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The crypto bear market has dragged on for over a year now as cryptocurrencies continue the struggle to regain their lost value. Investor trust is down and naysayers are claiming the end of cryptocurrencies is near. However, there’s a different perspective. The current bear market has pushed out the insanely optimistic, hype-based investors, leaving those with true belief in the potential of crypto and not here to make an easy buck. Social media site Reddit’s co-founder and crypto investor Alexis Ohanian is also of this point of view.
In a recent interview with Yahoo Finance, Ohanian claimed that the crypto hype is gone and only true crypto believers remain. He expressed his views that like Coinbase CEO Brian Armstrong, he also believes that the bear market has helped to eliminate speculators, while true crypto believers have stayed to build real crypto infrastructure. He believes that the extermination of the hype around Bitcoin and cryptocurrencies in general will end up being a good thing for the industry overall.
“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on the blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”
He also commented on the launch of JPM Coin by JPMorgan, saying that the release of the banking giant’s digital coin is a contradiction of their CEO’s opinion that Bitcoin is a fraud/scam. He said that clearly, JPMorgan has changed its view since then because of the development and innovation in the market.
Ohanian also said that the current prolonged bear market is painful for investors but that Bitcoin and the crypto market as a whole need to be approached with a long-term plan instead of looking at it for quick profits.
“It’s painful. But if you were investing it in [crypto] in the first place, you really should have been thinking long-term. That’s just generally good advice for any kind of investing, but especially something so nascent as crypto.”
Ohanian has always been a believer in the potential of cryptocurrencies and blockchain. However, some of his predictions have failed to realize. In 2018, he predicted that Bitcoin and Ethereum will hit $20,000 and $1,500 respectively in 2018; that prediction turned out to be untrue. But his continued belief in the potential of cryptocurrencies is an encouraging factor regardless for those who are on edge, desperately hoping that the crypto market will bounce back to its previous heights and beyond.