Thursday, December 5, 2019

Reddit Co-founder Says, Bear Market Will Lead to Crypto Innovation

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

The Reddit co-founder, Alexis Ohanian is of the opinion that the bear market in cryptocurrency will disperse speculators. Also, it will retain those who are committed to working without distractions. According to the entrepreneur, this is what is good for the crypto space. His remarks can be attributed to the volatility in the digital currency market since the year began.

Ohanian’s Interest in Social Media and Cryptocurrency

Ohanian who created Reddit from his college room in 2005 with Steve Huffman, is believed to have a vast knowledge when it comes to cryptocurrency. This is because of the crypto threads on his social media forum where he has interacted with. There are also several crypto investors he has worked hand-in-hand with over the years.

In May this year, he predicted that Ether tokens will be valued at $15,000, but looking at its current market price today of around the $200 price tag, one will agree that this was not a very precise prediction. Alternatively, we can only hope that Reddit’s co-founder is certain about cryptocurrency’s future this time around.

The CEO’s Investments in Startups Companies

In 2013, Alexis Ohanian began a startup company known as Initialized. In the past, the company has made business relations with Coinbase which is now worth over $8 billion. According to the CEO, Coinbase was chosen as one of its investment platforms because its founder Brian Armstrong, had built something in the past and could predict what the future held.

The entrepreneur’s business partner, Garry Tan also shared his opinion regarding the selection process used in finding companies to invest in. He said that it does not matter whether a currently outperforming industry is centralized or decentralized. According to him, what matters most is that the prospective co must be cheaper and faster than other possible alternatives.

Entrepreneur Believes the Bear Market Will Bring an Innovation

The Reddit co-founder held the view that the bear market will bring about an innovation in cryptocurrency. Therefore, it was better to focus on the perks of the bear market than the losses created. In his own words;

The last time this happened, Bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came etherium [sic]. Truly useful things come out of the nadir of the last hype cycle.

Generally, the CEO’s view is that most people will panic from the fall in the prices of these digital assets. But while greedy speculators will disperse, there are those who had the intentions of building the crypto space. These are the ones that will bring about its innovation.

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