Reddit and Initialized Capital Co-founder Alexis Ohanian discussed how cryptocurrencies are entering the venture capital space, why he’s moving away from Reddit. Earlier in May, he predicted $20,000 Bitcoin (BTC) and $1,500 Ethereum (ETH) for 2018 in a recent interview.
According to the 35-year-old entrepreneur, Bitcoin could reach $20,000 by the end of the year, while Ethereum will reach $1,500. By contrast, Bitcoin is currently trading over $8k, while Ethereum transacts for $476 approx. By Ohanian’s prediction, both coins will have to triple in value in just five months. This may seem an impossible feat in a regular market. But given the rapid changes and volatility of the crypto markets, and their previous performance, it doesn’t seem out of reach.
Ohanion said,
“Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust … But what this is more than anything else is a changing sign of the times … And as volatile as it’s been, we see it continue going up over the long term because more and more people are going to look for alternatives to fiat as a store of value.”
Ohanian is a firm believer in the resilience of Bitcoin. But he suggests that his VC firm Initialized is very careful about smaller cryptocurrencies that are “far less robust” as compared to Bitcoin. Explaining the investment strategy of his company, he said that they are looking for companies that have an uninspiring or boring infrastructure that is not going to make headlines anytime soon.
On whether blockchain would “dwarf” the impact of the world wide web, Ohanian told reporters that there is a “chance for a new internet to be built” that empowers users with the ability to “browse with a store of value,” something that currently excludes participation from people worldwide who are without access to financial services.
Ohanian’s confirmed price predictions follow a recent Bitcoin price rally that has driven the market towards the green, gaining $14 billion in the last seven days to a total market cap of approximately $300 billion at press time.
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