Reddit Co-Founder Alexis Ohanian Upholds Bitcoin Prediction at $20K
Alexis Ohanian, the co-founder of Reddit and Initialized Capital, upheld his bitcoin prediction at $20K and Ether prediction at $1.5K in an interview with CNBC. He previously commented this prediction to Fortune in May this year, saying,
“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $1,500. Great, now people can call me out if I’m wrong.”
He feels that this is the “changing sign of the times” as the blockchain technology is powering things like Bitcoin to work and scale to be a possible alternative to fiat as a store of value. The price of Bitcoin has been growing in the long run despite the short-term volatility.
Ohanian further noted that bitcoin is a “battle-tested” cryptocurrency and is better than many other altcoins that are “far less robust” and even “fraudulent” in some cases.
His firm, Initialized Capital is one of the first investors in Coinbase and other companies such as Reddit and Instacart. The firm, which manages $250 million in assets, still believes in traditional equity deals and bets positive on the long-term success of blockchain and cryptocurrencies.
By focusing on the “picks and shovels” amidst the “ton of wild speculation in the coin arena,” the firm empowers people who are building the non-sexy infrastructure for the whole ecosystem to work. Such companies and organizations may not be in the news as much as the price of various currencies but will slowly rise to the top over a period of time,
“We’re looking for those companies who are building the robust but very unsexy infrastructure that’s probably not going to make a headline anytime soon.”
When asked if blockchain could potentially “dwarf” the impact of World Wide Web, Ohanian replied in affirmative stating that if things play out as they expect them to, a new Internet can be created over the Blockchain infrastructure by improving upon the flaws of the world wide web.