The Early Bet on Ethereum
In 2014, Alexis Ohanian, co-founder of Reddit, decided to take a leap of faith into the world of cryptocurrency. He purchased a hefty 50,000 Ether (ETH) during a presale for just $15,000. Yes, you read that right—30 cents a coin! Fast forward to today, and that gamble has paid off handsomely, now worth an eye-watering $82.5 million. Who says you can’t turn digital magic beans into golden giants?
The Allure of Decentralization
Ohanian’s connection to his Armenian heritage played a pivotal role in his interest in decentralized currencies. In a revealing interview with Forbes, he mentioned how shared histories of persecution, such as the Armenian genocide, foster a desire for assets not controlled by any state. This hardwired instinct helped him embrace the concept of a decentralized store of value—an idea he found downright irresistible.
On the Defense: A Push for Self-Custody
With a personal history of loss—like the time Turkish soldiers took his family’s cherished heirloom rugs—Ohanian became a firm advocate for self-custody in the crypto realm. He’s not just another investor; he actively manages the private keys to his investments, refusing to entrust them to exchanges that might crumble under government scrutiny. “Why hand over the keys when you can safeguard your digital treasures?” might as well be his mantra.
Spotting Potential in NFTs
Ohanian’s eyes lit up when he first heard about Ethereum during a meeting with Coinbase. He recognized the vast potential for developers to create unseizable assets, including the burgeoning world of non-fungible tokens (NFTs). In retrospect, he quipped, “I didn’t invest nearly as much as I should have.” An understatement that echoes a sentiment many investors hold when they witness the meteoric rise of their favorite tokens.
A Vision for the Future
In 2020, Ohanian founded his venture capital firm, 776, using the fruits of his early crypto investments to empower the next wave of innovation in the space. As of February 2022, the firm had raised a stunning $500 million to invest across 29 crypto-focused startups. For Ohanian, bear markets are not a cause for alarm but rather a golden opportunity to snag assets at a bargain price. His firm now boasts over $750 million under management. It’s like having a treasure chest in the middle of a digital storm!
The Volatility Paradox
While crypto markets are notorious for wild swings, Ohanian is undeterred. He recognizes that many people, especially those with a history of witnessing inflation, find this volatility palatable. If you’ve lived through economic chaos, the promise of decentralized currency could feel like a way out. After all, whether you’re surfing the waves of uncertainty or riding the bull, it’s all about finding a stable ship to navigate the storm!
