![]() ![]() “It was a deep enough connection that I felt like I knew these people.” “They just knew I got up from dinner really abruptly because I had to go do something on the computer,” he says. His family had no idea what he was up to. Every Tuesday night, he asked his parents to excuse him from dinner, and he left to join other players online in the game. “I hadn't thought through the fact that if there are a million of these cards, that devalues the supply.”īy ninth grade his passion turned to first-person shooter video games like Quake 2. Unfortunately, he wasn’t the only one thinking that, and an explosion of sports cards printed to meet the demand during the 1990s left him with boxes of little more than printed cardboard. “I'd see a card worth $4 and I was like, ‘Oh my god, I just made a ton of money,’” says Ohanian of the occasional future hall of famer or rookie card in packs he bought for $4 each. And so when they see the volatility of cryptocurrency, it's like, ‘Okay, yeah, it's volatile, but have you seen the shit we've lived through?’”īorn in 1983 in Brooklyn, Ohanian learned his first business lessons collecting and trading Panini-branded NFL trading cards with his father. So many countries in Latin America, plenty of countries throughout the world have this notion of it. “And even though it is extremely volatile, there are plenty of people who have that generational consciousness of seeing massive inflation. “Even if all this experiment produces is a mechanism that enough people believe in to be able to take some notion of ownership or value–as subjective as that might be–from one place to another, that is unfettered, that feels like a win,” says Ohanian. While the collapse left many an embittered investor swearing off crypto forever, Ohanian’s family history steeled him to double down on his commitment to invest. Thanks largely to the collapse of FTX, which had been the world’s second-largest crypto exchange, an estimated $2.8 billion of bitcoin flowed off centralized rivals over the course of a single month as crypto enthusiasts rushed toward self-custody, protecting their assets from being trapped on third- party platforms and making them nearly impossible to seize. A $176 million fund Ohanian was on the verge of raising in August 2022 evaporated. In the aftermath of the collapse of FTX, which stranded billions of dollars of customers’ digital assets on the exchange, his optimism about crypto’s future was tested. ![]()
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