Investor Chris Burniske believes that President Donald Trump’s recent launch of his official memecoin, TRUMP, could pave the way for a new era of experimentation and capital flows in the crypto space.
Burniske, a former ARK analyst and current partner at Placeholder, shared his thoughts on TRUMP’s launch, stating that while he doesn’t plan on buying the coin himself, he acknowledges that it has garnered significant attention and may inspire others to undertake similar projects.
TRUMP was introduced by President Trump on Friday and quickly reached a fully diluted valuation of $64 billion.
Burniske suggests that the launch of TRUMP could spark a trend reminiscent of the initial coin offering (ICO) boom of 2017.
“It could be similar to Ethereum’s ‘The DAO’ moment of 2016, which was also a major lightning rod topic, but after raising ~$150 million very quickly (catching eyeballs everywhere) I believe it to have catalyzed the ICO craze of 2017. Once people see the scale at which something can be done, it encourages them to experiment…
Permissionless innovation is wild and messy, and sometimes supremely cringe – but it is representative of society as a whole. I encourage everyone to see all sides of a situation and its ramifications, even if the knee-jerk reaction is negative.”
Despite the potential for a surge in speculative activity, Burniske anticipates a return to the fundamentals of crypto, focusing on Bitcoin (BTC), stablecoins, and high-quality staking coins.
“It’s hard for reality to live up to the hype of the mind (the 2013 – 2017 era was a time when everything was optimistically possible), but we’re making major progress, and I think some of the most important things will be ‘back to the basics’ (eg, BTC as a savings account, stablecoins dropping global mobile communications over Internet Protocol costs to ~0, quality staking coins as digital real estate in new economic zones, etc).
But yes, in the ‘mainstreaming’ there is often dilution of the ideals, dilution of the soul of the original movement.”
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