Crypto Mania Dying Out Could Breathe Life Into Crypto Market: Reddit Co-Founder

By Prashant Jha

The co-founder of Reddit, Alexis Ohanian, who is also rather well-known for being a crypto enthusiast to boot, has recently claimed at an interview with Yahoo Finance, that he believes the crypto mania to have died down considerably. In his opinion, this environment is likely to clear up space for those who truly understand and believe in crypto.

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The interviewer asked him if he still identified as a “big believer” in cryptocurrencies. In response, Ohanian said that the state the crypto market was currently in could still be classified as a part of “crypto winter”. The slump in prices is still not showing major signs of a recovery and hence the crypto winter is far from a recovery.

However, referring to Brian Armstrong, the CEO of the Coinbase cryptocurrency exchange, he noted that the bear market had forced the speculators out of the market, leaving real crypto enthusiasts to stay back and consolidate the crypto infrastructure.

Expressing hopes about the development of the crypto industry, after the dying out of the hype around it, he commented:

“So this is the crypto winter, no doubt. But a friend of mine, Brian Armstrong, who’s the CEO of Coinbase, said this is the spring of crypto innovation. And what he means is, yes, the prices are depressed. The speculators have fled. And that’s great because the people who are now building on crypto are true believers. And they’re actually builders. They’re actually building the infrastructure that it’s going to take to really make this happen.”

He continued about the future of the market, going on to say that:

“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”