Reddit Founder Believes Crypto Industry’s Suffering Through a Bitcoin Winter is Just What It Needs
The crypto winter has been one of the most trying times for crypto proponents. Many of them opted out of the market, driving down the values of many altcoins simultaneously, while some investors have been sticking it through and hoping to see a light at the end of the tunnel. According to Coinbase investor and Reddit founder Alexis Ohanian, this winter is actually a good thing for the industry.
Ohanian, who is also known as the husband of tennis star Serena Williams, completely admits to the market slump that Bitcoin has been going through. However, he said that the industry is now in the “spring of crypto innovation” instead, saying that the investors that are willing to stick it through are the real enthusiasts, and will not flake out on the market.
Speaking with Yahoo, Ohanian said,
“This is the Crypto Winter, no doubt. But a friend of mine, Brian Armstrong — who is 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.”
Even though there are plenty of critics that say that Bitcoin has met its final days, Ohanian simply does not agree. He said,
“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 gone. The fervor is gone. But I think that’s a good thing for all of us who have been in this [from the beginning].”
“We were the seed investors in Coinbase back in 2011, back when it was a pipe dream of devoted engineers.”
One of the examples of the cynics that Ohanian refers to is JPMorgan’s CEO, Jamie Dimon. Dimon has been public about his opinion of Bitcoin, saying that Bitcoin is no more than a “fraud” since 2017. Perhaps that is why it is so surprising that the financial institution launched its own coin, though there are many crypto advocates that deny that it should be called a cryptocurrency.
Still, Ohanian sees Dimon’s coin launch as a sign that
“there is real innovation that is happening now that all the wild speculation is gone. And that’s a good thing.”
While he acknowledges the difficulty and pain of the long crypto winter, he encouraged the long-term investors still around to keep that mindset. He added,
“It’s painful. But if you were investing it in [crypto] in the first place, you really should have been thinking long-term. That’s just generally good advice for any kind of investing, but especially something so nascent as crypto.”