One would assume that when the hype is gone a market has lost its lustre. Not according to Alexis Ohanian, the co-founder of social media platform Reddit and a VC investor. During a recent interview with Yahoo Finance, Ohanian, said: “The hype is gone. The fervor is gone. But I think it’s a good thing”
He believes the hype has dropped because speculators have fled the market – and that is a good thing for the industry.
He went on to echo that only true believers remained in the market and it is important for market growth as these are the guys that then go on to develop the infrastructure required to support the burgeoning industry.
“And they’re actually builders. They’re actually building the infrastructure that it’s going to really make this happen,” he said.
Ohanian believes that financial giants such as JPMorgan are currently developing their own coins and blockchain products indicating “there is real innovation that is happening now that all the wild speculation is gone.” However, it is going to take some time before a shift is seen and only those who can see the bigger picture and hold on will benefit.
“I think that’s just generally good advice for any kind of investing, but especially something so nascent as crypto,” he said.
Ohanian has always been a supporter of the decentralised currency. In the past he has also publicly expressed support. In March last year, he said Bitcoin is poised to “fuel a potential new internet.”
He also said that Reddit would be reinstating digital currency, which was previously scrapped due to high fees on the Bitcoin Network, as a payment option for its gold members. There also was an integration issue at the time.
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