Bitcoin

Reddit Co-founder Stays on his Bitcoin’s Price Prediction of $20,000 this Year

In his recent interview with CNBC, the co-founder of the internationally prevalent Reddit, and the VC of a well-renowned venture capital firm, Initialized Capital, Alexis Ohanian, stayed stubborn on his previous forecast of seeing the bitcoin’s value rising past the $20,000 mark by 2018.

In the previous interview, back in May, when asked about the future of bitcoin and ethereum, he predicted the levels as high as $20,000 and $1,500 for bitcoin and ethereum, respectively. After the publication of the interview, he clarified that he mistakenly predicted the value of ethereum going above the level $15,000, as he originally wanted to say $1,500. He stated that:

At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000 [which he later clarified as $1,500]. Great, now people can call me out if I’m wrong.

The comment made by the co-founder of Reddit about ethereum’s price reaching the value of $15,000 also became the target of social media humiliation.

In his recent interview, when inquired about his stance regarding his previous statements about bitcoin value crossing the barrier of $20,000, Alexis replied:

As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.

He also stood by his prediction of ethereum crossing the level of $1,500. The co-founder of Reddit also asserted the robustness of bitcoin’s framework again and again as compared to the other cryptocurrencies, which he termed as “far less robust and fraudulent”. Emphasizing upon bitcoin’s importance on a global scale, he stated:

Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust [cryptocurrency], and certainly one of the best proofs of crypto being a store of value.

In his interviews, when asked about his investment plans regarding the blockchain market, he suggested a clear intent of investing in the blockchain-based companies in the near future. He also expressed his desire to invest in the companies looking for developing a new internet based on the blockchain framework. He clearly stated:

Last year, it was all about AI and machine learning, This year, it’s all about blockchain. Most of it is just hype and BS, just like how it was with AI and ML. Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for. So those are the types of companies we’re investing in now. These are the types of things I think will build the foundation for a very different, much better Internet.

He also expressed his excitement regarding the new internet, and even compared it with the revolutionary Netscape.

I was a kid in the 90s without much leverage when the first Internet was being built, so I see this as a hell of an opportunity. We’re still figuring it out. We still don’t have a Netscape, but it’s coming.

These statements made by the co-founder of Reddit are further strengthened by the current trend seen in the values of bitcoin and ethereum. With the possible establishment of a crypto-based exchange traded fund well in sight, this crypto-market is expected to grow and stabilize on a larger scale, as more and more investments will be pouring in from the major financial spearheads, taking the prices of cryptocurrencies to new highs.

As the crypto-market attracts more and more investments, and moves steadily towards stability, the forecasts made by Alexis Ohanian about the prices of bitcoin and ethereum, seem well in sight.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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