Alexis Ohanian, the co-founder of Reddit and part-owner of the world’s most valuable esports team Cloud9, believes the prolonged cryptocurrency winter has been a net positive for the space, as it has allowed developers room to grow.
In an interview with Yahoo Finance on Thursday, Ohanian gave his current take on the status of the industry, emphasizing that he sees improving underlying health across the board.
“The speculators have fled,” said Ohanian. “And that’s great because the people who are now building on crypto are true believers. And they’re actually builders. They’re actually building the infrastructure that it’s going to take to really make this happen.”
Ohanian, a seed investor in Coinbase in 2011, emphasized that some of the smartest people he knows in tech are currently building companies that are built on the blockchain and that ultimately bodes well for the long-term growth of the industry.
While the building continues, Ohanian admits that the digital asset class as an investment vehicle has been quite brutal of late as many 2017 and 2018 investors got burned.
“It’s a painful thing, I think, for a lot of people to see those accounts. But if you were investing in it in the first place, you really should have been thinking long term. I think that’s just generally good advice for any kind of investing, but especially something so nascent as crypto,” he added.
Ohanian has been an outspoken supporter of the industry for some time. We recently reported that he believes blockchain gaming is going to be big, and it’s clear he sees the entire industry in a similar light.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.