Alexis Ohanian, a co-investor of Coinbase, widely famed as the founder of Reddit mentioned in an interview with Yahoo that the brutal winter market is great for the crypto industry.
No Decline, No Growth
Ohanian, the spouse of the American tennis star, Serena Williams stated that investors should not be discouraged by the winter market. He considers the winter market as the spring of crypto innovation. In his opinion, those that remain in the industry after the market crash are die-hard enthusiasts, not flaky, fair weather speculators.
Further, he considers the present crop of investors in the crypto market as true believers, as they are building infrastructure that is going to make things happen.
Also, while the pessimists say that the crypto winter market points that Bitcoin is dead, Ohanian says some of the smartest people he knows are still working on solving problems hindering the growth of cryptocurrencies at the moment.
Ohanian further stated that the hype is gone and so is the fervour, but he considers it as a good thing for those that have been in the industry from the start. Further, he says
“We were the seed investors in Coinbase back in 2011, back when it was a pipe dream of devoted engineers.”
Investing In Cryptos Longterm
Even amid the lingering winter market, Ohanian cited an example of a pessimist that had cast aspersion on crypto but recently changed his mind. He stated that JP Morgan CEO, Jamie Dimon, called bitcoin a “fraud” in 2017 and has since repeatedly bashed Bitcoin. However, JP Morgan became the first major U.S. financial institution to launch its cryptocurrency. He considers this a real sign of innovation which is going on at the moment.
Considering the innovation that is going on, Ohanian stated that investors should not consider the winter market but be focused on long term projection. Investors should be long term focused in the crypto industry considering the nascency of the sector he says.
Effect Of The Bearish Market
The crypto winter market has led to many crypto firms running at a loss and many folding up due to its impact. Also, some have adopted austerity measures to survive the winter market.
Though many investors have deserted the market due to its effects, the market has seen considerable innovation and wide adoption in recent time.