• Chris Burniske, a partner at VC firm Placeholder, has doubled down on his calls for Solana (SOL) and Cosmos (ATOM), despite the recent downward price action in the altcoin markets.
• The investor predicts that this bear market will be a blip in retrospect and that there will be a “redemption arc” for crypto assets in 2024.
• Burniske previously said that Solana was both contentious and undervalued, and he is currently using an “aircraft carrier strategy” to invest around it.
Venture Capitalist Doubles Down on Solana and Cosmos
A venture capitalist who accurately predicted last year’s crypto bear market is doubling down on his call for Solana (SOL) and Cosmos (ATOM). Chris Burniske, a partner at VC firm Placeholder, believes recent downward price action will be a blip in retrospect. He suggests there will be a “redemption arc” of crypto assets in 2024.
SEC Charges Affect Altcoin Prices
The U.S. Securities and Exchange Commission (SEC) listed several assets as securities when they charged Coinbase and Binance with violating securities laws last week. This led to a large drop in the altcoin markets with SOL being down 94% from its all-time high while ATOM is 81% lower than its peak value.
Burniske’s Investment Strategy
Burniske had previously stated that Solana was both contentious yet undervalued at the same time. His current investment strategy revolves around an “aircraft carrier” approach which involves investing into core ETH asset but also venturing out to explore DEXs, asset management, lending solutions etc., within the same ecosystem.
Immortal Crypto Movement
The investor believes that despite current fear of crypto’s death lies widespread recognition of it being an immortal movement instead. He predicts this could lead to greater acceptance of digital assets in 2024 onwards which would result in their redemption arc eventually taking place.
Conclusion
Despite recent events causing prices to plunge significantly, Chris Burniske remains confident about potential returns from Solana (SOL) and Cosmos (ATOM). He suggests investors use an aircraft carrier strategy to explore alternative sectors within the same ecosystems as well as look forward towards 2024 where he believes more acceptance of digital assets could lead to their redemption arc taking place eventually.