Monday, November 28, 2022

Reddit co-founder Alex Ohanian says blockchain is here to stay

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  • Alex Ohanian says that even if a majority of crypto projects and companies disappear, the underlying blockchain will remain and power the next innovations in the space.

  • He urges investors to do due diligence before they take investment positions, and generally look at the long-term view of the project in question.

Reddit co-founder Alex Ohanian has weighed in on the topic of blockchain technology, noting in a CNBC interview that he believes the tech is “real” and “here to stay.”

His comments come at a time the crypto market is facing a rough patch after what many say has been a year of staggering growth- both in the gains made by investors and in the key crypto innovations to have exploded onto the scene.

While he notes that some, or even most of the cryptocurrencies might not survive going into the future, he believes the underlying blockchain technology will remain the bedrock of further innovations in the industry.

Ohanian was one of the early investors in the space, having put a bet on the crypto exchange Coinbase during its seed round in 2012. He says he’s been around quite long enough to have seen what the industry is like, and his take is that blockchain has a future.

Noting that the technology underpinning cryptocurrencies is “real”, he added, telling CNBC’s Shepard Smith:

You need to look no further than just all of the really talented people, as you said, leaving in droves from Big Tech to go be a part of this and go build.”

According to Ohanian, there remains a lot to be done in the industry, with volatility one of the main issues facing investors. However, he’s categorical that the crypto space is “here to stay” when it comes to the technology.

Blockchain stays- even if most projects crash and disappear

On the issue of the proliferation of cryptocurrencies, the Reddit co-founder agrees that a majority will probably fade. He says this will happen, be it with some blockchain projects or most offerings in newer segments such as decentralised finance (DeFi) or the non-fungible token (NFT) world.

But he says that as with any other technological developments over the years, consolidations do occur as some companies fade. He says that this is also true of crypto, where there are a few “big winners” and most others that will fade.

However, despite the outlook, he maintains that alternative assets are set to be a big part of people’s investment portfolios.

His opinion, though, is that it is important for anyone looking to be a part of the investment space to undertake thorough research first before they invest. Also critical is to have a long-term view of the venture.

The Seven Seven Six venture

Ohanian is also the founder of Seven Seven Six, a US-based venture capital firm that focuses on investing in early-stage and growth start-ups across four areas- community, climate, crypto, and culture.

The firm recently invested in a firm called EarlyBird, which allows people to create accounts through which they can invest in their children’s future as well as offer them financial literacy.

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