Reddit founder Alexis Ohanian says that crypto and bitcoin are ‘Here To Stay’ – What does he know?
Alexis Ohanian, Reddit’s co-founder, believes crypto and Bitcoin are here to stay despite recent bad developments, including the collapse in FTX.
In Interview with ForbesOhanian said that blockchain was likened to the creation and use of paper. He predicted that the technology would continue to grow in utility and value over time.
He also spoke out on NFTs, stating that generational trauma is a major driving force behind his ongoing commitment to NFTs as well as new social networks, even in the current “chilly winter storm” for the cryptocurrency market.
Ohanian, who calls himself a “crypto pragmaticist”, shared insights from his private life that led him to focus more on crypto. Ohanian revealed that his Armenian ancestors were victims to the genocide and had their assets and belongings taken by the perpetrators.
Ohanian also said that his family history helped him to stay in crypto despite another difficult year for the industry. He said that even though crypto is volatile, many people have a generational awareness of massive inflation.
It is a common belief in many countries across the globe, including Latin America. So when they see the volatility in cryptocurrency, it’s like “Okay, sure, it’s volatile but have you seen what we’ve been through?”
Reddit founder Ohanian also said that he was among the first Ethereum investors. Ohanian stated that he invested $15,000 to purchase 50,000 Ethereum when he heard about it. This investment has yielded a staggering $84 million in profits.
Ohanian, an American investor and internet entrepreneur, is also known as. He is most well-known as the cofounder and executive chair of Reddit, a social media site that he quit in 2020.
Ohanian’s 776 for Continue Investing In Crypto Startups
Together with Katelin Holloway, Ohanian and Lissie Garvin, 776 was founded in 2020. It focuses on venture capital investments in early-stage growth and growth start up companies, especially those in the crypto sector.
Ohanian stated that the VC firm had invested in 29 startups working on crypto’s underlying technology. The company raised $500 million in February 2017 to finance additional such companies.
Ohanian said that technology companies will be facing a difficult year this year. Although I wish it wasn’t so, it is going to be a difficult year.