Placeholder Ventures Partner Analyzes the Bitcoin Meme “HODL” and Its Crypto Investor Effects
Chris Burniske works at an investment group known as Placeholder Ventures. The group mainly concentrates on devolved power, information, and wealth. He in recent times used his Twitter handle to share his beliefs on the current status of the cryptocurrency market with all his followers, paying specific attention to the HODL meme associated with Bitcoin.
As you probably know by now, the HODL term came about last year as an apparent misspelling of the world hold. Since its initial appearance, the term has skyrocketed to heights never seen before and has lately become a rallying cry among crypto die-hards spread out across the entire globe.
Whereas the HODL term has helped produce excellent results, especially for those who purchase Bitcoin early on, Burniske is convinced that this term is actually not helping the market, but is instead harming it.
Chris noted that until a time comes when the market can be said to be complete, any concept asking crypto enthusiasts to hold their digital assets will only work to make the prices of the digital assets stickier than many people may anticipate. Chris, who is a former ARK investment analyst went on to add that cryptocurrencies often tend to have a very strong bias or friction.
The Shorting Scene
He highlighted this fact by giving a detailed view of the shorting scene. The former investor noted that apart from Bitcoin, all the other cryptocurrencies in the market often tend to produce friction whenever shorting occurs.
According to him, the fact that there is no market completeness, which coupled with the strong hands associated with this industry has helped produce an environment that is filled with price stickiness. This is further accentuated by early stage sectors, budding shortcomings, and unpredictable market volatility.
For this reason, Burniske is convinced that cryptocurrencies will continue to remain in a highly irrational state for a very long time. What this means is that even the copy-cat, mundane, and highly useless digital assets will retain some value and will not end up dipping to zilch. You may probably be asking yourself, what is next?
As Burniske went on to note, if this lack of market completeness is not rectified before the start of the next bull run, then the bubble that took place in 2017 may appear as old-fashioned. Chris added that there is a high likelihood that manipulation will occur as various digital assets begin to experience insane price hikes.
To sum it all up, the professional venture capitalist is worried that the irrationality currently being experienced in the market may end-up harming it in the coming weeks. Chris is renowned for making very long posts on Twitter, and has in the recent past made a number of threads all aimed at accentuating the current trends taking place in the industry.
Fourteen days ago, he took to his favorite social networking platform to state that mainstream consciousness is almost forgetting about Bitcoin. It is important to note that he currently has more than a hundred thousand followers on the social networking platform.