- Reddit co-founder Alexis Ohanian endorsed the Ethereum blockchain on CNBC’s Squawk Field phase right this moment.
- He acknowledged that a lot of his holdings are in Ethereum, and that he favors the blockchain as a result of its giant number of applicatons.
- Although Ohanian is now not on Reddit’s board, the social media web site launched Ethereum-based tokens final yr.
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Alexis Ohanian, co-founder of the social media and information aggregator web site Reddit, appeared on CNBC’s Squawk Box right this moment. He mentioned cryptocurrency, meme shares and different investments.
Ohanian Favors Ethereum
Ohanian revealed that his main curiosity is within the Ethereum blockchain. “I believe there’s a number of attention-grabbing stuff that’s effervescent up,” he acknowledged, including that Ethereum has “acquired essentially the most to show.”
He defined that he favors Ethereum due to its many functions, together with crypto-collectibles or non-fungible tokens. “NFTs are simply the beginning of what’s getting constructed on high of the Ethereum blockchain,” Ohanian famous. His assertion implicitly acknowledges different Ethereum dApps corresponding to DeFi funding platforms, decentralized exchanges, and buying and selling video games.
Ohanian concluded by stating that almost all of his crypto holdings are in Ethereum. “That’s the place a number of my holdings are, candidly,” Ohanian mentioned. He didn’t reveal how a lot ETH he holds.
Ohanian additionally commented on community-driven meme shares corresponding to GameStop (GME). He known as the title for the development “charming,” however famous that momentum investing “is nothing new.”
Reddit and Cryptocurrency
This isn’t the primary time that Ohanian has addressed cryptocurrency. Final yr, he registered a reputation on the Ethereum Name Service. The stability of that tackle means that he holds a minimum of $2,900 value of ETH, although it’s possible that he holds extra in different accounts.
In 2019, Ohanian’s VC agency, Initialized Capital, invested in SkyWeaver—an Ethereum-based competitor to common buying and selling card video games like Magic: The Gathering and Hearthstone.
In Could 2018, he predicted that ETH would attain a worth of $1,500. Essentially, costs solely rose as excessive as $800 earlier than the top of that yr.
Although Ohanian has resigned from Reddit’s board, the positioning has gone on to utilize Ethereum with out him. In 2020, Reddit launched Ethereum-based tokens on certain subreddits. This yr, it expressed its intent to make use of Ethereum to energy its points program.
Disclaimer: On the time of penning this creator held lower than $75 of Bitcoin, Ethereum, and altcoins.
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