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Blockchain stays even if most projects fade, says Reddit co-founder

  • Alex Ohanian says that even if a majority of crypto projects and companies disappear, the underlying blockchain will remain and power the next innovations in the space.

  • He urges investors to do due diligence before they take investment positions, and generally look at the long-term view of the project in question.

Reddit co-founder Alex Ohanian has weighed in on the topic of blockchain technology, noting in a CNBC interview that he believes the tech is “real” and “here to stay.”

His comments come at a time the crypto market is facing a rough patch after what many say has been a year of staggering growth- both in the gains made by investors and in the key crypto innovations to have exploded onto the scene.

While he notes that some, or even most of the cryptocurrencies might not survive going into the future, he believes the underlying blockchain technology will remain the bedrock of further innovations in the industry.

Ohanian was one of the early investors in the space, having put a bet on the crypto exchange Coinbase during its seed round in 2012. He says he’s been around quite long enough to have seen what the industry is like, and his take is that blockchain has a future.

Noting that the technology underpinning cryptocurrencies is “real”, he added, telling CNBC’s Shepard Smith:

“You need to look no further than just all of the really talented people, as you said, leaving in droves from Big Tech to go be a part of this and go build.“

According to Ohanian, there remains a lot to be done in the industry, with volatility one of the main issues facing investors. However, he’s categorical that the crypto space is “here to stay” when it comes to the technology.

Blockchain stays- even if most projects crash and disappear

On the issue of the proliferation of cryptocurrencies, the Reddit co-founder agrees that a majority will probably fade. He says this will happen, be it with some blockchain projects or most offerings in newer segments such as decentralised finance (DeFi) or the non-fungible token (NFT) world.

But he says that as with any other technological developments over the years, consolidations do occur as some companies fade. He says that this is also true of crypto, where there are a few “big winners” and most others that will fade.

However, despite the outlook, he maintains that alternative assets are set to be a big part of people’s investment portfolios.

His opinion, though, is that it is important for anyone looking to be a part of the investment space to undertake thorough research first before they invest. Also critical is to have a long-term view of the venture.

The Seven Seven Six venture

Ohanian is also the founder of Seven Seven Six, a US-based venture capital firm that focuses on investing in early-stage and growth start-ups across four areas- community, climate, crypto, and culture.

The firm recently invested in a firm called EarlyBird, which allows people to create accounts through which they can invest in their children’s future as well as offer them financial literacy.

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Brian Kelly on 3 “under-the-radar” metaverse tokens to watch in 2022

The investor says Axie Infinity, The Sandbox, and Decentraland could explode again amid network growth and the metaverse hype.

“Fast Money” trader Brian Kelly has highlighted three coins he says he’s been tracking and which he believes have the potential to see greater adoption and price increase long term.

According to the crypto investor, the three “under the radar” projects are all metaverse-linked – in the gaming or virtual world sectors. He told CNBC’s post-market show that these are tokens he’s been watching and which he believes are set to outperform as the underlying networks mature.

He also highlighted that as the metaverse idea takes solid shape, a lot of interest is likely to be around Ethereum and Solana, blockchain networks that could see significant activity related to the metaverse. The investor also sees opportunities in layer 2 protocols or decentralised applications (Dapps).

Kelly says his top picks for trading opportunities are play-to-earn (P2E) token Axie Infinity (AXS), metaverse and NFT linked The Sandbox (SAND), and Ethereum-powered decentralised virtual reality token Decentraland (MANA).

He believes these tokens’ value will keep increasing as the space grows, noting that it’s all about the network effect. He noted:

“Just as Facebook [Meta] grew, the price of its stock grew and as these networks grow – these virtual worlds grow – the value of the underlying currency needs to grow to service that underlying economy.”

Axie Infinity (AXS)

On Axie Infinity he says that the gaming token’s explosive growth this year has more and more people looking to play, and as the network grows, so does the value of the underlying token AXS. The token’s price is up 16,819% this year, with its value against the US dollar around $95.48 (as of writing) according to data from CoinGecko.

The Sandbox (SAND)

The Sandbox (SAND), also Kelly’s top pick among tokens trading “under the radar” currently trades around $5.89 and has soared 15,561% this past year. The Sandbox is a Roblox-like decentralised virtual world that allows for gaming and trading of tokens, with participants taking true ownership of assets through non-fungible tokens (NFTs).

