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.
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.
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.
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