Venture capital investor Chris Burniske says a new crypto bull market is coming in the coming years, which will make previous cycles look modest.
Burniske, a current partner at Placeholder Capital and former analyst at ARK Invest, say that a new bull cycle is brewing, supported 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 flows are changing, new products are shipping, IFS (Internet Financial System) is maturing, NFTs (non-fungible tokens) are going mainstream, [BlackRock CEO Larry] Fink is optimistic, and once again rates will fall, revalue time and all risky assets – pack your bags and brace yourself, it’s going to be crazy.
The investor is to predict that eventually most crypto projects will consolidate into a small number of layer-1s that thousands of blockchains use for security.
“In the future, everything will be an aggregation, leveraging the security of a handful of multi-trillion dollar base layers – simple as that.
Consolidation of one layer (infrastructure) leads to cementing winners and building value there, while breaking down the value of the infrastructure long tail.
Anyone who plays the VC (venture capital) infrastructure game for too long will rightly get burned.
This consolidation causes the cost of blockspace service provisioning to collapse, leading to expansion and more experimentation at the app layer.
It may take a cycle to clear up.
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 is controversial and worth paying attention to, and undervalued in its contentiousness, it would be Solana. Placeholder, any 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 that were scale and liquid enough to warrant.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the main ETH assets, but venture to invest around it and really get to know that ecosystem and who all the people are working at the time. in time, loans or DEXs [decentralized exchanges] or asset management or whatever. And then you can choose the best teams from the ones that appeal to you the most from an enterprise perspective. We’re now doing the exact same aircraft carrier strategy around Cosmos and Solana.
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Image generated: Midway through the journey