Reddit Co-founder Holds ‘Quite A Bit’ of Ethereum, But Also Invested in Solana, Polygon, & Optimism
Alexis Ohanian, whose Twitter name bears “eth,” thinks “Ethereum has...got the most to prove.” However, he is just as interested in meme stocks which are not “sound” investments but not going anywhere, and markets have to adapt to this.
Reddit co-founder Alexis Ohanian is long Ethereum, the second-largest cryptocurrency, which he defines as “ultrasound money.”
He recently raised $150 million for a venture fund, the first one launched by his new firm Seven Seven Six. The new fund has invested in 17 startups to date, including the Bitcoin-based shopping rewards program Lolli and the trading platform Pipe Technologies.
Ohanian, whose Twitter name bears “ETH,” is confident in the potential of digital currencies to create big and cutting-edge companies. He was an early investor in the largest US crypto exchange Coinbase. In a recent interview with Bloomberg, he said,
“There's a tipping point now that's happened where enough people have bought in that it's not going away.”
While he holds some Bitcoin, it is Ether that he holds “quite a bit.”
This is because, “I think Ethereum has…got the most to prove,” Ohanian told CNBC in an interview, adding: “There are so many interesting applications, NFTs are just the start of what's getting built on top of the Ethereum blockchain.”
While Ether dominates his portfolio, he revealed on Tuesday that he is also “very intrigued” by other cryptocurrency projects, viz. Solana (SOL), Polygon (MATIC), Filecoin (FIL), Origin Protocol (OGN), Ethereum scaling solution Optimism, and Helium (HNT).
Besides noting their progress and user growth in the fast-pacing crypto space, Ohanian is also investing in these crypto projects.
“Every single week there's a new story happening at the intersection of Community and Capital; technology is rapidly accelerating new financial markets: from crypto to trading cards to NFTs.”
According to him, the advantages of the new technology, especially ‘digital money,’ far outweigh the risks. And he is expecting the US to embrace this new technology instead of hindering its growth with regulations.
“I would hope that our government and regulators would lean into the strengths so that the US can keep an innovation advantage as decentralization massively levels the global playing field.”
Ohanian is just as interested in meme stocks as he is in cryptocurrencies and invested some personal funds in GameStop. “Full disclosure I have shares, I’ve held shares for a minute now,” he said of GME.
While these meme stocks are not really “sound” investments, neither the social media nor the retail traders are disappearing. “In fact, the opposite is happening, and the new stock market (and all markets) need to adapt to this,” he tweeted.
“We've crossed a Rubicon here with retail investors, there's no going back now that everyone has access to information, real-time conversations, and one-click trades from their phone — it's only going to increase.”