A crypto investor who precisely referred to as the underside of the bear market final yr is doubling down on a few of his calls regardless of plunging markets.
Chris Burniske, a associate at enterprise capital agency Placeholder and former analyst at ARK Make investments, says that the latest downward worth motion in Solana (SOL) and Cosmos (ATOM) means little or no within the grand scheme of issues.
Final week, the U.S. Securities and Change Fee (SEC) listed a number of property as securities in its prices in opposition to crypto exchanges Coinbase and Binance, together with SOL. The lawsuit preceded a sizeable drop within the altcoin markets, and Solana is now down about 94% from its all-time excessive, whereas Cosmos is down over 81%.
Burniske, who beforehand stated that Solana was the subsequent “Ethereum-level” alternative in crypto, says he’s not fazed by latest occasions.
“To answer guys asking me about SOL, ATOM or ____ token: why would any thesis change due to one thing a self-interested regulator does? Current occasions might be blips looking back – onwards.”
The investor additionally predicts a “redemption arc” for crypto property subsequent yr.
“On the opposite facet of the present worry of crypto’s dying is the widespread recognition this motion is immortal…
2024+ crypto redemption arc gonna be all time.”
In February, Burniske said Solana was each contentious and undervalued.
“I feel if I needed to choose an ecosystem that’s contentious and that you must take note of, and in its contentiousness is undervalued, it will be Solana. Placeholder, every bear market, tends to select an ecosystem or two and construct an plane service technique round that ecosystem. And so the final bear [market], it was ETH and Bitcoin, as a result of these have been actually the one issues at scale and liquid sufficient to justify.
And what I imply by plane service – for those who take Ethereum, purchase a bunch of the core ETH asset, however then enterprise make investments round it and actually get to know that ecosystem and who all of the persons are which might be engaged on say, at that cut-off date, lending or DEXs (decentralized exchanges) or asset administration or no matter. After which you possibly can choose the perfect groups of the groups that the majority converse to you from a enterprise perspective. We’re doing that very same plane service technique round Cosmos and Solana proper now.”
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