When Bitcoin crashed to $3,700 in March on the back of a global liquidation in financial markets, there were many throwing in the towel.
At the time, there were prominent analysts calling for the cryptocurrency to fall under 2018âs lows, while critics doubled down on their assertions that BTC was a âscamâ and an âasset for criminals.â
Just two months later, a prominent Silicon Valley entrepreneur and investor has asserted that Bitcoin isnât going anywhere â going as far as to say that the âcrypto winterâ has become a âcrypto spring.â
Why Bitcoin Is âHere to Stayâ
Some think Bitcoin is on its way out, but Alexis Ohanian â the co-founder of Reddit and a managing partner at Initialized Capital â begs to differ.
Speaking to Yahoo Finance in an interview published this week, the Silicon Valley investor said that he thinks the recent developments in the industry make it fair to say that we are now in the midst of âcrypto springâ:
âI try not to track prices, I canât 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⦠Weâre seeing really top-tier talent building on the infrastructure.â
On Bitcoin specifically, Ohanian explained that the flagship cryptocurrency is âhere to stayâ because of the growing involvement of âWall Street OGsâ in this nascent market:
âI do think itâs a prudent hedge. Itâs interesting to see OGs of Wall Street now getting into crypto and buying bitcoin. Itâs increasingly showing that itâs here to stay.â
The past few weeks and months have seen prominent names on Wall Street express interest in Bitcoin.
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