Reddit Co-Founder Is Optimistic Despite Bitcoin Volatility and Bear Market

Reddit Co-Founder Is Optimistic Despite Bitcoin Volatility and Bear Market

The Reddit founder, Alexis Ohanian, remains as optimistic as always regarding cryptocurrencies despite the volatility. Ohanian gave his insights during a recent interview.

Reddit is a massive collection of forums and cryptocurrencies has made its way to one of the top forums on Reddit. Many recent topics have been discussed on Reddit, and earlier this year, news came out that Reddit might accept cryptocurrencies as a viable payment once again. They earlier supported Bitcoin, but due to high costs, it was removed but might be reintroduced. Another exciting tread that was created a couple of days ago stated that the exchange platform QuandrigaCX suspended a users account and froze his funds. The problem is that the account has around 108 Bitcoins in it which is roughly $719,000.  

It is not the first time Reddit co-founder, Alexis Ohanian, is bullish on cryptos. A few months ago he predicted Ethereum to reach $15,000 per coin.

“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong,” Ohanian said at the interview.

In a recent interview with Alexis Ohanian, JP Mangalindan, the chief tech correspondent for Yahoo, Alex was still bullish on cryptocurrencies and not least on cryptocurrencies like Bitcoin, Ethereum and Ripple.

“As an investor in Bitcoin and Coinbase investors, it’s also little surprise that Ohanian remains particularly bullish on cryptocurrencies such as bitcoin, despite their volatility. The prices of bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are down almost 56%, 67%, and 85% so far this year, respectively”.

In 2011, Alexia together with Gary Tan, founded the Venture firm Initialized but they are just a few of the bigger names to invest in cryptos. Other big players are the venture capitalist Tim Draper, Digital Currency Group CEO and founder Barry Silbert, and Tyler and Cameron Winklevoss, who launched the cryptocurrency exchange Gemini in 2015. Alexia thinks that what we see now is just the beginning and that people find a safe place in cryptos when their currencies come crashing down.

“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having a significant economic crisis. Where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because as unstable as it is, it is a lot more stable for a lot of people than their own nations’ fiat currency,” predicts Ohanian. “But right now, we’re still in the earliest, earliest stages.”

He says that people should not take that much notice about the volatility but rather focus on what is happening on the market. We are seeing more and more people opening accounts; we are getting more adoption, you can book hotel rooms at Expedia and order goods at Overstock. However, whether this type of investments ultimately succeeds, of course, remains to be seen, but those are the bets long-term-looking investors like Ohanian are willing to take.

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