Co-founder Of Reddit Has Absolute Faith In Crypto-Winter`s End
Alexis Ohanian, the co-founder of Reddit news site, believes the real crypto spring has finally started. He does not connect this with a significant increase in the Bitcoin exchange rate since the March dump, but he has reasons to think so.
Blockchain application boom
Ohanian gave an interview to Yahoo! Finance, where he admitted that he did not monitor rate change in the crypto market, as this was too unpredictable. He connects the start of “crypto spring” with significant progress in the field of application development based on blockchain technology.
“What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part... We’re seeing really top-tier talent building on the infrastructure.”
Ohanian also admitted that he hedges his capital with the help of bitcoin.
“I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it,” Ohanian says. “Because I do think it’s a prudent hedge. It’s interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. It’s increasingly showing that it’s here to stay.”
Wall Street enters the crypto market
Regarding traditional traders who enter the cryptocurrency market, let’s recall Paul Tudor Jones. In early May, he admitted that he held 1-2% of his funds in bitcoin. He also advised investors to include BTC futures in their portfolio.
Bear market - a natural selection in the industry
Recall that at the beginning of 2019, when the rate of the first cryptocurrency was about $3200, Alexis Ohanian said this fall would help the market get rid of speculators. In his opinion, “crypto winter” has made room for real crypto enthusiasts.
Note that in China approved another 224 new blockchain projects, and more than 80,000 blockchain companies have already been created in the country. At this time, Russia is going to allocate 174 billion for the development of the digital economy