{"id":134232,"date":"2020-05-23T14:00:29","date_gmt":"2020-05-23T13:00:29","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=134232"},"modified":"2020-05-23T19:37:59","modified_gmt":"2020-05-23T18:37:59","slug":"heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry\/","title":{"rendered":"Here\u2019s why the Reddit cofounder thinks it\u2019s springtime for the crypto industry"},"content":{"rendered":"<p>2020 has been an interesting year for the crypto industry, with Bitcoin\u2019s price action being largely driven by the volatility seen within the traditional markets.<\/p>\n<p>Although the future of the benchmark cryptocurrency remains unclear as its buyers and sellers reach an impasse, the Reddit co-founder believes there are a multitude of factors that suggest a \u201ccrypto spring\u201d is close to coming to fruition.<\/p>\n<p>Among other things, he points to the talent within the industry as well as the ingress of Wall Street \u201cOGs\u201d into the market.<\/p>\n<h2>Reddit co-founder believes the market is entering springtime<\/h2>\n<p>The crypto market has been facing a bleak winter landscape throughout the past few years, with <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin's<\/a> decline from 2017 highs of $20,000 leading to nearly three years of lackluster price action.<\/p>\n<p>It does seem as though this is starting to change, however, as Bitcoin has been garnering some upwards momentum while also establishing its position on the global stage as a \u201csafe haven\u201d asset.<\/p>\n<p>Alexis Ohanian \u2013 the co-founder of Reddit and Initialized Capital \u2013 recently spoke to <a href=\"https:\/\/finance.yahoo.com\/news\/reddit-cofounder-alexis-ohanian-we-are-entering-a-crypto-spring-172745530.html\">Yahoo Finance<\/a> about where he sees the nascent market trending next, explaining that he believes a \u201ccrypto spring\u201d is quickly approaching.<\/p>\n<blockquote><p>\u201cWhat I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part&#8230; We\u2019re seeing really top-tier talent building on the infrastructure.\u201d<\/p><\/blockquote>\n<p>Ohanian is an early investor in cryptocurrency exchange Coinbase and <a href=\"https:\/\/cryptoslate.com\/reddit-co-founder-alexis-ohanian-btc-20k-eth-1-5k-by-end-of-2018\/\">a long-time crypto advocate.<\/a><\/p>\n<p>Although no longer at the helm of Reddit, it is possible that his interest in digital assets has influenced the company\u2019s decision to release Ethereum-based \u201c<a href=\"https:\/\/cryptoslate.com\/is-reddit-really-launching-ethereum-tokens-for-millions-community-points-explained\/\">Community Points<\/a>.\u201d<\/p>\n<h2>Ohanian: Entrance of Wall Street investors shows crypto is here to stay<\/h2>\n<p>He further went on to explain that the foray of Wall Street \u201cOGs\u201d shows that the relatively young market is here to stay.<\/p>\n<blockquote><p>\u201cIt\u2019s interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. It\u2019s increasingly showing that it\u2019s here to stay.\u201d<\/p><\/blockquote>\n<p>Ohanian claims to hold a significant amount of his wealth in crypto, and he notes that he feels \u201cpretty good about it\u201d due to it rapidly becoming a hedge against global economic turbulence.<\/p>\n<p>The benchmark cryptocurrency has largely decoupled from the traditional markets in recent times, with its price action being more closely correlated to gold than to equities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2020 has been an interesting year for the crypto industry, with Bitcoin\u2019s price action being largely driven by the volatility seen within the traditional markets. Although the future of the benchmark cryptocurrency remains unclear as its buyers and sellers reach an impasse, the Reddit co-founder believes there are a multitude of factors that suggest a [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":134273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,29],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s why the Reddit cofounder thinks it\u2019s springtime for the crypto industry<\/title>\n<meta name=\"description\" content=\"The Reddit cofounder believes there are a multitude of factors that suggest a \u201ccrypto spring\u201d is close to coming to fruition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s why the Reddit cofounder thinks it\u2019s springtime for the crypto industry\" \/>\n<meta property=\"og:description\" content=\"The Reddit cofounder believes there are a multitude of factors that suggest a \u201ccrypto spring\u201d is close to coming to fruition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-23T13:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-23T18:37:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/05\/alexis-ohanian.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/heres-why-the-reddit-cofounder-thinks-its-springtime-for-the-crypto-industry\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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