Reddit Co-founder Alexis Ohanian has revealed his optimism about the future success of bitcoin despite the daily slump in price in an interview with Yahoo Finance. He believes bitcoin has the potential to be used as a store of value especially in countries where fiat currencies are being devalued.Ohanian is no stranger to the cryptocurrency scene, having co-founded Initialized Capital with his partner, Gary Tan. in 2011. Initialized Capital started out as a company investing in Y Combinator startups before it delved into cryptocurrencies, as one of the earliest investors of digital asset platform Coinbase. As a Coinbase investor, Ohanian strongly believes that the instability of fiat currencies in economically crippled countries might pave the way for cryptocurrencies such as Dash and Bitcoin.Ohanian points to the socio-political relevance of cryptocurrencies in countries like Turkey where the citizens are “losing faith” in the Turkish lira, which opens an opportunity for widespread adoption of bitcoin.“As a store of value, there is some real traction (with Bitcoin) and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because, as unstable as it is, it is actually a lot more stable for a lot of people than their own (currency).”Turkey’s economic fortunes nose-di...
