Venture capital investor Chris Burniske says that a new crypto bull market is coming in the next couple of years which will make previous cycles look modest.
Burniske, a current partner at Placeholder Capital and former analyst at ARK Invest, says that a new bull cycle is brewing, backed by a slew of new projects and catalysts.
“We thought ‘13 was crazy, until we saw ‘17
We thought ‘17 was crazy, until we saw ‘21
We thought ‘21 was crazy, until we saw ‘25.
Regulatory currents are changing, new products are shipping, IFS (internet financial system) is maturing, NFTs (non-fungible tokens) are mainstreaming, [BlackRock CEO Larry] Fink is bullish, and once again, rates will drop, repricing time and all risk assets – pack your bags and buckle up, it’s gonna get silly.”
The investor is predicting that eventually, most crypto projects will consolidate into a small number of layer-1s that thousands of blockchains tap into for security.
“In the future, everything becomes a rollup, tapping into the security of a handful of multi-trillion-dollar base layers – simple as that.
Consolidation of one layer (infrastructure) leads to cementing winners and value accrual there while demolishing the value of the long tail of infrastructure.
Those playing the VC (venture capital)-infrastructure game for too long will get rightfully burned.
Through this consolidation, the cost of blockspace-service-provisioning collapses, leading to expansion and increased experimentation at the app layer.
May take a cycle to become obvious.”
Earlier this year, Burniske named Solana (SOL) as one of the biggest opportunities for the next bull market cycle.
“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”
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