Reddit co-founder Alexis Ohanian believes Ethereum will hit $15,000 USD before the end of the year, while bitcoin will return to its all-time high of around $20,000.
Meanwhile, Reddit CTO Chris Slowe announced plans for the popular social media site to begin accepting cryptocurrencies as a payment method.
The news comes after Reddit recently canceled bitcoin payment options. In March 2018, Reddit removed bitcoin as a payment method due to high transaction fees. Reddit was also having trouble accessing Coinbase’s API. Slowe claims both factors are now less of an issue, which is why they will begin accepting bitcoin – and other cryptocurrencies – in exchange for Reddit Gold.
Reddit Gold provides users with access to the premium, advertisement-free version of the website. On Wednesday, Slowe announced that the company plans to re-introduce cryptocurrency-based payment options for Reddit Gold, including the ability to pay using Ethereum, Litecoin, and bitcoin.
Slowe revealed his company’s plans during an interview with Cheddar on May 2.
Reddit Co-Founder Alexis Ohanian Believes Ethereum Will Reach $15,000
The same day Reddit CTO Chris Slowe announced plans to begin accepting crypto payments again, Reddit co-founder Alexis Ohanian was busy making bold price predictions.
Ohanian is bullish on bitcoin for the year but believes Ethereum will have some of the biggest gains of 2018.
Specifically, Ohanian believes bitcoin (BTC) will return to its high of around $20,000 while Ether (ETH) will skyrocket to a value of $15,000, a significant jump over its all-time high of approximately $1,400.
ETH reached its all-time high in January 2018 when it hit $1,417. As of May 2, the price is sitting around $700. The price of ETH did not seem to jump significantly on the news of Ohanian’s prediction.
Why Ethereum? Ohanian claims Ethereum will make the jump because people are using the Ethereum network to create decentralized applications. Bitcoin will continue being seen as a store of value, but Ethereum will be the birthplace of what Ohanian calls “web 3.0”.
Ohanian revealed the information in an interview with Term Sheet, an online newsletter from Fortune.com.
Ohanian revealed he still holds “a little bit of bitcoin” but claims he’s “most bullish about Ethereum simply because people are actually building on it.” It’s unclear how much ETH (or other cryptocurrencies) Ohanian holds.
Ohanian left his position at Reddit earlier in 2018. Today, he’s focused on investing in tech startups, with a particular focus on blockchain projects. He does, however, check Reddit frequently in order to stay up-to-date on the latest crypto news.
According to the minds behind Reddit, the future of cryptocurrency is looking bright.