Alexis Ohanian, the co-founder of social media platform Reddit, said he believes the crypto hype is gone and that's actually a good thing for the industry.
"The hype is gone. The fervor is gone. But I think that's a good thing."
Ohanian, citing Coinbase CEO Brian Armstrong, explained the bearish crypto markets had led to speculators staying away and only "True believers" staying on, and it's a "Great" thing as these are the people who are now building on crypto infrastructure.
"And they're actually builders. They're actually building the infrastructure that it's going to take to really make this happen," he said.
Ohanian further added the fact JP Morgan is now investing in a crypto product despite its CEO Jamie Dimon called.
Bitcoin a "Fraud" indicates "There is real innovation that is happening now that all the wild speculation is gone."
That said, he acknowledged it's going to take "Lots of time" before the industry can see the shift, and one needs to take a longer-term view when investing in it.
"I think that's just generally good advice for any kind of investing, but especially something so nascent as crypto," he said.
This is not the first time Ohanian has had a positive stance on cryptos.
In the Friday's interview, he said that Reddit was a seed investor in crypto exchange Coinbase back in 2011.
Reddit Co-Founder Says Crypto Hype Is Gone
Published on Feb 25, 2019
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.