A venture capitalist who rightly called the crypto bottom of 2022 is unimpressed by the ongoing turmoil in digital asset markets.
Chris Burniske, partner at venture capital firm Placeholder, tells are 261,000 Twitter followers that crypto is at a stage where people are doubting its future existence.
According to Burniske, current sentiment is part of market cycles that lead to huge gains over time.
“Existent doubt about the future of crypto in 2023 is the prerequisite for the kind of multiples people will be staring at in a few years — the details of doubt change every bear, but the doubt always surfaces.
Something that society has long agreed on is not printing 10-100xs. Most people don’t have the guts to doubt for that long, and persevere. Most hardcore doubters can’t resist the temptation to continue here, thinking they’ve won. It can feel overwhelming.
But keep breathing, get all the facts, keep perspective. Blockchains are too important to our digital architectures and future distribution of truth and property to lose.”
Crypto prices fell across the board last week after news broke of the US Securities and Exchange Commission (SEC) lawsuit against global crypto exchange Binance and its CEO Changpeng Zhao. The regulator alleged that the company had violated investor protection and securities laws.
A day later, the SEC filed a lawsuit against Coinbase for “acting as an unregistered stock exchange, broker, and clearing house.”
The total crypto market cap is down more than 6% in the past month.
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Image generated: Midway through the journey
