Former ARK Invest analyst gives highly optimistic forecast on crypto
Chris Burniske, a partner at Placeholder and former head of cryptocurrency at Cathie Woods’ ARK Invest, made a few quite optimistic predictions about crypto market capitalization and launched a tirade against people who have become desperate and lost faith in cryptocurrencies during the current bear market. Responding on Twitter to a message from one of these people, Burniske uttered a sentence with an epic worthy of Muhammad Ali or Winston Churchill.
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.
Right now, for example, the cap of the entire crypto market is $927.3 billion, of which $373.5 billion is the market cap of altcoins, 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 is a private matter for any market participant, and anyone has the right to agree or disagree with Burniske’s statement. Although the predictions for the crypto market reaching tens of trillions in capitalization seem super optimistic at the moment, one thing is certain: it is not worth despairing. Just like it’s not worth selling low and buying high, which seems simple and logical, is always hard to understand, especially in such a hot market like cryptocurrency.
