There are several figures in the crypto world that seem to be very bullish about the future of the famous cryptocurrency. This is why, Alexis Ohanian, co-founder of Reddit and the VC firm Initialized Capital, said that he is optimistic about the future outlook of the crypto space.
Alexis Ohanian Bullish on Crypto
After talking to CNBC, Mr. Ohanian explained that Bitcoin has been very resilient during the last years, and that it will keep in this way in the future.
About that, he commented:
“Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust… what this is more than anything else is a changing sign of the times… as volatile as its been we see it continuing going up over the long term, because more and more people are going to look for alternatives to fiat as a store of value.”
He has also offered two predictions, one about Bitcoin (BTC) and the other related to Ethereum (ETH). He said that the famous virtual currency will be reaching $20,000 and that ETH will hit $1,500 by the end of the current year.
At the same time, he warns about possible fraud in the crypto ecosystem. During the last months, different Initial Coin Offerings (ICOs) have been labelled as scams and some of them did not create any product and stole investors’ funds.
Mr. Ohanian said that his company is searching for projects to invest in but they are focused in those that are building robust products.
“We’re looking for those companies who are building the robust but very unsexy infrastructure that’s probably not going to make a headline anytime soon,” Ohanian explained.
Today, the virtual currency market is registering a total market capitalization of $300 billion dollars. Bitcoin, the most important virtual currency in the market is now being traded around $8,200 dollars and has a market value of $140 billion dollars.
Ethereum, the other currency mentioned by Mr. Ohanian is now the second most important coin and has a price of $475 dollars and a market capitalization of $48 billion dollars.