‘100xs’ Possible for Crypto Now That Doubt Plagues Markets: Investor Who Called Market Bottom
A venture capitalist who correctly called the 2022 crypto bottom isn’t fazed by the ongoing turmoil in the digital asset markets.
Chris Burniske, a partner at the venture capital firm Placeholder, tells his 261,000 Twitter followers that crypto is at a stage where people are doubting its future existence.
According to Burniske, the current sentiment is part and parcel of market cycles that leads to massive gains down the road.
“Existential doubt about crypto’s future in 2023 is the prerequisite for the types of multiples that people will gawk at in a few years – the specifics of doubt change each bear, but the doubt always emerges.
Something that’s a consensus long by society doesn’t print 10-100xs. Most people don’t have the stomach to be doubted for so long, and persist. Most hardcore doubters can’t resist the temptation to pile on here, thinking they’ve won. It can feel overwhelming.
But keep breathing, following all the facts, maintaining perspective. Blockchains are too important to our digital architectures and future distribution of truth and ownership to lose.”
Crypto prices cratered across the board last week after news broke regarding the U.S. Securities and Exchange Commission’s (SEC) lawsuit against top global crypto exchange Binance and its CEO Changpeng Zhao. The regulator alleged the company violated investor protection and securities laws.
A day later, the SEC launched a lawsuit against Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.”
The overall crypto market cap is down by more than 6% in the past month.
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