• Chris Burniske, former ARK Invest analyst and current partner at venture capital firm Placeholder, believes that the crypto industry is currently undervalued and overlooked due to recent AI hype.
• He believes that both blockchain technology and AI will thrive together, rather than compete, as many believe.
• Burniske says that when people realize the overlap between automation and machine learning with blockchains there could be “Nvidia” moments for relevant protocols.
Investor Doubles Down on Crypto
Chris Burniske, former ARK Invest analyst and current partner at venture capital firm Placeholder, believes that the crypto industry is currently undervalued and overlooked due to recent AI hype. In a lengthy thread, he tells his 260,400 Twitter followers that both blockchain technology and AI will thrive together rather than compete as many believe.
Crypto Can Have “Nvidia” Moments
Burniske says that when people realize the overlap between automation and machine learning with blockchains there could be “Nvidia” moments for relevant protocols. Nvidia’s (NVDA) stock price has skyrocketed thus far in 2023 from $149 on January 6th to trading for $389 at time of writing – about a 160% increase – which would suggest an imminent surge in crypto asset prices if this analogy holds true.
Don’t Be a Mosquito
Burniske cautions investors against being drawn to hot balls of money like mosquitoes drawn to light: “Never ceases to amaze me how humans chasing hot balls of money eerily resemble mosquitoes drawn to the light. Don’t be a mosquito. ‘Crypto is dead, long live AI!’ The current chorus from the mosquitoes.”
Crypto Bears are Wrong
He stresses that bears who think the space won’t rise again are wrong because blockchain technology has a role in AI and machine learning which can lead to significant gains if realized en masse.
Pick Your Fighter Wisely
Burniske suggests investors search where others aren’t; one area may be a white-hot ball of overvalued deals while another may be overlooked yet undervalued – so pick your fighter wisely when it comes to investing in assets related to cryptocurrency or artificial intelligence.