- Chris Burniske, a crypto investor who accurately predicted the bear market bottom last year, remains steadfast in his support for Solana and Cosmos despite market downturns.
- Burniske anticipates a major “redemption arc” for cryptocurrencies starting from 2024, undeterred by current market fears and regulatory actions.
Despite the bearish state of the crypto markets, Chris Burniske, a partner at venture capital firm Placeholder and former ARK Invest analyst, is reinforcing his stance on Solana (SOL) and Cosmos (ATOM). In his perspective, the recent market downturn impacting these digital assets doesn’t alter their long-term potential.
Just last week, the U.S. Securities and Exchange Commission (SEC) classified several crypto assets, including SOL, as securities in its lawsuit against crypto exchanges Coinbase and Binance. The legal action triggered a significant descent in the altcoin markets, with Solana now 94% down from its all-time peak, and Cosmos trailing by over 81%.
However, Burniske, who had previously identified Solana as a crypto opportunity on par with Ethereum, isn’t disconcerted by the recent developments. He states,
“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.”
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Moreover, the seasoned investor anticipates a major turnaround for the crypto market starting from 2024, terming it a “redemption arc”. He said,
“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.”
Back in February, Burniske deemed Solana both contentious and undervalued, asserting that it’s a digital ecosystem deserving of attention. He shared that Placeholder typically selects an ecosystem or two during each bear market, to build a robust investment strategy around, akin to an “aircraft carrier” approach. This involves substantial investment in the core asset of the chosen ecosystem and venturing around it to understand the ecosystem better. Currently, Placeholder is applying this same strategy to Cosmos and Solana.
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