An investor who accurately called the bottom of the current crypto bear market says there are a few key narratives that will drive the next bull market.
Chris Burniske, a partner at venture capital firm Placeholder, tells his quarter of a million Twitter followers that he sees several “hype themes” that will arise in the next crypto bull cycle.
“Obvious hype themes into next expansion:
1) bridging and multi-chain services
2) AI meets blockchain
3) appchains and sector-chains”
Burniske also mentions data availability layers or systems that store and provide consensus on the availability of data on a blockchain.
The former ARK Invest analyst clarifies what he means by a “hype theme.”
“Given how some are responding, I should clarify that a ‘hype theme’ is a theme experiencing its first major cycle in the limelight. It’ll have some very real protocols pursuing the opportunity, as well as many other ‘grifter protocols’ slipstreaming the theme.”
New crypto narratives aside, Burniske is currently bullish on Ethereum (ETH), both in USD terms and in its Bitcoin pair (ETH/BTC). He predicts a breakout for ETH/BTC after Ethereum’s Shanghai upgrade, which will allow ETH stakers to unstake their holdings. The Shanghai update is expected to launch sometime next month.
In an interview last month, Burniske said that Solana (SOL) could be the next “Ethereum-level” opportunity and also gave an honorable mention to Cosmos (ATOM).
“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each 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 at scale and liquid enough to justify.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
Source: https://dailyhodl.com/2023/02/13/investor-who-called-crypto-bottom-predicts-next-bull-market-narratives-says-eth-ready-for-rallies/