/Reddit Co-Founder: Crypto Can ‘Fuel a Potential New Internet’

Reddit Co-Founder: Crypto Can ‘Fuel a Potential New Internet’

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The co-founder of online social news forum Reddit has said that cryptocurrencies are ‘fuel for a new internet’ and that they are an opportunity for people to have ‘a store of value.’

Alexis Ohanian was appearing as a guest on the Late Show with Stephen Colbert yesterday when he made these comments. After talking about how he met his wife Serena Williams, an American professional tennis player, Colbert moved the conversation to the digital currency space and Ohanian’s involvement with it.

Talking about cryptocurrencies Ohanian added that they give people the chance to have ‘a store of value that’s not backed by a single country.’ He then went on to say that while that may ‘seem silly’ to those in developed nations, he is of the opinion that for so many other people they can provide a lifeline.

“In so many states, there are uncertainties about government and money. And people see their lives savings disappear. There’s a real value of having a currency that – as volatile as bitcoin is – are still potentially less volatile than some of the states that see hyper inflation,” Ohanian said, adding:

“For so many people in the world to have that security of knowing what’s yours is yours – because it [cryptocurrency] is now digital, it can be transferred with you wherever you are going – is actually pretty empowering.<

Later in the show, Ohanian noted that he ceased managing the day-to-day operation of Reddit in January this year and has initiated a venture capital fund together with former Y Combinator partner Garry Tan.
As part of that effort, Ohanian and Tan have also recently participated in a funding round for the sharing economy blockchain startup Origin through a Simple Agreement for Future Tokens (SAFT) sale.

The online social news forum also appears keen to get back involved with cryptocurrencies. Earlier this month, Chris Slowe, the chief technology officer at Reddit, revealed that the company has plans to relaunch cryptocurrency payments in the future. This follows from its decision to stop accepting bitcoin payments in March. As well as Bitcoin, Reddit is also considering adding Litecoin and Ethereum to its platform for its Gold members.

The Reddit co-founder has also given his projected views on where Bitcoin and Ethereum will be by the end of the year. Even though he remains bullish on the price of Bitcoin, pegging it at $20,000 for 2018, he thinks that Ethereum will outpace it in terms of gains, valuing it at $15,000.