Home - News - Reddit Founder Crypto and Bitcoin Are Here to Stay-Here is why?

James Carter

February 24, 2023

Reddit Founder Crypto and Bitcoin Are Here to Stay-Here is why?

Alexis Ohanian, a co-founder of Reddit, is of the opinion that cryptocurrencies, and Bitcoin in particular, will be around for a long time to come, despite the recent unfavorable occurrences in the market, such as the failure of FTX.

Reddit Founder Crypto and Bitcoin Are Here to Stay

Ohanian drew a parallel between the introduction of blockchain technology and the invention of paper in an interview with Forbes. He stated that we would begin to see more and more applications for this technology that would “compound in value and utility” over the course of time.

He also touched on the topic of non-fungible tokens (NFTs), noting that he feels generational trauma is a big driving force in his sustained dedication to NFTs and new social networks despite the “chilly winter storm” that is now affecting the cryptocurrency sector.

Ohanian, who refers to himself as a “crypto pragmatist,” discussed several realizations from his personal life that led him to invest more heavily in cryptocurrency. He came clean about the fact that his relatives had been victims of the Armenian genocide, which resulted in their possessions and assets being taken by those who carried out the genocide.

Ohanian further stated that the history of his family is what encouraged him to remain in the cryptocurrency field even after another tough year for the cryptocurrency industry. “Despite the fact that it is incredibly volatile, there are still a great number of individuals who have a generational consciousness of witnessing enormous inflation,” he stated, adding:

“This way of thinking is prevalent not only in a great number of nations in South America but also in a significant number of nations all over the world. And so when people see the volatility of Bitcoin, they say things like, “Alright, so, it’s erratic, but have you seen the shitstorm we’ve lived through?”

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In addition to this revelation, the co-founder of Reddit disclosed that he was one of the earliest investors in Ethereum. Ohanian stated that he made an initial investment of $15,000 to purchase approximately 50,000 ETH when he first heard about the coin. As of now, this investment has generated a staggering profit of $84 million.

Ohanian is an American entrepreneur and investor in the internet industry. His tenure as the co-founder and executive chairman of the social media website Reddit, which he left in the year 2020, is mostly responsible for his widespread notoriety.

Ohanian’s 776 to Continue Investing in Crypto Startups

Ohanian, along with Katelin Holloway and Lissie Garvin, established 776 in the year 2020. 776 is a venture capital business that specializes in making investments in early-stage and growth start-up firms, particularly those companies that are working in the cryptocurrency market.

Over the course of the conversation, Ohanian mentioned that the venture capital firm has already made investments in 29 companies that are in the process of developing blockchain technologies for cryptocurrencies. In February of the previous year, the company successfully raised $500 million, the majority of which will be used to finance further businesses like theirs.

On the other hand, Ohanian issued a warning that this year will be a difficult one for technology companies in general. I really hope that this isn’t the case, but I have a feeling that this year is going to be quite challenging.