Reddit co-founder and early Coinbase investor Alexis Ohanyan, in a recent conversation with Yahoo Finance reporters, noted that he ...
Reddit co-founder and early Coinbase investor Alexis Ohanyan, in a recent conversation with Yahoo Finance reporters, noted that he sees all the signs of spring coming to the crypto industry. Curiously, his words directly confirm the theory of the cyclicality of the crypto market, which was presented in their report by experts from Andreessen Horowitz. Recall that, according to their research, the cyclicality occurs according to a certain scenario, and at the moment the fourth cycle has begun, which was marked by the growth of digital assets. So what exactly does Ohanian mean when talking about the onset of the crypto spring, which of the latest news can serve as confirmation of his words and what eminent trading experts think about investing in bitcoin today - see the material in detail.
The ice has broken, gentlemen! The parade will be commanded by ... the blockchain!
So, paraphrasing the words of the classics a little, you can describe the situation in the crypto industry today.
Over the past two years, the bitcoin rate barely managed to exceed half of its all-time high of $ 20,000 reached in December 2017. Moreover, a year later, in December 2018, the crypto winter began, which lasted until April 2019 - at that time, the BTC dropped significantly and traded in the range of $ 3200- $ 3500. Then a gradual rise began with periodic pullbacks. And since March of this year, after the announcement of a massive quarantine in light of the coronavirus pandemic, bitcoin jumped by more than 90% . Last week, its rate fluctuated at $ 9,500 and even briefly exceeded the psychological mark of $ 10,000.
The current state of affairs allows us to say that crypto winter has come to an end - the ice has begun to melt. However, Alexis Ohanyan is sure that the main reason for the "crypto-thaw" is not so much the rise in the price of digital assets, but rather the development of the blockchain ecosystem as such.
When asked by a journalist about what predictions he can give regarding the prospects for cryptocurrencies for the next two months, Ohanyan replied:
“I’m not looking to track the price, although I saw that Bitcoin recently“ kissed ”the $ 10,000 mark. We invested in Coinbase in 2011-2012 when Bitcoin was worth a few dollars per coin. And the trends that we have seen since then are actually quite revealing. I cannot predict its cost in the near future, but I can say that we are really seeing a crypto spring right now in the sense that leading engineers, developers, designers create really effective solutions based on blockchain. And this is the most interesting moment for me. We now see that highly qualified talented specialists are developing the infrastructure. "
The entrepreneur also added that this is the best signal for long-term value creation.
In his further speech, the co-founder of Reddit also admitted that for quite a long time he has been holding part of his fortune in bitcoins, at the same time he feels good enough and does not want to radically change anything, since he considers this approach to be a reasonable hedging of risks, in other words, protection against inflation. He also noted that the interest of Wall Street sharks in bitcoin is constantly growing, so it becomes obvious that "cryptocurrencies will not disappear anywhere . "
Paul Tudor Jones: "Bitcoin is the fastest horse"
Billionaire Paul Tudor Jones, the largest figure in the world financial market, one of the most famous macro investors, founder of the hedge fund Tudor Investment, agrees with Alexis Ohanyan's position on hedging risks by buying bitcoin. In particular, in his conversation with CNBC reporters, he said that he used to be skeptical about the first cryptocurrency, but recent events made him change his mind.
“Well, COVID-19 happened. And there was a great monetary inflation, ”says Paul Tudor Jones about why he now believes in bitcoin. He said he holds just over 1% of his assets in BTC. "We are witnessing the birth of capital preservation."
Jones recently called Bitcoin an effective hedge against inflation, Bloomberg writes :
“The best strategy to maximize profits is to own the fastest horse. And if they ask me to make a forecast, I will bet on bitcoin. "
He noted that he does not approve of the current policy of central banks regarding the printing of new money, adopted in order to combat the coronavirus pandemic:
“It happened on a global scale and at such a speed that even market veterans like me were speechless. We are witnessing huge monetary inflation - unprecedented growth in the money supply - unlike anything the civilized world has ever seen. "
Jones also added that before recognizing the "growing role of Bitcoin," he considered various betting options: on gold, Treasury securities, certain types of stocks, currencies and agricultural products.
Of course, the opinion of such an authoritative person is worthy of serious attention. Surely, clients of the hedge fund founded by Jones, as well as other stock market players, will listen to his words and will also begin to show more interest in cryptocurrencies.
