In an ever-increasing list of Bitcoin believers, Alexis Ohanian, Reddit Co-founder makes an entry as he bullishly stands by Bitcoins brighter future despite the current bear market.
Ohanian revealed his optimism regarding Bitcoin in an interview with Yahoo Finance. He adds that BTC has a great store of value potential, especially in countries where fiat currencies are being devalued. Along with his partner Gary Tan, Ohanian founded Initialized Capital in 2011. The firm initially started out as a company investing in Y Combinator startups before diversifying into cryptocurrencies, becoming one the earliest investors of digital asset platform Coinbase.
Talking from his experience as a Coinbase investor, Ohanian suggests that crippling economies might allow cryptocurrencies such as Dash and Bitcoin to be globally adopted. He cited the example of Turkey, where the citizens are widely adopting bitcoin as they have “losing faith” in the Turkish lira.
“As a store of value, there is some real traction (with Bitcoin) and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because, as unstable as it is, it is actually a lot more stable for a lot of people than their own (currency).”
It all started when Trump led administration ordered an increase in tariffs levied on Turkey’s steel and aluminum exports, which led to the downfall of the country’s economic fortunes. Concurrently, lira ‘s declining value led to a high demand in BTC’s trading volume. Similar to Turkey, Venezuela is going through economic crises. The latter has started supporting its faltering economy with cryptocurrency. The Venezuelan government also issued a national coin, the petro, as a means to attract foreign capital to boost the economy.
The Reddit Co-founder is enthusiastic about crypto’s progress. He thinks crypto is still in its earliest stages,” and it might take a while before it is accepted as a mainstream option. Though, he treats exchanges like Coinbase as an eminent pole to grow the ecosystem. He added:
“No matter what the currency prices are doing, seeing more and more people creating accounts shows more and more adoption, and their end game is to be this interface between people, their fiat money and crypto,”