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- Alexis Ohanian says the crypto winter will shake out "tourists and grifters" from the sector.
- The Reddit cofounder views bitcoin as a haven asset like gold, but for a new generation.
- Ohanian paid just $15,000 for ether that would be worth over $100 million today if he'd kept it all.
Alexis Ohanian predicts a brighter, cleaner future for cryptocurrencies, and sees bitcoin as a modern-day version of gold.
"I've invested through every 'crypto winter,' and they still don't faze me," the Reddit cofounder posted on X this week. "Winter clears out the tourists and grifters, it happens in every industry."
Ohanian, the founder and general partner of venture firm 776, touted crypto as safe despite its volatility. It's "no different than gold" as the yellow metal's value stems from centuries of people believing it's worth something, he said.
"Bitcoin is the same thing – but for a new generation," he wrote, noting there's conviction in the digital token's value but unlike gold, it's completely decentralized. "That's exciting for an investor."
The price of bitcoin has tumbled from nearly $70,000 at its peak to below $40,000 over the past couple of years. However, it has roughly doubled since the start of this year, boosting its market capitalization to about $730 billion — not far off the $780 billion market capitalization of Warren Buffett's Berkshire Hathaway.
Ohanian is a longstanding champion of crypto. He revealed earlier this year that he paid just $15,000 for 50,000 ether in 2014 — an amount worth over $100 million today if he'd kept it all. He made a combined $50 million from early bets on ether and Coinbase stock, he said.
The venture capitalist, who's married to tennis star Serena Williams, has predicted the crypto industry will shift from "speculation + casino vibes" toward wider adoption, greater utility, and fun. He's also said that bear markets are typically when people create products with real value.
"This crypto winter is exactly the time when folks are gonna be building," he said in May. "The next cycle won't be defined by gambling or speculation, it'll be through engaging gameplay."
Ohanian has also declared the rise of crypto and other alternative assets means the classic portfolio of 60% stocks and 40% bonds will be "dead for digital natives."