By the way, a little earlier, another recognized authority in the crypto world , trader and investor Mike Novogratz, also said that the unprecedented actions of central banks in relation to monetary policy during a pandemic would lead to wider adoption of cryptocurrencies across the planet. He also noted that the number of investors in bitcoin has increased recently - both individuals and hedge funds among them.
Blockchain is in full swing
Now let's look at some of the clear signs of the onset of the crypto spring from the perspective in which Alexis Ohanyan sees it.
- Reddit is testing specialized tokens . Let's start with the platform to which Ohanyan himself is directly related. Since last month, beta testing of specialized ERC20 tokens has been underway on Reddit , which will be credited as bonuses for contributions to the community - for posts and comments gaining a high rating. Thus, the founders of the platform intend to stimulate existing users to be active and attract new ones. Without a doubt, the adoption of digital money by a platform with a multimillion audience is a significant event for the mass popularization of cryptocurrency and blockchain technology in general.
- Samsung is embedding a crypto wallet in smartphones. Crypto exchange Gemini has signed a contract with Samsung to integrate Samsung Blockchain Wallet into mobile devices. The latest generation Galaxy smartphone owners in the US and Canada will now be able to buy, sell and exchange digital assets through the convenient and secure Gemini mobile app. Of course, such a move by the world's largest tech giant speaks of its focus on the development of blockchain technology and the universal adoption of cryptocurrencies.
- The Enjin project has released a plugin for adding tokens to Minecraft. The mega-popular sandbox computer game Minecraft has been around for 11 years and during this time has grown into a multi-million community of players around the world. Now its participants will be able to connect the open source plugin EnjinCraft and create their own blockchain economy right inside the game. The plugin allows you to integrate digital assets into the game world and trade them securely on the p2p network through Minecraft servers, as well as through specialized chat rooms and online digital commerce platforms such as the Enjin Marketplace. To assess the scale of this innovation in terms of mass adoption of cryptocurrencies and blockchain technology, suffice it to say that over 126 million people play Minecraft every month.
- Facebook continues to adjust plans for digital currencies. Libra co-creator David Marcus said last week that the Calibra digital wallet is changing its name to Novi because the old name and logo "created a lot more confusion than anticipated . " The previous logo was accused of unacceptable resemblance to the logo of the Current online bank. As you can see, Facebook has not yet surrendered to anyone's onslaught.and goes to its goal, coordinating steps. Needless to say, the integration of a digital asset into the world's largest social network with an audience of about 2.5 billion users is a global step towards the introduction of blockchain technology and the massive adoption of cryptocurrencies, even taking into account all the features of this coin.
- India's largest multi-port operator Adani Ports digitizes shipments. The company has signed a contract with TradeLens, a digital container logistics platform developed by Maersk and IBM. As reported in the news, "The partnership with TradeLens will simplify business throughout the supply chain by replacing manual, time-consuming administrative processes with digital blockchain-based procedures . " This innovation is expected to save the company millions of dollars and also help streamline its supply chain by reducing lead times. And this is another vivid example of the introduction of blockchain technology into a global business.
- Bayer China partners with VeChain. The Chinese branch of Bayer, an international pharmaceutical company, has signed an agreement with the Singapore-based VeChain project. This Blockchain-as-a-Service (BAAS) segment platform provides services to create efficient distributed business ecosystems. The goal of the collaboration is to track the supply chain of medicines from the moment of clinical trials and production to their arrival in the retail network. Such a decision can be called vital, without exaggeration, since it eliminates counterfeit medicines from hitting the shelves of pharmacies, which is an urgent global problem today. And now this problem can be effectively solved using blockchain technology.
- Browser Brave vs Zoom. The first in terms of privacy and security, Brave's open source web browser with its own token launched a service with end-to-end encryption for making video calls. The product, dubbed Brave Together, will compete with Zoom's cloud-based platform, which, as it turns out, does not provide end- to -end encryption and leaks data . Such a solution is essential for protecting the privacy of all categories of users - from individuals to government agencies.
These are just a few examples of innovation over the past few weeks - in fact, there are many more and more and more. Blockchain technology and cryptocurrencies penetrate into different areas of human life, and this is wonderful. The crypto spring has come, and with it - new ideas that move technological progress to the next frontiers. Forward to the future!
