe007, a prolific bitcoin whale investor who earned an alleged $20 million in profits through February and March’s market volatility, says he expects traditional markets to spiral in the coming months.
According to a series of posts made April 3, the whale trader called the coming recession the “economic shock of our generation,” that will unfold in waves over time.
It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.
— J⁷ ≣ 🐳 (@J0E007) April 3, 2020
Joe007 predicts a “flight” to fiat liquidity to play out in the short-term, as investors flee the volatility of traditional and alternative markets. He expects this movement to have consequences for the price of bitcoin and the crypto-assets.
Unless something changes dramatically, I expect flight to USD liquidity fully play out first, with appropriate consequences for BTC price (and crypto in general).
— J⁷ ≣ 🐳 (@J0E007) April 3, 2020
A previous tweet by the whale investor on Mar. 27 criticized the approach of most central banks to correct the current crisis by printing trillions in fiat. According to Joe007, the current economic crisis forcing people to stay at home will not be corrected by injecting new money into the market.
The scarcest commodity in the world is human time. Human time applied to productive activity is what makes economy happen, producing everything we take for granted. Human time spent sheltering in safe spaces, not so much. And no amount of money printing can compensate for that. pic.twitter.com/0mKUo49cLM
— J⁷ ≣ 🐳 (@J0E007) March 27, 2020
Featured Image Credit: Photo via Pixabay.com
