Reddit Co-Founder Alexis Ohanian Endorses Ethereum | Crypto Briefing

Key Takeaways

  • Reddit co-founder Alexis Ohanian endorsed the Ethereum blockchain on CNBC’s Sqwak Field phase immediately.
  • He said that a lot of his holdings are in Ethereum, and that he favors the blockchain because of its massive number of applicatons.
  • Although Ohanian is not on Reddit’s board, the social media website launched Ethereum-based tokens final 12 months.

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Alexis Ohanian, co-founder of the social media and information aggregator website Reddit, appeared on CNBC’s Squawk Field immediately. He mentioned cryptocurrency, meme shares and different investments.

Ohanian Favors Ethereum

Ohanian revealed that his major curiosity is within the Ethereum blockchain. “I feel there’s plenty of attention-grabbing stuff that’s effervescent up,” he said, including that Ethereum has “obtained essentially the most to show.”

He defined that he favors Ethereum due to its many purposes, together with crypto-collectibles or non-fungible tokens. “NFTs are simply the beginning of what’s getting constructed on prime of the Ethereum blockchain,” Ohanian famous. His assertion implicitly acknowledges different Ethereum dApps comparable to DeFi funding platforms, decentralized exchanges, and buying and selling video games.

Ohanian concluded by stating that the majority of his crypto holdings are in Ethereum. “That’s the place plenty 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 comparable to GameStop (GME). He referred to 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 12 months, he registered a reputation on the Ethereum Identify Service. The steadiness of that deal with means that he holds at the least $2,900 price of ETH, although it’s probably 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 Might 2018, he predicted that ETH would attain a worth of $1,500. If truth be told, costs solely rose as excessive as $800 earlier than the top of that 12 months.

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 sure subreddits. This 12 months, it expressed its intent to make use of Ethereum to energy its factors program.

Disclaimer: On the time of scripting this writer held lower than $75 of Bitcoin, Ethereum, and altcoins.

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