Business

Erik Gibbs

Reddit founder: Crypto winter is great for the industry

The cryptocurrency winter is not a bad thing. Anyone who understands what crypto is truly about (it’s much more than lambos and fancy watches) knows that crypto is the future of money – everyday currency that can be used by anyone, anywhere. The long-running bear market has helped to weed out the get-rich-quick schemes, or most of them, and is helping the ecosystem emerge cleaner and more prepared to fulfill its purpose. The founder of Reddit, Alexis Ohanian, gets it, and recently spoke up on the subject.

In an interview with Yahoo, Ohanian explained, “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.’ 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. They’re actually building the infrastructure that it’s going to take to really make this happen.”

Ohanian adds that crypto deniers are way off track when they assert that the extended slump proves that crypto is dead. He explains, “Some of the smartest people I know in tech are still 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 for all of us who have been in this [from the beginning].”

Ohanian also touched on crypto investments, pointing out that they should not be viewed as a means to gain instant financial wealth. He states, “It’s painful. But if you were investing it in [crypto] in the first place, you really should have been thinking long-term. That’s just generally good advice for any kind of investing, but especially something so nascent as crypto.”

Crypto is here, regardless of what many mainstream and conventional financial pundits may believe. They can squawk and rant and rave as much as they want, but the wheel are already in motion and the train won’t stop until it reaches the top. 2018 was actually a very good year for crypto, as a whole, because it eliminated those that weren’t taking things seriously and led to a more robust industry that is better than ever.

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