Reddit Founder Alexis Ohanian Says Crypto and Bitcoin Are ‘Here to Stay’ – What Does He Know?

Reddit co-founder Alexis Ohanian believes that crypto, and Bitcoin in particular, is here to stay despite recent unfortunate developments in the industry, including the collapse of FTX.

In an interview with Forbes, Ohanian compared the advent of blockchain to making 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 topic of NFTs, saying he believes generational trauma is a significant driver of his continued commitment to NFTs and emerging social networks — even with the cryptocurrency market’s current “chilly winter storm.”

Calling himself a “cryptopragmatist,” 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, and had their belongings and possessions seized by the perpetrators in the process.

Ohanian added that his family’s history kept him in crypto even after another turbulent year for the crypto industry. “Even though it’s extremely volatile, a lot of people have that generational awareness of seeing massive inflation,” he said, adding:

“So many countries in Latin America, many countries around the world have this perception of it. And then when they see the volatility of cryptocurrency, it’s like, ‘Okay, yes, it’s volatile, but have you seen the shit we’ve been through? ‘»

The Reddit co-founder also revealed that he was one of the first Ethereum investors. Ohanian said he put down $15,000 to buy about 50,000 ETH when he first heard about the coin, an investment that has delivered a whopping $84 million in profits.

Ohanian is an American Internet entrepreneur and investor. He is best known as the co-founder and executive chairman of social media company 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 focused on investments in early-stage and growth startups, particularly those operating in the crypto industry.

So far, the VC firm has invested in 29 startups working on the cryptocurrency’s underlying blockchain technology, Ohanian said during the interview. Last February, the company raised $500 million, mainly to fund more such companies.

However, Ohanian warned that tech companies will mostly face a rocky road this year. – I wish it wasn’t the case, but I think it’s going to be a rocky year.