A trader known for correctly calling the 2022 cryptocurrency bottom reveals it “seems like a prime time” for the digital investment market to reverse.
Deal investor Chris Burniske tells his 260,100 Twitter followers that numerous factors are lining up in Bitcoin (BTC) and cryptocurrencies favor.
“ Bitcoin at [200-week simple moving average], worst of Fed action is behind us, credit crunch is there but not a crisis, United States gov unlikely to default, equities rallying while cryptocurrency lags — seems like a prime time for us to reverse — what am I missing?”
Burniske likewise says “a new product cycle” in cryptocurrency seems to be in the early stages of kicking off.
“The availability of mature infrastructure for products to use is leaps and bounds beyond the last time this happened w/ Decentralized Finance (decentralized finance) Summer in 2020.
If you’re not getting excited, you’re not paying close enough attention.”
The deal investor says he’s particularly excited about decentralized finance’s next transition to what he calls the “Internet Financial System” (IFS), a mix of Decentralized Finance elements and “compliant systems that invite the largest pools of worldwide financial resources to utilize open networks.”
Burniske likewise thinks the tokenization of real-world assets (RWAs) will likewise play a big role in the IFS.
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