According to a recent interview with Forbes, Reddit co-founder Alexis Ohanian believes that crypto, particularly Bitcoin, is here to stay despite recent developments in the industry, including the collapse of FTX. Ohanian compared the rise of blockchain technology to the invention of paper and predicted that it will continue to gain value and utility in various applications. He also spoke about NFTs, explaining that his family's history of generational trauma motivates his commitment to new social networks and NFTs, even in the midst of the cryptocurrency market's current "chilly winter storm."
As a "crypto pragmatist," Ohanian shared personal insights that led him to double down on crypto, including his Armenian ancestors' experience of having their assets seized during the genocide. He explained that many people around the world understand the volatility of cryptocurrency but have also experienced massive inflation and worse, which puts things into perspective.
Ohanian revealed that he was an early Ethereum investor, purchasing around 50,000 ETH for $15,000, an investment that has now yielded $84 million in profit. Alexis Ohanian is a well-known American internet entrepreneur and investor, co-founding and serving as the executive chairman of Reddit until 2020.
Alexis Ohanian, together with Katelin Holloway and Lissie Garvin, founded 776 in 2020. This venture capital firm focuses on early-stage and growth start-ups, with a particular emphasis on those in the crypto industry. According to Ohanian, 776 has already invested in 29 start-ups that are working on blockchain technology underlying cryptocurrencies. Last year, the firm raised $500 million to finance more of such companies.
However, Ohanian warned that tech companies will face a difficult year in 2023, stating, "I wish it weren't the case, but I think it's going to be a rough year."