The crypto winter has been long and brutal, taking its toll on investors and projects in the industry. However, it has also weeded out the speculators, the hype, and the bad projects, making room for real builders who are true believers in the crypto industry.
Speaking on this subject was Alexis Ohanian, co-founder of Reddit and long-time crypto bull who did an interview with Yahoo Finance on February 22.
Reddit Co-Founder: A Big Believer in Crypto
Early on in the interview, Ohanian was asked if he is still a big believer in crypto despite the drastic decline in the market. He quickly responded, professing that he is very much still a believer despite the market currently being in the throes of crypto winter.
However, Ohanian believes this crypto winter is necessary for the longevity of crypto, only half of the story. Citing Brian Armstrong, the CEO of Coinbase, Ohanian said this is simultaneously the spring of crypto innovation, adding:
“The speculators have fled. And that’s great because the people who are now building on crypto are true believers. And they’re actually builders. They’re actually building the infrastructure that it’s going to take to really make this happen.”
He then noted that the benefits of this crypto winter have yet to be seen, elaborating that while the hype and excitement have left, the true believers are focusing on developing this industry.
“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 blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”
JPM Coin a Good Thing?
Following Ohanian’s comments on crypto winter, the interviewer mentioned that JP Morgan, the largest bank in America, is launching its own cryptocurrency, dubbed JPM Coin.
As previously reported by IIB, JPM Coin is a blockchain-powered digital asset that’s meant to increase the efficiency of settlements within their banking operations.
Addressing the interviewer about JPM Coin, Ohanian said:
“I think these are just more indications that there is real innovation that is happening now that all the wild speculation is gone. And I think that’s actually a good thing.”
JP Morgan previously called Bitcoin (BTC) a scam, but has since invested in the nascent asset class and claimed that he had not intended to become a spokesperson against the world’s largest cryptocurrency.
Do you think crypto winter is almost over? Do you agree that this crypto winter has been necessary for the health of the industry? Let us know what you think in the comment section below.