Crypto analyst and investor Lark Davis says altcoins are in a position to print 100x gains as big-time players and retail investors dive into digital assets other than Bitcoin.
In a new video, Davis offers his rationale as to why he believes altcoins will skyrocket next year.
“We are starting to see [it’s] not just the retail investors who are buying crypto outside of Bitcoin. We are also seeing high-net-worth individuals coming in and, yes, we are seeing institutional involvement in the altcoin markets.
But do not discount those retail investors either. They are going to pump altcoins super hard, super, super hard, all of which says to me that altcoins, not Bitcoin, is how to get rich in 2021.”
The influencer highlights a number of crypto assets that institutional players are investing in.
“The simplest and clearest evidence of this fact is the $1.2 billion worth of Ethereum (ETH) that institutions have invested in via the Grayscale investment trust. $1.2 billion worth of Ethereum. That’s a lot. And we are starting to see institutions looking beyond Ethereum.
We do have evidence of funds getting into those more exotic altcoins. As an example, Galaxy Digital, they’ve just invested in two crypto funds: ParaFi, which is an active member of the Maker DAO governance and Robot Ventures which has close ties to Compound Finance. Last week, we saw that Polychain Capital announced they invested $8 million into yearn.finance’s YFI token and another firm called Three Arrows Capital, they bought $10 million worth of Chainlink yesterday. That’s [a] pretty big move.
Famous investment firm Andreessen Horowitz, they’ve been in crypto DeFi (decentralized finance) stuff for a long time. In fact, they’re a leader in this. They have big investments in things including Synthetix as an example. So the funds, they’re getting into it.”
Davis highlights that it’s not just the crypto firms that are g...