Here’s the Next Ethereum-Level Opportunity for Crypto Traders, According to Investor Who Called Bitcoin Reversal
A veteran trader in the crypto space thinks one layer-1 blockchain project offers a similar opportunity to what Ethereum (ETH) did four or five years ago.
In a new interview with Bankless, Chris Burniske, a partner at the venture capital firm Placeholder, argues that Solana (SOL) is currently undervalued and has ETH-like potential as an investment.
Says the trader,
“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”
Burniske, who recently gained attention for being one of the traders who called the recent crypto market bottom in November, argues that the three most-exciting ecosystems in terms of user adoption and growth are Ethereum, Cosmos (ATOM) and Solana.
The trader, however, notes that Solana valuations “at the venture stage” are much lower than Ethereum and Cosmos.
He says Solana valuations are now exactly where Ethereum was in 2018 and 2019.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.