Reddit Co-founder Has a Good Feeling About Crypto

By Abhimanyu Krishnan | News | 25 May 2020

Reddit co-founder Alexis Ohanian believes that the cryptocurrency market is in the midst of a “crypto spring”, according to comments from an interview with Yahoo Finance on May 23.

Blockchain education and employment opportunities have grown in number, as the market comes to be seen as a legitimate asset class. Ohanian said of the solutions and talent that were involved,

I try not to track prices, I can’t predict any of that stuff. What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part... We’re seeing really top-tier talent building on the infrastructure.

Underscoring Ohanian’s appreciation for the infrastructure and business side of the market is his own investment in the asset class. Ohanian said that he had a percentage of his wealth in crypto and “feels pretty good about it.”

I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it. Because I do think it’s a prudent hedge. It’s interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. It’s increasingly showing that it’s here to stay.

More people, including famous investors like Paul Tudor Jones, have entered the market, if only to hedge against traditional asset classes.

Reddit Clearly Pushing for More Crypto

Ohanian’s remarks are in line with the crypto-related features that Reddit has been implementing. On May 14 2020, Reddit introduced a new Ethereum (ETH) wallet and crypto service called Community Points. Aimed at letting users support and reward content creators, they are similar to assets used by other social media and content platforms, like Publish0x iself.

The new cryptocurrency wallet will see specific tokens used for various subreddits. For example, the cryptocurrency and ForniteBR subreddits are the first two subreddits to reach their own tokens, respectively MOON and BRICKS. These can be used by the community in a variety of ways.

Nearly 15,000 redditors have signed up for wallet, with ForniteBR redditors outnumbering that of the cryptocurrency community, strangely enough. 

Reddit has previously seen integration with cryptocurrency, although it has been third party. The Basic Attention Token (BAT) project allowed users to tip posts and comments on Reddit via a tipping application.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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