Reddit co-founder Alexis Ohanianestimate that cryptocurrency and Bitcoin (BTC) in particular are here to stay despite recent issues rocking the industry, including the collapse of FTX.
In an interview with Forbes, Ohanian compared the arrival of blockchain to the creation of papersaying that we would start to see more and more applications coming from this technology which will “increase in value and usefulness” over the years.
He also touched on the subject of NFTs. According to him, the generational trauma experienced is an important driving force which will result in a strong commitment to NFTs and new social networks, despite the current crypto winter.
Calling himself a “cryptocurrency pragmatist,” Alexis Ohanian shared some insights from his personal life that made him bet on this industry. He revealed that his ancestors were victims of the Armenian Genocide and that their property had been seized by the perpetrators of the genocide.
Ohanian added that his family history has kept him in the cryptosphere despite another tricky year for the crypto industry.
“Even though it is extremely volatile, there are many people who have a form of generational awareness of seeing massive inflation,” he said, adding:
Many Latin American countries and others around the world are aware of this, according to the businessman. And so when they see the volatility of cryptocurrencies, they’re like, ‘Okay, yeah, it’s volatile, but have you seen the shitty situation we’ve been through?’”.
The Reddit co-founder also revealed that he was an early Ethereum investor. He claimed he put $15,000 to buy around 50,000 ETH when he heard about the crypto for the first time, an investment that delivered a whopping $84 million in profits.
Ohanian is an American entrepreneur and investor specializing in the Internet. He is mostly known for being the co-founder and executive chairman of social media site Reddita position he left in 2020.
776, Ohanian’s company continues to invest in crypto startups
In 2020, Ohanian along with Katelin Holloway and Lissie Garvin launched 776, a venture capital firm that focuses on investing in early-stage and growth-stage startupsespecially those operating in the crypto industry.
So far, the venture capital firm has invested in 29 startups that work on blockchain technology, Ohanian said during the interview. In February last year, the company raised $500 millionlargely to fund more such businesses.
However, Ohanian warned that tech companies in general are set to face a tough year. “I wish it weren’t, but I think it’s going to be a bumpy year.”
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