Bitcoin and cryptocurrency investors have been waiting for an end to crypto winter since early 2018.
The bitcoin price has been trading at around half of its all-time highs of $20,000 per bitcoin for the last two years—but there are signs crypto winter is beginning to thaw.
Now, co-founder of social news aggregation site Reddit and early investor in major U.S. bitcoin and crypto exchange Coinbase, Alexis Ohanian, has said he sees the green shoots of a new bitcoin and “crypto spring.”
“We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain,” Ohanian told Yahoo Finance Live, adding that “is the best signal of long term value creation.”
Ohanian’s outlook chimes with that of renowned Silicon Valley venture capital firm Andreessen Horowitz which earlier this month forecast a “fourth crypto cycle” could be on the horizon—signalling the end of the third crypto winter and kicking of a cycle that begins with the bitcoin price rising.
The bitcoin price roared back last year, climbing to around $12,000 as some of the world’s biggest technology companies eyed bitcoin and cryptocurrencies.
Bitcoin’s 2019 rally faltered amid increased regulatory scrutiny with the price plunging back to under $4,000 in March as the coronavirus crisis caused markets around the world to crash.
However, bitcoin is now on track to be one of the year’s best performing assets.
Ohanian, who invested in Coinbase back in 2012, said that the trends “we’ve seen bear out are quite telling.”
“I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it because I do think it’s a prudent hedge,” Ohanian said.
The bitcoin and cryptocurrency community has cheered fresh support from some high-profile investors over recent weeks.
Legendary macro investor Paul Tudor Jones revealed he is buying bitcoin as a hedge against the inflation he sees coming as a result of unprecedented central bank money-printing designed to offset the economic damage done by the coronavirus pandemic.
“It’s interesting to see OGs of Wall Street now getting into crypto and buying bitcoin,” Ohanian added. “It’s increasingly showing that it’s here to stay.”