Here's why the Reddit cofounder thinks it's springtime for the crypto industry

Published on by Cryptoslate | Published on

2020 has been an interesting year for the crypto industry, with Bitcoin's price action being largely driven by the volatility seen within the traditional markets.

Although the future of the benchmark cryptocurrency remains unclear as its buyers and sellers reach an impasse, the Reddit co-founder believes there are a multitude of factors that suggest a "Crypto spring" is close to coming to fruition.

Reddit co-founder believes the market is entering springtime.

The crypto market has been facing a bleak winter landscape throughout the past few years, with Bitcoin's decline from 2017 highs of $20,000 leading to nearly three years of lackluster price action.

Alexis Ohanian - the co-founder of Reddit and Initialized Capital - recently spoke to Yahoo Finance about where he sees the nascent market trending next, explaining that he believes a "Crypto spring" is quickly approaching.

"What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part We're seeing really top-tier talent building on the infrastructure."

Ohanian is an early investor in cryptocurrency exchange Coinbase and a long-time crypto advocate.

Ohanian: Entrance of Wall Street investors shows crypto is here to stay.

"It's interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. It's increasingly showing that it's here to stay."

Ohanian claims to hold a significant amount of his wealth in crypto, and he notes that he feels "Pretty good about it" due to it rapidly becoming a hedge against global economic turbulence.