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Venture capitalist Chris Burniske, known for his prediction of the 2022 crypto crash and subsequent rebound, appears to be unfazed by the current chaos engulfing the cryptocurrency market. Burniske notes an increasing number of people have become skeptical towards the crypto market, a trend he believes indicates the starting point for a rebound.
The Exhausting Phase in the Crypto Market: Doubt
Chris Burniske, a partner at venture capital firm Placeholder, stated that the crypto market is currently at a stage where people harbor doubts about its future existence. According to Burniske, this current market sentiment is an integral part of future market cycles that see enormous rises.
The prominent venture capitalist commented on the situation, “Existential doubts about the future of the crypto market are increasing, and these are the prerequisites for the exponential growth that people will gaze at in awe in a few years. The nature of these doubts may change with each bear market, but the doubt is always there. There has been a long-standing consensus in society that cryptocurrencies making 10x-100x is implausible. Most people cannot maintain and insist on such doubt for long, but many who are skeptical about cryptocurrencies cannot resist the allure of flocking here, considering what they have earned in the past. Yes, all this can seem quite oppressive, but you must continue to breathe, follow these realities, and maintain your perspective. Blockchains are too important to lose as they are our digital architectures and the future of reality and property distribution.”
A Blow to the Crypto Market from SEC
The chaos that started last week with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against the world’s largest crypto exchange, Binance, and its CEO Changpeng Zhao (CZ), caused the crypto market to shake.
Just a day after the SEC’s lawsuit against Binance, the commission also filed a lawsuit against U.S.-based Coinbase, alleging unregistered securities sales, further undermining investors’ trust in the crypto market.
