The investor who accurately called the bottom of the bear market late last year is doubling down on his bullish stance on crypto assets.
In a lengthy thread, Chris Burniske, former ARK Invest analyst and current partner at venture capital firm Placeholder, tells his 260,400 Twitter followers that the recent artificial intelligence (AI) hype has left crypto undervalued and overlooked.
According to Burniske, AI and crypto will thrive together, rather than compete, as many believe.
“Never ceases to amaze me how humans chasing hot balls of money eerily resemble mosquitoes drawn to the light. Don’t be a mosquito.
‘Crypto is dead, long live AI!’ The current chorus from the mosquitoes. Whereas in reality, both crypto and AI will thrive – that said, good tech can be a bad investment at the wrong price.
You’re best off searching where others are not. One is currently a white-hot ball of overvalued deals, while the other is overlooked and undervalued. Pick your fighter.”
Burniske says that crypto bears who believe the space won’t rise again are wrong because blockchain technology has a role in AI and machine learning, which when realized en masse could lead to “Nvidia” moments for relevant protocols.
“Meanwhile, blockchains are open-data networks serving as a substrate for contracts with agency – the overlap with automation and [machine learning] will be provocative.
At some point in the coming years, people will realize this en masse, and relevant blockchain systems will have NVDA moments.”
Nvidia’s (NVDA) stock price has skyrocketed thus far in 2023 as it has gone from $149 on January 6th to trading for $389 at time of writing, about a 160% increase.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Katynn/Natalia Siiatovskaia