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10 November
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One of the Reddit founders Alexis Ohanian and his Initialized Capital partner Garry Tan told in a recent interview with Breaker Mag that the current bear market will benefit innovations in crypto sphere.

Tan said:

“The last time this happened, bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came Ethereum. Truly useful things come out of the nadir of the last hype cycle.”

The Co-founder of Reddit also pointed out that the current situation around crypto market is cause “all the greedy speculators to scatter and it realigns and really incentivizes the people who are building to just build.”

Previously, Ohanian compared the current state around cryptos analogous to the early period of the Internet in 90s.

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