Welcome to a ‘crypto spring’: Reddit founder

25 May 2020

Bitcoin, the world’s largest cryptocurrency by market capitalisation, has enjoyed fresh impetus since the start of the coronavirus pandemic. Indeed, the digital asset is up 90% since the declaration of a global pandemic.

With this in mind, Alexis Ohanian, the Reddit cofounder and an early investor in Coinbase, believes it all adds up to a new “crypto spring.”

Speaking to Yahoo! Finance, he noted: “I try not to track prices, I can’t predict any of that stuff.

“What 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... We’re seeing really top-tier talent building on the infrastructure.”

The business mogul puts his money where his mouth is on this issue. In the interview he said: “I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it.”

In recent weeks, deVere CEO Nigel Green has said that in these unusual times, central banks have increased monetary supply and this will further drive prices of cryptocurrencies, such as Bitcoin.

“Traditional currencies are devalued and inflation fears rise on the back of the mass printing of money, the likes of which we have recently seen in the U.S., where the nation’s central bank has added trillions of dollars to the money supply,” he told the press.

“Such measures will inevitably encourage even more investors to consider decentralised, non-sovereign digital currencies.”