If the prediction of Reddit co-founder Alexis Ohanian comes true, then fiat currency will soon move over to the largest cryptocurrency Bitcoin. The prediction was based on fundamental reason. Expressing his belief, Ohanian explained the reasons that Bitcoin is more stability than few fiat currencies. He was being interviewed by Yahoo Finance.
“We’re going to see money move over to Bitcoin because as unstable as it is, it is actually a lot more stable for a lot of people than their own nation’s,” he told the interviewer, expressing his ‘deep interest in cryptocurrencies’.
Shedding light on his investment in Coinbase, a prominent crypto exchange, Ohanian expressed his desire to develop infrastructure that will support entire domain of virtual currency.
Bitcoin is lot more stable for a lot of people than their own nation’s currency: Ohanian
Asked about his exposure to crypto market and how he landed up there, Ohanian said his partner, Gary Tan, is the main reason behind his entry to this sphere. He said,
[Tan] made the initial bet on Brian Armstrong before he even had a co-founder, and in the earliest days of Coinbase and so its to Gary’s credit actually that we’ve been there early and we’ve made some other investments since.
The Reddit co-founder has some investments in DyDx, a decentralized exchange for derivatives. Some of the stalwarts of the crypto world, namely, Coinbase CEO Brian Armstrong, have invested in DyDx. The platform aims to provide short products for ERC20 tokens and Ethereum (ETH).
Ohanian said countries whose currencies have been unstable can bank of Bitcoin as a proper store if value. “Right now as a store of value there is some real traction. And actually, as we are seeing countries like Turkey that are having significant economic crisis,” the Reddit co-founder opined.
According to him, the crypto marketplace is in the nascent stage of development. Referring to Coinbase, he said,
A company like Coinbase is in a great position to help us get there because a lot of it ends up being a user interface standpoint. It ends up being, can this be friendly enough [or] useful enough, that I can go to my dad and say: Here is why you should be using this.
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A social media geek, Chandrakana Ray loves to track every buzz around the ever volatile cryptocurrency market, swinging moods of the crypto titans and unearths more about blockchain technology to make it a pleasant read for crypto enthusiasts. As a Business Correspondent with Cryptodawn, her writings zero in on every development of cryptocoins with an aim to give the most of it. A gourmet, she delves into myriad culinary to satiate her gastronomic urge.