Image Credit: CBC
The co-founder of Reddit, Alexis Ohanian in an interview with Yahoo finance claimed that the cryptocurrency fever is over, and this has actually cleared up space for true cryptocurrency believers. When asked if he still has the same belief in crypto, he accepted that the present state of the market is in a turmoil, which indicates that cryptocurrency prices are running low.
Ohanian taking a dig at Coinbase CEO Brian Armstrong further reiterated the fact that the bear market has solely led to elimination of speculators. Wherein, crypto believers in true sense have strived relentlessly to build crypto infrastructure. He further elaborates that fading out of crypto and blockchain fever is a blessing in disguise for industrial development.
Adding further he said, only a selected few will now work on solving real-world problems using distributed ledger technology and build blockchain-based companies. When questioned about JPMorgan Chase cryptocurrency JPM coin, he said that it will increase settlement efficiency of the bank’s operations and this is one of the instances of real innovation. The currency will, in its initial stages focus on international settlements by major corporations. This in turn will help them accelerate transactions that are currently take a day or even longer with options like SWIFT.
Also, Ohanian didn’t forget to mention that JP Morgan CEO, Jamie Dimon had once called Bitcoin a scam. Dimon at the Aspen Institute’s 25th Annual Summer Celebration Gala on Saturday, said that Bitcoin is a scam and he has zero interest in it. His words soon spread in both mainstream press and online by prominent media houses. However, recently, Dimon clarified his stance on Bitcoin, stating that he didn’t intend to become a Bitcoin hater.
Alexis Ohanian, born in 1983 is by all means an early achiever. At the tender age of 23 he became a multi-millionaire after selling Reddit with Steve Huffman. He also co-founded early stage venture capital firm “Initialized Capital” . During his college days, Alexis Ohanian intended to be an immigration lawyer. However, he quit the idea in middle of LSAT only to become an entrepreneur after having a epiphany at a Waffle Store.
In July 2018, Ohanian predicted that Bitcoin(BTC) and Ethereum(ETH) will hit $20, 000 and $1,500 respectively in 2018. Unfortunately, since July 2018, the highest price for both Bitcoin(BTC) and Ethereum(ETH) achieved maximum threshold of $7,200 and $400 respectively, as per data obtained from CoinMarkeFeed.