Reddit co-founder Alexis Ohanian believes that crypto, and Bitcoin particularly, is not going anywhere soon regardless of the recent unfortunate developments in the market such as the collapse of FTX.
In an interview with Forbes, Ohanian compared the arrival of blockchain to the development of paper, stating that we’d begin to see increasingly more applications with this technology that will “compound in value and utility” through the years.
Also, he touched about NFTs, stating that he believes generational trauma is really a significant driving pressure in the ongoing dedication to NFTs and new social systems — despite the cryptocurrency market’s current “chilly winter storm.”
Dubbing themself a “crypto pragmatist,” Ohanian shared some insights from his personal existence that made him double lower on crypto. He says his ancestors were victims from the Armenian genocide, getting their possessions and assets grabbed through the perpetrators along the way.
Ohanian added that his family’s history made him remain in crypto despite another turbulent year for that crypto industry. “Even although it is very volatile, there are many those who have that generational awareness of seeing massive inflation,” he stated, adding:
“A lot of countries in South America, lots of countries around the world have this perception of it. And thus once they begin to see the volatility of cryptocurrency, it’s like, ‘Okay, yeah, it’s volatile, but have you ever seen the shit we’ve resided through?’”
The Reddit co-founder also says he was among the first Ethereum investors. Ohanian stated he put $15,000 to purchase around 50,000 ETH as he first learned about the gold coin, a good investment which has delivered an astonishing $84 million in profit.
Ohanian is definitely an American internet entrepreneur and investor. He’s best referred to as co-founder and executive chairman from the social networking site Reddit, that they left in 2020.
Ohanian’s 776 to carry on Purchasing Crypto Startups
In 2020, Ohanian together with Katelin Holloway and Lissie Garvin launched 776, a investment capital firm that concentrates on investments at the begining of-stage and growth start-up companies, particularly individuals operating within the crypto industry.
To date, the VC firm has committed to 29 startups which are focusing on cryptocurrency’s underlying blockchain technology, Ohanian stated throughout the interview. In Feb this past year, the company elevated $500 million, largely to invest in more such companies.
However, Ohanian cautioned that tech companies broadly will face a rocky year road this season. “Wish it were not the situation, however i think it will likely be a rocky year.”