Alexis Ohanian, a co-founder of Reddit remains an incurable optimist on the bullish trend of Bitcoin and the prospect of cryptocurrency. In an exclusive interview with CNBC power launch team on 25 July 2018, he talked about the long-term trend of Bitcoin, his prediction on cryptocurrencies, and the possible competition between the fiat currency and cryptocurrency shortly.
Alexis Ohanian’s Views on Cryptocurrency
In the interview, he stated that Bitcoin is the most robust and one of the best proofs of cryptocurrencies being a reasonable store of value, amidst the uncertainty that has trailed the cryptocurrency world recently, due to its bearish move. He also notes the inherent danger of some cryptocurrency that is less robust and is fraudulent, which he did not detail about.
Alexis Further made his view known on the prospect of cryptocurrency in general, in which he stated that it is a change that will have a massive impact on the society. In his words, he said, “This technology, the blockchain, is enabling things like Bitcoin to work and to scale, and as volatile as it’s been, we see it continue going up over the long-term because more and more people are going to look for alternatives to fiat as a store of value.”
Also in the interview, he weighed on the factor affecting cryptocurrency and stated that the economic and political factor is the primary factor affecting cryptocurrencies.
As he had earlier predicted about cryptocurrencies with Bitcoin and Ethereum especially in May of this year saying Bitcoin will reach $20,000 and Ethreum $1,500, he affirmed his previous opinion in the interview. His idea is centered on the long-term view of cryptocurrency and not the short term, and he primarily invests in it for the long-term purpose.
In a similar mode of investment, he said he was part of those that first invested in Coinbase, which was a long-term investment because of his belief in the underlying technology, which he knew that blockchain would still need third parties to handle its exchange from fiat currency to cryptocurrency and the transfer processes. The long-term vision for investing in Coinbase has made it one of the largest cryptocurrency exchanges in the world and is still expanding.
He states his view on possible competition between the fiat currency and cryptocurrency, to which he says that even though many countries are banning cryptocurrencies, it will still find a way around the ban because of its decentralized nature and also state that he does not see cryptocurrency overthrowing fiat currency in any way in future.