Venture capitalist Chris Burniske thinks the depressive sentiment that has permeated the crypto market is unwarranted.
The digital asset veteran tells his 299,600 followers on social media platform
According to Burniske, prices appear to have been in a dip in recent months overshadow the progress made by crypto projects behind the scenes.
“Signs of strength in the long tail as BTC and ETH consolidate and sentiment suggests Satoshi has died. Meanwhile, blockchains continue to permeate the social fabric, even if none of it is fast enough for the impatient. The future looks bright, I am not unsure about this.
Majors are in the same range as Q1 ’24, infrastructure continues to mature and app experiments continue to proliferate (in variety and geography), but sentiment has completely reversed from Q1 – beautiful. What’s not to like about it? Don’t be shaken.”
Burniske too say that stories suggesting the crypto bull market is dead are likely exaggerated. He emphasizes that digital assets have weathered all the negative press of the previous cycles and this time will be no different.
“All these made-up stories about the demise of crypto, when in reality all we need is patience and time.
While some have merits that allow us to make improvements, most of these made-up stories are a form of trend following, trying to explain a viral but fictional problem.
And yet, in every cycle, people talk themselves out of success, unable to maintain focus or belief through doldrums.
“But, but, but… what about X, Y, Z this time?”
X, Y, Z are not relevant – blockchains are relevant.”
Burniske is a staunch crypto bull, to believe that the asset class is about to reach a market cap of $10 trillion.
At the time of writing, the crypto market cap is hovering at $2.097 trillion.
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Generated image: Midjourney