According to Alex Ohanian, the founder of Reddit, cryptocurrencies hold the potential to bring forth a whole new era of the internet regardless of their volatile nature.
In his comments, while appearing on a late night talk show, Ohanian stated that virtual currencies have the potential to act as a store of value especially because they are not backed by a lone country. He believes that the strength of cryptocurrencies lies in its ability to transfer assets across geographical borders.
Cryptocurrencies To Counter Hyper-Inflation
The social media guru states that matters regarding money and the government hold a lot of uncertainties. In most cases, people lose their savings in mysterious circumstances without much hope of ever recovering them.
However, with virtual currencies such as Bitcoin, people have the comfort of knowing that their assets are theirs without the power of possession is in the hands of someone else. As much as these currencies may be volatile, they are much better than losses arising from hyperinflation.
Ohanian acknowledges that the ability to carry one’s wealth wherever they go is pretty empowering. With virtual currencies, one holds control and power over their assets in digital form.
What’s Happening At Reddit?
Well, Ohanian stated that he stopped overseeing the day to day operations of Reddit in early January. Consequently, he has partnered with Garry Tan, Y Combinator, to put forward a venture capital fund. Among the things the two have done contribute to a funding round of Origin through a Simple Agreement for Future Tokens.
More to that, Reddit is exploring cryptocurrencies and the benefits that Blockchain technology brings. A while back, the platform intends to reintroduce the cryptocurrency payment option for its Gold members. The platform is considering adding Ethereum and Litecoin to the existing Bitcoin payment option.