A prominent venture capital firm is revealing which altcoin it’s focusing on during the next bull cycle, saying that the time has come for it to position itself.
In a new interview on the Unchained Podcast, Chris Burniske, partner at Placeholder VC, tells host Laura Shin that much like they did with Ethereum (ETH) in 2018-2019, they are now focusing on accumulating and supporting Solana (SOL).
According to Burniske, investors critical of SOL due to last year’s FTX debacle can now be glad that many questionable projects built on top of Solana have been purged from its ecosystem.
“We [invested in] Ethereum in 2018-19, and it worked out for us, and we’re doing the same thing with SOL in this bear market. Centralization was a point of focus for us, we’ve been in crypto for a long time, we want the benefits of these systems to be maximally distributed and I think our view is [that] last year was a majorly redistributing event for Solana.
If you hated Solana because of FTX or because of Sam [Bankman-Fried] or because of some of the low-float shenanigans, which I agree were deplorable, around some of the tokens launched on top of Solana, then you should be happy that those things got washed out, or that those predatory tokens are basically now irrelevant or down 99.9 %.”
Burniske, a former ARK Invest analyst, says that even though the firm blossomed from investing in Bitcoin (BTC) and ETH, it’s now looking to support other ecosystem’s growth, including Solana, which he says has merit as a blockchain, both for users and developers.
“I’d say we grew up, we cut our teeth on Bitcoin and crypto, and we grew up with Ethereum. I would say that Ethereum [is] still has a very core place in our beings, but we also want to help support other ecosystems of merit that have differentiated approaches that we see as appealing to differentiated developers that will build products that bring in different types of users, and so to us, Solana has merit in that regard.”
Solana is trading for $24.90 at time of writing, a 7.2% increase during the last 24 hours.
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