Is a crypto spring on our heels? According to longtime crypto investor and Reddit co-founder Alexis Ohanian, it most certainly is.
Alexis Ohanian – Things Are Going to Get Big in the Crypto Space
A crypto spring is the exact opposite of a crypto winter, which is what was experienced in the year 2018. At that time, bitcoin – along with many of its altcoin cousins – were failing to reach green territory and spent most of the year suffering from consistent price swings that continually brought them down deeper and deeper into the red.
Now, however, bitcoin is trading at just shy of $9,000, which is a drop of where it was early last week, but still considerably stronger than where it stood in mid-May of this year. The currency has shown great resiliency during the coronavirus pandemic, which led to heavy drops in investable assets and brought on heavy economic strife.
Now, Ohanian believes that the asset is about to move north in a big way. In an interview, he comments:
We really do see a crypto spring right now in terms of top-tier engineers, product developers, and designers building real solutions on top of the blockchain.
One of the other big elements of a crypto spring is that many businesses are looking to incorporate blockchain and crypto-based technology into their operations. In addition, people are likely to see more blockchain companies and startups pop up. Again, this was the exact opposite of 2018. At the time, prices were so bad that many miners were shutting off their equipment, while initial coin offerings (ICOs) became a thing of the past and many startups in the crypto space were immediately shut down.
It just didn’t make much sense to do business in a space that was clearly reeling heavily following the big gains it had witnessed in 2017. Many people lost their life savings, and it’s hard to say if they will ever recover.
Now, as the alleged crypto spring approaches, Ohanian says that many more crypto companies – not just crypto prices – are shooting up from the ashes and developing solid positions for themselves in the growing world of digital finance.
Spring Has Arrived
Ohanian was also one of the first investors in Coinbase, investing eight years ago in 2012, and says he’s had most of his wealth in the crypto realm for some time. He comments:
I’ve had a percentage of my wealth in crypto for quite some time, now, and I still feel rather good about it. I don’t want to change too much of it because I do think it’s a prudent hedge.
It can be argued that many people agree with him. During the coronavirus pandemic, many turned to bitcoin, crypto and gold as potential tools to hedge their wealth against inflation and other hardcore signs of economic turmoil.