Alexis Ohanian is the cofounder of Reddit. Ohanian is very optimistic about the future of Bitcoin in 2018 and also forecasts that the Ethereum price will hit $15,000 in the year.
Ohanian is currently working full-time at Initialized Capital, a venture capital company. He believes that Bitcoin will reach $20,000 mark by the end of the year and Ethereum will be around $15,000.
He justified his view saying that as more developers are using Ethereum network to build decentralized applications, Ethereum will follow an astonishing bullish trend. He also believes that Bitcoin use as a store of value will be continued, but Ethereum’s value will really soar when it begins to be used to develop “Web 3.0.”
Ohanian said in an interview to Fortune’s Time Sheet:
“To the moon. [laughs] I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it.”
Ohanian continued talking about how Blockchain technology development was advancing. He highlighted that the first adopters who had experience only in engineering were different than those with knowledge in marketing companies and products. This is vital in order to achieve the technology its untapped potential. The web developer noticed:
“This stuff doesn’t actually change the world unless everyone is using it.”
He added that Blockchain will need one to two years to reach its true potential:
“This year, it’s all about Blockchain. Most of it is just hype and BS, 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.”
Ohanian also discussed the conditions he examines when picking companies to financially support with his venture firm Initialized Capital. Also, he commented those who want to regulate cryptocurrency. He believes that scams in this sector are:
“… frustrating because it undermines what is a really innovative technology. These people should be punished full-stop.”
Ohanian quitted his position at Reddit earlier this year to focus on investing in tech startups with that focus on Blockchain projects. He disclosed that the still checked Reddit to help him find trends, claiming that this is what motivated Initialized Capital to invest in Coinbase.
Ohanian is not the only one who is bullish on Ethereum this year, but also the only who predicts such a large increase. Last month, CEO of deVere Group’s stated that Ether would be worth $2,500 before the end of the year. He also believed that this increase would be due the growing adoption of ETH.