The investor who accurately called the bottom of the bear market late last year is doubling down on his bullish stance on crypto assets.
In a long thread, Chris Burniske, former ARK Invest analyst and current partner at venture capital firm Placeholder, tells are 260,400 Twitter followers that crypto has been undervalued and overlooked due to the recent artificial intelligence (AI) hype.
According to Burniske, AI and crypto will thrive together, rather than compete as many believe.
“It never ceases to amaze me how people chasing hot money balls look eerily like mosquitoes being drawn to the light. Don’t be a mosquito.
“Crypto is dead, long live AI!” The current chorus of the mosquitoes. While in reality both crypto and AI will thrive – that said, good technology can be a bad investment at the wrong price.
It’s best to look where others aren’t. One is currently a red-hot ball of overvalued deals, while the other is overlooked and undervalued. Choose your fighter.”
Burniske says crypto bears who believe the space won’t rise again are wrong, as blockchain technology plays a role in AI and machine learning, which, when realized en masse, could lead to “Nvidia” moments for relevant protocols.
“Meanwhile, blockchains are open data networks that serve as a substrate for agency contracts – the overlap with automation and [machine learning] will be provocative.
Sometime in the coming years, people will realize this en masse and relevant blockchain systems will have NVDA moments.”
The share price of Nvidia (NVDA) has skyrocketed so far in 2023, as it jumped from $149 on January 6 to trading at $389 at the time of writing, about a 160% increase.
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Featured image: Shutterstock/Katynn/Natalia Siiatovskaia
