General News by Kevin Hermann February 25, 2019
The co-founder of social media platform Reddit, Alexis Ohanian is a known crypto bull. He said that the crypto hype is gone which is a good thing for the industry by quoting, “The hype is gone. The fervor is gone. But I think that’s a good thing.” He spoke about the same in an interview with Yahoo Finance on Friday, 22 Feb. He underlined that the present market is still considered to be a crypto winter wherein prices of crypto are low. He elaborated his opinion by stating:
“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on the blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”
Ohanian emphasized that the bear market has helped to eliminate speculators and only “true believers” have stayed to build real crypto infrastructure, by citing Brian Armstrong, the CEO at Coinbase. He further added:
“And they’re actually builders. They’re actually building the infrastructure that it’s going to take to really make this happen.”
When asked about the launch of JPM Coin, JPMorgan Chase’s own cryptocurrency, he answered that the particular move by JPMorgan indicates that “there is real innovation that is happening now that all the wild speculation is gone.” Ohanian noted that Jamie Dimon, the CEO at JPMorgan previously said that the major cryptocurrency Bitcoin (BTC) is a scam. He underlined that it’s going to take “lots of time” before the industry can see the shift, and one needs to take a longer-term view when investing in it. He further added:
“I think that’s just generally good advice for any kind of investing, but especially something so nascent as crypto.”
Ohanian had always a positive review of cryptos. He also notably mentioned that bitcoin along with other cryptocurrencies are poised to “fuel a potential new internet,” with a high level of volatility, back in March 2018.
Alexis Ohanian was born in 1983. He became a 23-year-old multi-millionaire in 2006 post selling Reddit with the other co-founder Steve Huffman in the year 2016. He is an internet entrepreneur as well as investor who co-founded early-stage venture capital firm Initialized Capital. He said in his interview on Friday, that Reddit was a seed investor in crypto exchange Coinbase in the year 2011. He also contributed to funding of $28.5 million towards blockchain-based sharing economy startup Origin Protocol.