Reddit Founder Still Bullish On Future of Cryptocurrencies
Despite the bear market and the volatility, Reddit co-founder, Alexis Ohanian remains optimistic. During a recent interview with Yahoo Finance, Ohanian gave his insights into the market.
Alex Ohanian Optimistic About the Crypto Market
Ohanian said that in some countries, Bitcoin has real traction. He mentioned Turkey, a country with an economic crisis where users move to Bitcoin.
“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis – where people are losing faith in the Turkish lira – we’re going to see money move over to bitcoin because as unstable as it is, it is actually a lot more stable for people than their own nations’ fiat currency.”
Additionally, he mentioned that we are currently in the earliest stages. He reiterated his strong business relationship with Garry Tan — whom he partnered with to form the venture capital firm Initialized Capital back in 2011.
At the same time, as an investor, Ohanian remains bullish despite volatility. The crypto market has shown several times to be very volatile. For example, since the beginning of the year, Bitcoin and other virtual currencies lost over 65% of their value.
Mangalindan believes that Ohanian and Tan are among the first line of investors in the market. We are talking about the Winklevoss twins, Tim Draper and Barry Silbert.
Mr. Ohanian explained that virtual currencies are being adopted everywhere amid a bear trend.
“No matter what the currency prices are doing, seeing more and more people creating accounts… shows more and more adoption, and their end game is to be this interface between people, their fiat money and crypto – it would be the most user-friendly trusted safe secure way to do it,” explained Ohanian.
Still, he recommends investors to be cautious of the speculation around virtual currencies. Every single day we hear experts talking about the future value of different cryptos, but that does not help. It is important to be focused on adoption and usability.
Besides the crypto market, Ohanian is bullish on the application of artificial intelligence. Different industries are using AI to improve their services. And indeed, Facebook and Amazon are already using it for different purposes.