Reddit Co-Founder believes Crypto Crash is Good for the Industry

The Cryptocurrency Market Crash that occurred in the last few days has been one of the biggest talking points between crypto enthusiasts. Bitcoin’s price crashed to 5500$ in less than 24 hours from around $6500 which it had maintained for the last few months. This also led to a fall of value for many financial giants.

In a recent interview with CNBC, Reddit’s co-founder, Alexis Ohanian, believes that the price drop is good for the crypto industry. He believes that this gets people to “start focusing more on the software” that it is built on, which will “hopefully make all these things tremendously valuable in the long term.”

He says that this drop will remove all the “charlatans” of the Bitcoin and Blockchain industries. This will lead to companies and people to be more serious compared to last year, and work on improving the softwares and technologies built on the crypto and blockchain models.

Being an investor of one of the leading exchanges in the world, he states that the crash doesn’t affect Coinbase too much since people are still using the platform to trade cryptocurrencies, even if the trading numbers have decreased this year. Coinbase has had significant growth in the last one year and are “securing themselves as the trusted resource for getting fiat into crypto.”

People who are going to be working in crypto now should be thinking 10 years down the road and not about just trying to make a quick buck and buying a lambo.”

In an interview with Fortune’s newsletter Term Sheet earlier this year, Alexis Ohanian had predicted that the value of Bitcoin and Ethereum will go up to $20,000 and $1,500, respectively by the end of this year. Whether his bullish perspective on Bitcoin and Ethereum is true or not, we still have over a month to find out.

Other than co-founding Reddit, Alexis Ohanian is also known for co-founding Initialized Capital, an early-stage VC firm which has invested in firms like Instacart, Zenefits, Opendoor, Soylent, Cruise Automation, and Standard Cognition, other than the already mentioned Coinbase. He is also known as the author of the best-selling book ‘Without Their Permission’ which talks about the future of the internet.

Below is the interview between CNBC and Alexis Ohanian, where he talks about venture capital, tech investing, investing in skip and bitcoin. The talk about Bitcoin starts at 4:20 :

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