Venture capitalist says 2,200% profit is possible for a crypto asset, names Dogecoin among interesting altcoins

The investor who accurately rated the crypto market fund bearish says there could be 2,200% gains in store for a trending altcoin.

Chris Burniske, a partner at the venture capital firm Placeholder, says that Stacks (STX), a project that aims to increase the utility of Bitcoin (BTC), has much more upside potential than people realize.

Burniske says in a Twitter thread that while Ethereum’s (ETH) Layer 2 ecosystem has attracted swaths of new capital and interest, Bitcoin has thus far lagged behind in that regard as market participants have given up on it. make the main blockchain programmable.

However, Burniske says that Bitcoin’s layer 2 ecosystem may be close to having its moment, and with little competition, STX can reap the benefits.

“Because people gave up on the programmability of Bitcoin, Stacks has little competition, while the competition between Ethereum L2 is tough. Meanwhile, the largest layer 2 on Ethereum is MATIC, which at a fully diluted network value (FD NV) of $12.4B is 6.4% of ETH’s NV.

STX is worth $1.36B FD NV, or 0.28% of BTC’s NV. A price change to match MATIC’s relative valuation to its layer 1 would imply ~23X, and that doesn’t take Bitcoin appreciation into account.”

At time of writing, STX is trading at $0.932, up 238% this month.

burniske too liza a number of crypto assets that he finds interesting, including:

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Featured image: Shutterstock/Archv

Image generated: DALLE-2