Shutterstock Founder Jon Oringer Bought the Latest Bitcoin Dip

Divya  |  Jul 2, 2021

Shutterstock founder and executive chairman Jon Oringer bought the latest Bitcoin(BTC) dip, which saw the largest cryptocurrency plummet by roughly 50%. Oringer made the revelation during an interview with Bloomberg, where he posited that cryptocurrencies are “here to stay” as individuals and businesses work out “how to build infrastructure on top of the blockchain.”

Jon Oringer Talks Bitcoin Investment and Decentralized Platforms

Oringer is anticipating many developments on the blockchain, including the creation of decentralized social media platforms and marketplaces. He stated that “as these come out it's going to strengthen these tokens. They have massive network effects today. I think that will only get stronger.”

The serial entrepreneur is also hyped up about nonfungible tokens(NFTs) and shared that Shutterstock is working to incorporate them. According to him, NFTs are “starting to legitimize” the blockchain technology’s purpose and applications. 

In Oringer’s view, Blockchain plays a crucial role in maintaining trust in the system.  “Ultimately, it comes down to trust. If there's a system in which there's a reason to not trust the marketplace or the mechanism, I think that's where blockchain starts to come in,” he noted.

Besides Shutterstock, Oringer is also overseeing VC Fund and tech incubator Pareto Holdings as its co-founder. The venture is seeking opportunities in fintech, EdTech, health care tech, Web 3.0, blockchain, and cryptocurrencies.

Meme Stocks and Retail Mania Represent Fundamental Change

On the subject of meme-stocks, Oringer opined that investor sentiment represented a fundamental shift in decision making. “We see people making their own investment decisions,” he claimed while explaining that even though there’s a disconnect between risky speculation and trading, eventually the fundaments will weigh in and determine how these equities trade.
He added, That's the way the system works. That's the way it will continue to work,” although a lot of people want a say in this system and they’re doing that with their money.
“It's a fundamental change in how people are investing and how people look at investing,” Oringer stated while maintaining that most of the valuations will return to their normal levels.

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