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Reddit Co-founder: Crypto Hype is Gone and That’s a Good Thing

February 25, 2019 14:03
Source: CNBC
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Reddit co-founder, Alexis Ohanian, in an interview with Yahoo Finance said that the hype surrounding cryptocurrency had gone and that was a good thing.

Ohanian, who had always been a vocal proponent for bitcoin said, “So this is the crypto winter, no doubt. But a friend of mine, Brian Armstrong, who’s the Chief Executive Officer (CEO) of Coinbase, said this is the spring of crypto innovation. And what he means is, yes, the prices are depressed. 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 added that some of the smartest people he knew in the blockchain technology were working on solving relevant problems. He said, “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.”

On being told of JP Morgan launching a cryptocurrency product, JPM Coin, Ohanian said, ” And this was just a few years after him calling it a total scam, I think was the quote. I forget. Don’t quote me. I mean, you’ll find the actual quote. But 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.”

For the uninitiated, JPM Coin’s use cases of this cryptocurrency will be strictly internal and will be used to facilitate the group’s wholesale payments business, which witnesses transfer amounting to $6 trillion around the world every day. At the time of this announcement, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

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