Decentraland (MANA)

BK, as he’s commonly referred to on the CNBC show, is also bullish on MANA, the native token in the Decentraland virtual world. With MANA, holders can buy real estate, develop it and monetize it, and do “a lot of other different things” in the virtual world economy.

MANA currently trades around $3.34, about 30% down over the past month. However, the token’s value has spiked over 4,000% in 2021.

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Market highlights December 30: Cryptos seen lower, US markets edge higher

The crypto market as a whole is bearish as the year comes to an end. It was in the red over the past 24 hours, as the top 10 cryptos were seen lower at the time of writing. The three major US indices edged higher yesterday as the SPX500 rose 0.14% to finish the session on another all-time high. The UK100 hit a 22-month high yesterday, its highest level since February 2020.

Top cryptos

Bitcoin was down approximately 2%, trading below $47,000 this morning. Ethereum and XRP were down around 3%, while Solana registered losses of approximately 6%. Uniswap, yesterday’s only gainer in the top 20, is reversing wins. It’s down 9% so far today. The next-ranking coin (19), Algorand, is its complete antipode, up 11%, and the biggest winner in the top 20 cryptos by market cap.

In other crypto news, Binance Holdings announced yesterday it has received initial approval from Bahrain’s central bank to become a crypto service provider in the Middle Eastern country. This regulatory nod from Bahrain could bring cryptos to higher trading volumes, and according to Shark Tank’s Kevin O’Leary, could drive crypto prices higher.

Top movers

XinFin (XDC) is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XDC protocol is architected to support smart contracts, 2000TPS, 2 seconds transaction time, and KYC to masternodes. The XDC blockchain uses XinFin Delegated Proof of Stake with the intent to create a highly-scalable, secure, permission, and commercial grade blockchain network. XDC is the biggest gainer in the top 100 today with value growth of 15%.

Following continuous improvements to the ecosystem and a series of lucrative partnerships, the price of NEAR Protocol is only going up. Today, it has gained 14%.

The creators of Cosmos describe it as a project that solves some of the “hardest problems” facing the blockchain industry. It’s up 9% in the last 24 h.

Monero has been rising steadily since it made good on its promise of a decentralized exchange built on privacy, speed, and low fees. It’s up 7% today.

Most of the other coins are down by 1-6% today. At #98, ICON continues reversing gains. It has lost 14% in the last 24 h.  

Trending

SORA Validator Token (VAL) is the token of the SORA network, which is said to excel at providing tools for decentralized applications that use digital assets, such as atomic token swaps, bridging tokens to other chains, and creating programmatic rules involving digital assets.

SORA joined the Kusama parachain auctions and interoperability between the existing SORA network and the SORA Kusama parachain network will be enabled via a bridge. The VAL token gained 4,140% today, possibly on news of securing a slot on Kusama.  

The post Market highlights December 30: Cryptos seen lower, US markets edge higher appeared first on Coin Journal.

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You can now buy Tezos, the network with the most advanced infrastructure: here’s where

Tezos is a smart-contract based blockchain network, which aims to offer infrastructure that can evolve and improve over time without the need of a hard fork. The live Tezos price today is $4.42 USD with a 24-hour trading volume of $180.75 million. This article shares details about Tezos and the top places to buy Tezos now.   

Top places to buy Tezos now

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy XTZ with eToro today

bitFlyer

Easily buy and sell Bitcoin, Ethereum, Litecoin and other virtual currencies with Euros on the world’s most trusted exchange. Trade with confidence knowing that bitFlyer is a licensed financial institution operating in Europe, Japan and US.

Buy XTZ with bitFlyer today

What is Tezos?

The Tezos network is similar to Ethereum with one major difference: there will never be the danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

This open-source platform bills itself as “secure, upgradable and built to last” — and says its smart contract language provides the accuracy that is required for high-value use cases. According to Tezos, its approach means that it is futureproof and will “remain state-of-the-art long into the future,” meaning it can embrace developments in blockchain technology.

Should I buy Tezos today?

Take all price predictions and investment advice with a grain of salt and never invest more than you can afford to lose.    

Tezos price prediction

Wallet Investor forecasts a long-term increase. The price prognosis for the end of 2026 is $15.65. With a 5-year investment, the revenue is expected to be around 251%. An investment of $100 made now will amount to $351 in 5 years if the prediction is correct.

Tezos on social media

 

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