7 hours ago · 2 min read
Emerging from a multi-month downtrend, the cryptocurrency market is starting to rebound from its yearly lows. Showing optimism for the industry, Reddit Co-founder Alexis Ohanian upheld his end-of-year $20K Bitcoin and $1.5K Ethereum price predictions for 2018.
‘BTC $20K, ETH $1.5K by End of 2018’
Co-Founder of Reddit and Initialized Capital, Ohanian confirmed his 2018 price predictions for Bitcoin at $20,000 and Ethereum at $1,500 in an interview with CNBC on July 24, 2018.
When asked if Ohanian stands by his May 2018 price forecast, Ohanian lightheartedly said:
“Yes. I also stand by the fact that people can call me out if I’m wrong.”
In the interview, Ohanian emphasized Bitcoin as “the most robust” and “one of the best proofs” of cryptocurrency acting as a viable store of value that has enabled global adoption, especially in the shifting landscape of crypto regulations.
Expressing a long-term belief in the world’s leading cryptocurrency, Ohanian noted:
“… as volatile as it’s been, we see [Bitcoin] continuing to go up over the long term, because more and more people are going to look for alternative for fiat as a store of value as we see currency fluctuations with states failing and other uncertainties that makes having a digital store of value like Bitcoin something that’s desirable.”
Early Stages of Blockchain, Opportunity for Internet 2.0
Through his VC firm, Ohanian stated plans to invest in the early “picks and shovels” of the nascent sector, which form the underlying infrastructure for cryptocurrency and blockchain applications.
Founded in 2011, Initialized Capital is one of the earliest investors in Coinbase digital exchange and has over $250 million in assets under management.
“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.”
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.