Former ARK Invest analyst gives highly optimistic forecast on crypto
Chris Burniske, a partner at Placeholder and former cryptocurrency manager at Cathie Woods’ ARK Invest, made some pretty optimistic predictions about crypto market capitalization and went on a tirade against people who have despaired and lost faith in cryptocurrencies during the current bear market. Responding on Twitter to a post by one such person, Burniske delivered a phrase with the epicness worthy of Mohammed Ali or Winston Churchill.
Not only will crypto surpass $3T again, it will do 10x that by the time we are rolling into the 2030s.
— Chris Burniske (@cburniske) June 28, 2022
Further, in response to the pessimistic statement that neither Bitcoin (BTC) nor Ethereum (ETH) met expectations to reach $100,000 and $10,000 respectively, with the crypto market capitalization of $3 trillion seeming insurmountable now, Burniske expressed an opinion that the market will not only overcome the previous size of capitalization but will overtake it by 10 times before 2030.
At the moment, for example, the capitalization of the entire crypto market is $927.3 billion, of which $373.5 billion is the capitalization of the altcoin market, which means excluding BTC and ETH.
Don’t be someone’s liquidity
The analyst then ironically thanked people selling at the bottom for providing liquidity, accompanying the expression with the insight that sellers create liquidity for big buyers at the bottom of the capitulation, and vice versa, when prices reach the top.
Market analysis and forecasting are a private matter for any market participant, and anyone has the right to agree or disagree with Burniske’s statement. Though the forecast about the crypto market reaching tens of trillions in capitalization looks super optimistic at the moment, one thing is sure: it is not worth getting desperate. Just like it is not worth it to sell at the bottom and buy at the top, which sounds simple and logical, is still difficult to understand—especially in such a hot market as cryptocurrency.