Reddit co-founder Alexis Ohanian, who invested in global digital asset exchange firm Coinbase back in 2012, says the crypto industry is entering a golden era of development.
Ohanian tells Yahoo Finance the amount of work happening behind the scenes suggests that cryptocurrency and blockchain technology have a bright future ahead.
“What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain…
We’re seeing really top-tier talent building on this infrastructure, and that to me is the best signal of long-term value creation.”
While traditional investors like Warren Buffett and Charlie Munger continue to shun Bitcoin, Ohanian says BTC is gradually gaining traction on Wall Street. He thinks the leading cryptocurrency is here to stay.
As for its price, Ohanian says the king coin is on a short-term path to $10,000. BTC tanked to less than $4,000 in March amid fears of the coronavirus pandemic, but has since recovered. It is now up by 94% since March 16. In comparison, the Dow Jones Industrial Average and the S&P 500 are up by 22% and 24%, respectively, during the same period.
Ohanian says he’s a crypto investor himself, although he’s not revealing which coins he holds or what percentage of his portfolio is made up of digital assets.
“I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it. I don’t want to change too much of it because I do think it’s a prudent hedge.”
Reddit recently implemented an Ethereum-based token called Moon, which acts as a rewards system for users with top posts and comments.