In the world of finance, there is an idea that stocks often need to “consolidate” after swift price action, and that it is generally viewed as healthy. The idea is that buyers will take profit after a large move, and that sellers eventually have to exit before the stock moves up again. Of course, this isn’t comforting to many who bought near the top of Bitcoin (BTC), considering that it has since lost the majority of its value.
While Alexis Ohanian, the co-founder of Reddit, certainly isn’t worrying about his day-to-day finances, considering that he became a multi-millionaire at 23; he still believes that this is all healthy for the long-term cryptocurrency markets. Ohanian points out that investors should have been thinking about the long-term the whole time.
Ohanian And Crypto
Ohanian is well-known in Silicon Valley, and he was actually once dubbed “The Mayor Of The Internet”. However, his opinion about the cryptocurrency markets can’t be interpreted as without bias, considering that he is an investor in Coinbase, which is valued in the billions.
It’s clear that Ohanian is taking an optimistic view on Bitcoin. He seems to believe that since the speculators who were interested in a quick profit are slowly getting weeded out, the ones that are staying are truly interested in real innovation.
Is Spring Coming?
He referenced his friend, Brian Armstrong, who just happens to be the CEO of Coinbase. While many have categorized this time in the cryptocurrency markets as “crypto winter”, Armstrong prefers to view it as the “spring of innovation”.
While there are many influential tech figures that try to shun the spotlight, Ohanian can’t for one simple reason – he’s married to one of the most famous sports stars on the planet. For those who are unaware, he is married to Serena Williams, who some consider to be the greatest athlete of all time.