Chris Burniske, a venture capital investor and former blockchain products lead at the Cathie Wood-led Ark Invest, says that a new crypto bull market is on the horizon and expects it to surpass previous cycles.
In a tweet on Friday, Burniske said that a new bull cycle is brewing, thanks to many new projects and catalysts.
“Regulatory currents are changing, new products are shipping, IFS is maturing, NFTs are mainstreaming, Fink is bullish, and once again, rates will drop, repricing time and all risk assets – pack your bags and buckle up, it’s gonna get silly,” he tweeted.
We thought ‘13 was crazy, until we saw ‘17
We thought ‘17 was crazy, until we saw ‘21
We thought ‘21 was crazy, until we saw ‘25
— Chris Burniske (@cburniske) July 14, 2023
The investor said he foresees most crypto projects converging into a limited number of layer-1 platforms. These platforms could serve as security anchors that many blockchains could leverage.
“In the future, everything becomes a rollup, tapping into the security of a handful of multi-trillion-dollar base layers – simple as that. Consolidation of one layer (infrastructure) leads to cementing winners and value accrual there while demolishing the value of the long tail of infrastructure,” he explained.
In the future, everything becomes a rollup, tapping into the security of a handful of multi-trillion-dollar base layers — simple as that.
— Chris Burniske (@cburniske) July 14, 2023
The investor said that, through this consolidation, the cost of block space-service-provisioning will collapse, “leading to an expansion and increased experimentation at the app layer.”
In 2022, Burniske correctly predicted the crypto assets’ bottom and noted that disappointment awaited those expecting a major crypto correction.
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
