Reddit Co-founder: Bear Market is Good for Crypto Innovation

Neutral Reddit Co-founder: Bear Market is Good for Crypto Innovation

Alexis Ohanian has spoken about the current state of the cryptocurrency markets.

The Reddit co-founder believes that the dwindling prices experienced throughout 2018 are good for the space and will allow those committed to it to work with fewer distractions.

Ohanian Silent on Previous Ether Price Call

One of cryptocurrency's most committed bulls, Alexis Ohanian, has stated that the current bear market is actually good for the digital asset and blockchain industry.

Ohanian founded the wildly successful social news forum Reddit from his university dorm room in 2005. A few years later the site became a useful resource for Bitcoiners and this gave the entrepreneur a rare early opportunity to observe, engage with, and learn about the community and tech.

This led to Ohanian developing a keen interest in cryptocurrency and blockchain technology.

In 2013, he decided to take a more hands-off approach to Reddit and pursue a venture capital fund known as Initialized Capital. The early stage investment group has previously invested in Coinbase and other crypto-related startups.

In a recent interview with Breaker Mag, Ohanian was joined with his Initialized Capital partner Garry Tan to discuss the state of cryptocurrency as well as what the pair looked for in terms of blockchain startups to invest in.

The Initialized Capital co-founders first addressed their approach to picking prospects from the digital currency space. Tan told the publication that there was little difference between how they evaluate blockchain firms and non-crypto ones. He said if the company in question was able to outperform the competition then it mattered little if they were centralised or decentralised. Ohanian supported this point, but added that Initialized Investments believes blockchain can provide "better, cheaper, faster" services.

The interviewer then addressed current market conditions. In response to a question about whether Ohanian and Tan believed the current bear market to be permanent or simply a passing phase, the pair agreed that prices would eventually resume an upwards trajectory. Commenting on what could break the downtrend, Tan stated:

"How it comes out of the current crypto winter, we still think it will come back to real use cases."

Rather than dwelling on the dropping prices, the partners instead focused on the positives of such a bear market. For them, the bursting of the late 2017 bubble allows those developing projects to concentrate on more important matters than price. Tan said:

"The last time this happened, Bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came etherium [sic]. Truly useful things come out of the nadir of the last hype cycle."

Ohanian added that the price action had pushed many speculators away from the market. For him, such a move causes the space to realign and "really incentivises the people who are building to just build."

Interestingly, during the interview there was no mention of Ohanian's early 2018 price call for ether tokens. The Reddit co-founder famously stated in May that he believed the number two digital asset on earth would reach a staggering $15,000 this year.

With the price floating around the $213 mark at the time of writing, a prediction that looked far-fetched then now looks all but impossible.

Reddit Co-Founder Bullish on Bitcoin Despite Current Price Slump
Featured image from Shutterstock.

11/08/2018 / 21:00:09 Source: newsbtc

Blockchain | Crypto | Alexis Ohanian | Initialized Capital | reddit | | Market|Trading|Blockchain
BTC
1 BTC=$3,663.24
XRP
1 XRP=$0.3281
ETH
1 ETH=$122.14
XUC
1 XUC=$1.99
EOS
1 EOS=$2.49
BCH
1 BCH=$128.45

