Reddit Co-founder Predicts ETH Will Reach $15,000 in 2018
Ohanian who currently works full-time at Initialized Capital, a venture capital company, said in an interview that he believes that Bitcoin will reach the $20,000 mark by the end of the year and Ether will be around $15,000.
Ethereum’s Price Will Be Increased by App Development
Ohanian says that the main reason he is so bullish regarding the second leading cryptocurrencies is that more developers are using the Ethereum network to build decentralised applications. He believes Bitcoin will keep being a store of value, but Ethereum’s value will really soar when it starts to be used to develop ‘Web 3.0.’
The co-founder of Reddit said in an interview to Fortune’s Time Sheet regarding Bitcoin’s price prediction:
“To the moon. [laughs] I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it.”
Ohanian went on to talk about how blockchain technology development was advancing. He remarked that there was a change from the first adopters who had experience only in engineering to those with knowledge in marketing companies and products. This is essential for the technology to achieve its untapped potential. The web developer noted:
“This stuff doesn’t actually change the world unless everyone is using it.”
He added that blockchain will need one to two years to reach its true potential:
“This year, it’s all about blockchain. Most of it is just hype and BS, just like how it was with [artificial intelligence] and [machine learning]. Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for… These are the types of things I think will build the foundation for a very different, much better Internet.”
The co-founder also discussed the conditions he looks at when selecting companies to financially support with his venture firm Initialized Capital, as well as his view on those that want to regulate cryptocurrency. He believes that scams in this sector are:
“… frustrating because it undermines what is a really innovative technology. These people should be punished full-stop.”
Ohanian stepped down from his position at Reddit earlier this year to concentrate on investing in tech startups with that focus on blockchain projects. During his interview, he disclosed that he still checked Reddit to help him find trends. He claims that this is what motivated Initialized Capital to invest in Coinbase.
The web developer-turned-investor isn’t the only one who’s bullish on Ethereum this year, so far he’s the only one that predicted such a large price. Late last month, CEO of deVere Group’s stated that ether would be worth $2,500 before the end of 2018. The founder and CEO of the deVere Group, also believed that this increase will be due to the growing adoption of ETH and increase in developments.