Earlier this year, Alex Ohanian, the co-founder of Reddit revealed he would pick up his cryptocurrency investment portfolio and halt his daily responsibilities in the company. Today, Ohanian seems to have fully dive into cryptocurrency investment at Initialized Capital, a Venture Capital Firm that began operations in 2012.
Initialized Capital, which is worth over $250 million, was founded by Gary Tan and co-founded by Ohanian. The firm has some of its investments in Coinbase, Opendoor, Soylent, Instacart, Cruise Automation, and others.
In an interview, Ohanian claims he still uses Reddit to stay updated on the latest trend. His statement to Term Sheet reads: “I still use Reddit to discover burgeoning trends. It’s a big part of why Initialized was the first check-in Coinbase. You could see these trends popping on r/Bitcoin, for example. The early, organic communities served as really great focus groups.”
Ohanian, who is the husband of tennis champion Serena Williams, revealed he left his duties at Reddit because he believes that cryptocurrency technology will change the world. When asked about how high he thinks Bitcoin will go, Ohanian predicted that bitcoin will go to the moon but believes Ethereum will do better.
“To the moon. 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. It’s still early days, but you know, we’ve got a few CryptoKitties.” CryptoKitties is a game on the Blockchain that allows people to train and exchange digital cats.
“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 added.
With this prediction, Ethereum, the second-largest cryptocurrency in the world, would jump from a market cap of $67 billion to $1.5 trillion. And Bitcoin would bounce back to $20,000 with a $340 billion market cap.
However, the big question is – would Ethereum be able to take this big jump within seven months? Indeed, there is no limit to what we could see in the crypto verse.
This post was first published on: May 2, 2018