Cryptocurrency investors “should have been thinking long term,” says Reddit cofounder and Coinbase backer Alexis Ohanian.
Alexis Ohanian, co-founder of Reddit and known crypto bull, claimed that the crypto hype is gone, leaving space for true crypto believers. Ohanian spoke on the subject in an interview with YahooFinance released on Feb. 22.
Alexis Ohanian Sr. (u/kn0thing) – Redditt
Alexis Ohanian Sr. – alexisohanian.com
Bitcoin investors should not be discouraged by the brutal Crypto Winter because the mass purge is actually good for the long-term health of the industry. That’s the observation of Coinbase investor Alexis Ohanian, better known as the founder of social media network Reddit.
‘This Is the Spring of Crypto Innovation’
Ohanian — the husband of American tennis star Serena Williams — admits that bitcoin is experiencing a prolonged market slump.
However, despite the Crypto Winter, he says now is actually the “spring of crypto innovation.” Why? Because the people that remain in the industry after the market crash are die-hard enthusiasts, not flaky, fair-weather speculators.
“This is the Crypto Winter, no doubt,” Ohanian told Yahoo. “But a friend of mine, Brian Armstrong — who’s the CEO of Coinbase — said, ‘This is the spring of crypto innovation.’”
“What he means is, ‘Yes, the prices are depressed. The speculators have fled, and that’s great.’ Because the people who are now building on crypto are true believers. They’re actually building the infrastructure that it’s going to take to really make this happen.”
Market Attrition Reveals the True Believers
While naysayers point to the market slump as evidence that bitcoin is dead, Ohanian says nothing could be further from the truth.”
“Some of the smartest people I know in tech are still working on solving these problems. They’re building companies that are built on blockchain.”
“The hype is…