- Reddit co-founder Alexis Ohanian endorsed the Ethereum blockchain on CNBC’s Squawk Field section as we speak.
- He said that a lot of his holdings are in Ethereum, and that he favors the blockchain on account of its giant number of applicatons.
- Although Ohanian is not on Reddit’s board, the social media website launched Ethereum-based tokens final 12 months.
Alexis Ohanian, co-founder of the social media and information aggregator website Reddit, appeared on CNBC’s Squawk Box as we speak. 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 lots of attention-grabbing stuff that’s effervescent up,” he said, including that Ethereum has “obtained probably 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 the majority of his crypto holdings are in Ethereum. “That’s the place lots 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 identify 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 Name Service. The stability of that deal with means that he holds not less than $2,900 price of ETH, although it’s seemingly that he holds extra in different accounts.
In 2019, Ohanian’s VC agency, Initialized Capital, invested in SkyWeaver—an Ethereum-based competitor to fashionable 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. In truth, costs solely rose as excessive as $800 earlier than the top of that 12 months.
Although Ohanian has resigned from Reddit’s board, the location has gone on to utilize Ethereum with out him. In 2020, Reddit launched Ethereum-based tokens on certain subreddits. This 12 months, 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.