Co-Founder of Initialized Capital, Alexis Ohanian Believes “Digital Store of Value Will Be Desirable” One Day
In an interview with CNBC during its “Power Lunch Segment”, Co-Founder of Initialized Capital, Alexis Ohanian discusses cryptocurrencies, blockchain technology and cryptocurrencies moving towards the venture capital (VC) sector.
The interview dived straight into Bitcoin’s current, positive growth. When he was asked where he thought it will be heading, and whether or not he believes that the giant represents the toughness of its platform, Ohanian replied: it has been struggling for the longest time. He added that despite the hurdles, the technology behind it continues to prove the contrary.
In particular, he said:
“The blockchain technology is allowing Bitcoin to work and to scale. We see it going up moving forward,” he also added the fact that the need for a digital store of value will one day be “desirable as it no longer will need one to withdraw from the bank.”
Ohanian has previously offered his prediction to Fortune, sometime this May, and it seems that the Co-Founder strongly trusts that Bitcoin will once again reach its all-time high of USD $20,000, followed by Ethereum at USD $15,000. He even commented saying “Now people can call me out if I’m wrong”.
When CNBC’s spokesperson went back to his May comment, Ohanian said that he still “stands by it.” He namely based his prediction off of the blockchain technology’s potential, and has shared that he invested in Coinbase, which to him has been the most successful thus far.
Government and Cryptocurrency Acceptance
Governmental stance of cryptocurrencies has been fluctuating across the globe, as some countries have accepted the likes with open arms, while others banned them altogether. When Ohanian was asked his take on whether governments will give room for such competition, like that of bitcoin and altcoins, he simply believes that cryptocurrencies are a viable alternative.
Mainly, he is not for the complete shutdown of fiat currency but sees the technology behind cryptocurrencies “as a viable alternative, that is showing more and more credibility over time [..] but in the long term has a unique value.”
Blockchain to Possibly Take Over the Internet
Ohanian is confident that the blockchain technology will one day take over the internet, namely because of its ability to offer much more across the globe, as opposed to the limitations the current internet poses.
As per his words:
“Yes, I think if things play out as we hope they will, there’s a chance for a kind of new internet to be created built on top of this infrastructure – one where we can look at the things that worked and the things that didn’t with the first sort of web and improve upon them. Even just the idea of being able to browse with the store of value is something that the first internet couldn’t have and has basically locked out a whole portion of the world that doesn’t have credit cards but has internet.”
Towards the end of the segment, Ohanian was asked about future competition and how he feels about that. However, he does not seem to be turned off by it, as he believes competition is necessary for the market – adding that there are a lot of “broken pieces” that solutions are needed for.
Finally, he ends the segment with his recent investment, in what seems to be a coffee brand, which focuses on serving millennials. The coffee brand is called 1850 Folger Coffee, which he was quoted saying “A brand that tastes really good” and chose as a possible investment due to its bold idea project. He explicitly shared his eagerness to meet more individuals and firms who have innovative ideas and is welcome to setting up a meeting with them.