A crypto investor who accurately called the bottom of the bear market last year is doubling down on some of his calls despite plunging markets.
Chris Burniske, a partner at venture capital firm Placeholder and former analyst at ARK Invest, says that the recent downward price action in Solana (SOL) and Cosmos (ATOM) means very little in the grand scheme of things.
[adinserter block="1"]Last week, the U.S. Securities and Exchange Commission (SEC) listed several assets as securities in its charges against crypto exchanges Coinbase and Binance, including SOL. The lawsuit preceded a sizeable drop in the altcoin markets, and Solana is now down about 94% from its all-time high, while Cosmos is down over 81%.
Burniske, who previously said that Solana was the next “Ethereum-level” opportunity in crypto, says he’s not fazed by recent events.
“To reply guys asking me about SOL, ATOM or ____ token: why would any thesis change because of something a self-interested regulator does? Recent events will be blips in retrospect – onwards.”
The investor also predicts a “redemption arc” for crypto assets next year.
“On the other side of the current fear of crypto’s death is the widespread recognition this movement is immortal…
2024+ crypto redemption arc gonna be all time.”
In February, Burniske said Solana was both contentious and undervalued.
“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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