Reddit’s Alexis Ohanian Pegs 2018 Crypto Bear Market as Being Great for Blockchain Innovation
Ohanian, a co-founder of Reddit has a belief that the dropping prices of crypto seen in 2018, is good for the blockchain world. It will make it possible to get work done with fewer temptations or any distractions.
Ohanian Loves Crypto
Alexis Ohanian is one of the most renowned bulls in the crypto world. He believes the Bear market is excellent for innovation. He created Reddit from his dorm room in 2005. After a few years, the site became quite popular with the Bitcoin community. This made it possible for the innovator to observe and learn about the tech and the community.
Ohanian was able to develop a keen interest in crypto and the supporting tech. In 2013, he took a hands-off approach to Reddit. Instead, he gave most of his time to a venture capital fund called Initialized Capital. The early stage venture firm invested in Coinbase and various other startups in the crypto space.
He recently gave a joint interview with Garry Tan, a partner at Initialized Capital talking about crypto. He also talked about what factors they consider when picking a startup. First, they talked about how they chose a startup in the crypto world.
Tan said that they evaluate crypto and non-crypto startups in a similar manner. He said that if a company showed promise compared to the rest, it made little difference to them whether it was crypto related or not. Ohanian was in support of this. However, he added the venture firm had a belief that the blockchain offered cheaper, faster, and better services.
Current Market Conditions
The pair were also questioned about the current conditions of the market. In response, they both said that the situation might be a phase or permanent. The dual agree that prices would eventually start to rise. According to him, the push upwards would be motivated by real use cases.
Instead of concentrating on the falling prices, the pair believed the focus should be on the positive aspects of this bear market. Tan said that bursting the 2017 bubble would make it possible for developers to pay more attention to important aspects. For instance, they could focus on real use cases than prices of tokens.
According to Ohanian, when this happened last, BTC fell from $1000 to just $250. This lasted for a few years until around 2017. He also said the price flux had forced most speculators to leave the crypto world. Thus, this would allow the crypto world to grow. As a result, those who really want to build great projects, not pushed by quick earnings would work closely together.
However, Ohanian never talked about his prices call for ETH in early 2018. In May, he had said that ETH would reach $15,000 by the end of the year. However, things did not work out as he had planned; the price has remained at around the $213 mark with no signs of any surge.