Reddit co-founder Alexis Ohanian has doubled down on his prediction that the bitcoin price will reach $20,000 before the end of the year, arguing that the flagship cryptocurrency is “battle-tested” and capable of weathering market uncertainty.
Ohanian, who now runs venture capital firm Initialized Capital, defended his bitcoin price call in a recent interview with , adding that he is also standing by his prediction that ethereum can hit $1,500 during the same timeframe.
“bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust [cryptocurrency], and certainly one of the best proofs of crypto being a store of value,” he said, adding that many smaller cap cryptocurrencies are “far less robust” and in many cases “fraudulent.”
He added:
“As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.”
On Wednesday, the bitcoin price was trading at $8,389 after briefly crossing $8,500 the evening prior. A march to $20,000 would place bitcoin a few dollars above its current all-time high, at least on Western exchanges. On Bitfinex, for instance, the bitcoin price peaked at $19,891 in mid-December before succumbing to the present bear cycle.
As CCN , Ohanian first made his bullish bitcoin price prediction in early May, At the time, he said that the ethereum price would reach $15,000 in 2018, though he later clarified that he meant to say $1,500.
Elsewhere in the interview, Ohanian said that he believes blockchain technology could lead to the rise of a new internet that builds on the benefits of the first internet but corrects many of its inadequacies.
Featured Image from Shutterstock
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Published at Wed, 25 Jul 2018 15:04:19 +0000
bitcoin Opinion