REDDIT CO-FOUNDER PREDICTS CRYPTO REBOUND
Alexis Ohanian’s Prediction, If It Comes True, Would See The Value Of Blockchain Based Technologies Increase Exponentially By Year’s End.
MAY 3
Reddit co-founder Alexis Ohanian has told Fortune magazine he fully expects Bitcoin to rebound to around $20,000 by the end of the year, while its principal rival, Ethereum, will reach $15,000.
Ohanian is a venture capitalist now working for Initialized Capital. That firm has more than $250 million in assets under management, and is a major investor in the CoinBase cryptocurrency exchange.
He said he’s bucking the market trend on cryptocurrencies, particularly Ethereum, because “people are actually building on it.” Despite that, he believes blockchain is still a year or two away from reaching its full potential:
“This year, it’s all about blockchain. Most of it is just hype and [expletive], just like how it was with [artificial intelligence] and [machine learning]. 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 ... These are the types of things I think will build the foundation for a very different, much better Internet.”
If Ohanian’s prediction comes true, the “market cap” on Ethereum would increase more than 3,700 percent to $2.5 trillion.
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