Key Takeaways

  • Reddit co-founder Alexis Ohanian endorsed the Ethereum blockchain on CNBC’s Squawk Field section at this time.
  • He said that a lot of his holdings are in Ethereum, and that he favors the blockchain because of its giant number of applicatons.
  • Although Ohanian is not on Reddit’s board, the social media website launched Ethereum-based tokens final yr.

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Alexis Ohanian, co-founder of the social media and information aggregator website Reddit, appeared on CNBC’s Squawk Box at this time. He mentioned cryptocurrency, meme shares and different investments.

Ohanian Favors Ethereum

Ohanian revealed that his major 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 “bought 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 akin 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 akin to GameStop (GME). He known as the identify for the pattern “charming,” however famous that momentum investing “is nothing new.”

Reddit and Cryptocurrency

This isn’t the primary time that Ohanian has addressed cryptocurrency. Final yr, he registered a reputation on the Ethereum Name Service. The stability of that handle means that he holds at the very least $2,900 price of ETH, although it’s probably 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 value of $1,500. Truly, costs solely rose as excessive as $800 earlier than the tip of that yr.

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 yr, it expressed its intent to make use of Ethereum to energy its points program.

Disclaimer: On the time of penning this writer held lower than $75 of Bitcoin, Ethereum, and altcoins.

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