Alexis Ohanian, Reddit founder, and Coinbase investor encourages bitcoin investors to stay hopeful in the brutal crypto winter as the prolonged bear market is actually good for the long-term health of the industry.
Ohanian, the husband of American tennis star Serena Williams, agrees that bitcoin (BTC) is going through a rough phase in terms of price point. However, he believes that the so-called crypto winter will “spring of crypto innovation.”
How? The people that continue to entrust in the ecosystem even after the market crash are die-hard enthusiasts, not flaky, fair-weather speculators. Ohanian told Yahoo.
“This is the Crypto Winter, no doubt. 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.”
Looking at the prolonged crypto winter, the naysayers are questioning whether Bitcoin is dead or alive. Ohanian reply is:
“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.”
Ohanian further cited the example of JP Morgan CEO Jamie Dimon, who called bitcoin a “fraud” in 2017 and has since repeatedly bashed bitcoin. And now last week, JP Morgan became the first major US financial institution to launch its own cryptocurrency.
Ohanian states that JP Morgan’s leap into the crypto ecosystem implies that “there is real innovation that is happening now that all the wild speculation is gone. And that’s a good thing.”
While Ohanian agrees that a prolonged bear market is obviously hurting the market as of now, but the crypto investors should approach any other traditional investors, bitcoin with a long-term mindset, as opposed to a short-term, day-trader perspective.
Read more: Pantera Capital Secures $125 Million For Its Third Cryptocurrency Venture Fund
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