News Feed 50

Cryptopotato Neutral - Bakkt Futures by ICE is Now Supported by World’s 23rd Richest Man Li Ka-Shing read more.
01/09/2019 / 08:47:17
Themerkle Neutral - NEO Price Gains 12% Despite Malcolm Lerider Departure read more.
01/09/2019 / 08:35:28
Ccn Neutral - Indian Police Make Fourth Arrest in $70 Million Crypto Scam read more.
01/09/2019 / 08:33:42
Cryptonewsreview Neutral - Kraken defends trading of Ethereum Classic, attacks XRP, angers Ripple tech boss read more.
01/09/2019 / 08:32:20
Dailyhodl Neutral - One of the Richest Men on Earth Backs Bitcoin and Crypto, Plus Ripple and XRP, Tron, Stellar, Ethereum, Litecoin, VeChain, IOTA: Crypto News Flash read more.
01/09/2019 / 08:05:10
Ambcrypto Neutral - Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to move along with the bulls on a long run read more.
01/09/2019 / 08:00:38
Newsbtc Neutral - Crypto Market Wrap: NEO Jumps Two Places With 13% Gain read more.
01/09/2019 / 08:00:10
Cryptoglobe Neutral - ShapeShift CEO Says Crypto Is a ‘Harsh Mistress’, Lays Off 1/3 of Staff read more.
01/09/2019 / 07:40:00
Coindesk Neutral - Security Token Offerings: A Way Past the SEC’s Incomplete Crypto Guidance? read more.
01/09/2019 / 07:15:47
Ethereumworldnews - Could Russian Rumors Be Reviving NEO? Surges 15% Today read more.
01/09/2019 / 07:01:58
Ambcrypto Neutral - Tron [TRX] grows steady with 9% hike; Litecoin [LTC] holds strong despite strong resistances read more.
01/09/2019 / 07:00:37
Newsbtc Neutral - Bitcoin Price Watch: BTC Buyers Not Out of Woods Yet read more.
01/09/2019 / 07:00:22
Ethereumworldnews Neutral - Tron (TRX) Rally Looks Real, Price Could Test $0.0350 read more.
01/09/2019 / 06:45:59
Ccn Neutral - Ripple CEO to Critics After Obtaining 200 Clients: Banks Will Use XRP read more.
01/09/2019 / 06:36:40
Cryptonewsreview Neutral - Neo continues to climb, continuing its excellent start to 2019 read more.
01/09/2019 / 06:28:44
Cryptoglobe Neutral - Gold Backed Crypto Exchange Offers Safe Haven for Crypto Investors read more.
01/09/2019 / 06:20:50
Newsbtc Neutral - #Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis read more.
01/09/2019 / 06:00:54
Ambcrypto Neutral - Bitcoin IRA launches turnkey, white-label solutions for enterprise businesses read more.
01/09/2019 / 05:45:21
Cryptonewsreview Neutral - Litecoin founder on the 51% attack problem read more.
01/09/2019 / 05:41:24
Bitcoin.Com Neutral - Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies read more.
01/09/2019 / 05:30:28
Cryptonewsreview Neutral - Google is causing problems for a Bitcoin wallet provider read more.
01/09/2019 / 05:28:51
Cryptonewsreview Neutral - Cryptocurrency exchange cuts back staff, admits mistakes read more.
01/09/2019 / 05:25:45
Coindesk Neutral - The Case for a 2020 Bitcoin Bull Run read more.
01/09/2019 / 05:25:42
Dailyhodl Neutral - Tron (TRX) Rallies 34% in One Week, Gears Up With BitTorrent Crypto Token and Binance Launchpad read more.
01/09/2019 / 05:11:52
Coingape Neutral - Bitcoin less Centralized Compared to Ethereum and Bitcoin Cash- Long Hash Research read more.
01/09/2019 / 05:10:45
Bitcoinerx Neutral - New Sanctions Could Push Russia to Dump the US Dollar in Favor of Bitcoin read more.
01/09/2019 / 05:00:49
Newsbtc Neutral - #Ripple Price Analysis: XRP Eyeing Upside Break Above $0.37 read more.
01/09/2019 / 05:00:11
Newsbtc Neutral - #Ethereum Price Analysis: ETH Consolidating, Buyers Could Take Control read more.
01/09/2019 / 04:08:28
Bitcoinist Neutral - State of Emergency read more.
01/09/2019 / 04:00:50
Ethereumworldnews Neutral - #Litecoin (LTC) Price Analysis: Slow But Steady Climb read more.
01/09/2019 / 03:51:39
Cryptoglobe Neutral - Malta's Government 'Completely Silent' About Crypto Development 'Over Holidays', Nation's Opposition Leader Claims read more.
01/09/2019 / 03:50:00
Ethereumworldnews Neutral - #Bitcoin (BTC) Price Analysis: Another Attempt to Break Higher read more.
01/09/2019 / 03:31:02
Bitcoin.Com Neutral - Central Bank Official: Regulators Are Hindering the Development of Cryptocurrencies read more.
01/09/2019 / 03:10:36
Cryptoglobe Neutral - Brave Announces Growth Stats: Surpasses 5.5 Million Monthly Active Users read more.
01/09/2019 / 03:00:00
Cointelegraph Neutral - Square’s Cash App Blocks Account of Social Media Site Gab’s Founder: Report read more.
01/09/2019 / 02:45:00
Ccn Neutral - President Trump Makes His Case for a Border Wall as Economy Hangs in the Balance read more.
01/09/2019 / 02:16:53
Cryptoglobe Neutral - Who Will Win the Race to be the “Crypto Valley of Asia”? read more.
01/09/2019 / 02:00:00
Dailyhodl Neutral - Bakkt – Why a Successful Launch Could Boost the Cryptocurrency Market read more.
01/09/2019 / 01:37:02
Ccn Neutral - Could Japan’s Approval of the Bitcoin ETF Affect US SEC’s Decision? read more.
01/09/2019 / 01:31:17
Bitcoin.Com Neutral - Review: Wasabi’s Privacy-Focused BTC Wallet Aims to Make Bitcoin Fungible Again read more.
01/09/2019 / 01:10:11
Ethereumworldnews Neutral - Crypto Startup CEO: “Gut Feeling” Is That Bitcoin (BTC) Will Fall Under $3,000 read more.
01/09/2019 / 01:00:38
Newsbtc Neutral - Data Suggests That Bitcoin Is Seeing Increasingly Bullish Sentiment read more.
01/09/2019 / 01:00:31
Bitcoinist Neutral - Yellow Vests in France Planning a Bank Run to Collapse the Euro read more.
01/09/2019 / 01:00:30
Cryptoglobe Positive - Cudo Mining Software Lets Users Mine According to Profitability read more.
01/09/2019 / 00:50:00
Ambcrypto Neutral - Bitcoin Cash [BCH] Technical Analysis: Bear picks up the pace taking over the market read more.
01/09/2019 / 00:30:52
Ccn Neutral - Anti-Bitcoin JP Morgan CEO Jamie Dimon: No Recession Ahead, Dow is Rebounding read more.
01/09/2019 / 00:20:24
Cryptoslate Neutral - World’s 23rd Richest Man Invests in Cryptocurrency Exchange Bakkt’s First Funding Round read more.
01/09/2019 / 00:18:25
Cointelegraph Neutral - Litecoin’s Charlie Lee: Decentralized Crypto ‘Must Be Susceptible to 51% Attacks’ read more.
01/09/2019 / 00:17:00
Newsbtc Neutral - Cryptocurrency Bear Market Pressures Shapeshift into Layoffs read more.
01/09/2019 / 00:00:45
Cryptoglobe Neutral - Blockchain Community Returns to Its Founding Principles with Revolutionary New Smart Contract Investment Platform read more.
01/08/2019 / 23:55:42
Negative
2.9%
Neutral
94.3%
Positive
2.5%
Mixed
0.4%

Latest comments: