A closely-watched Bitcoin (BTC) whale who earned $20 million in realized profits on Bitfinex between February and March says he expects more pain ahead for the global economy.
The pseudonymous whale, who goes by the name Joe007, predicts waves of volatility as governments push to prop up traditional markets and combat a devastating loss of jobs.
“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.”
He expects investors to continue shifting assets to US dollars – a dynamic that pummeled equities and the crypto markets in March.
“Unless something changes dramatically, I expect flight to USD liquidity fully play out first, with appropriate consequences for BTC price (and crypto in general).”
Joe says politicians, central banks and regulators can try everything under the sun to keep their economies afloat, but there’s no substitute for simply getting people to get back to work.
“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.”
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