Reddit co-founder Alexis Ohanian believes that crypto, and Bitcoin in particular, is here to stay despite the recent unfortunate developments in the industry including the collapse of FTX.
In an interview with Forbes, Ohanian compared the advent of blockchain to the creation of paper, saying that we would start to see more and more applications for this technology that would “compound in value and utility” over the years.
He also touched on the subject of NFTs, saying that he believes generational trauma is a significant driving force in his continued commitment to NFTs and new social networks — even with the cryptocurrency market’s current “chilly winter storm.”
Dubbing himself a “crypto pragmatist,” Ohanian shared some insights from his personal life that made him double down on crypto. He revealed that his ancestors were victims of the Armenian genocide, having their belongings and assets seized by the perpetrators in the process.
Ohanian added that his family’s history made him stay in crypto even after another turbulent year for the crypto industry. “Even though it is extremely volatile, there are plenty of people who have that generational consciousness of seeing massive inflation,” he said, adding:
“So many countries in Latin America, plenty of countries throughout the world have this notion of it. And so when they see the volatility of cryptocurrency, it’s like, ‘Okay, yeah, it’s volatile, but have you seen the shit we’ve lived through?’”
The Reddit co-founder also revealed that he was one of the first Ethereum investors. Ohanian said that he put $15,000 to buy around 50,000 ETH when he first heard about the coin, an investment that has delivered a whopping $84 million in profit.
Ohanian is an American internet entrepreneur and investor. He is best known as the co-founder and executive chairman of the social media site Reddit, which he left back in 2020.
Ohanian’s 776 to Continue Investing in Crypto Startups
In 2020, Ohanian along with Katelin Holloway and Lissie Garvin launched 776, a venture capital firm that focuses on investments in early-stage and growth start-up companies, particularly those operating in the crypto industry.
So far, the VC firm has invested in 29 startups that are working on cryptocurrency’s underlying blockchain technology, Ohanian said during the interview. In February last year, the company raised $500 million, largely to finance more such companies.
However, Ohanian warned that tech companies broadly will face a rocky year road this year. “Wish it weren’t the case, but I think it’s going to be a rocky year.”
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