Reddit Co-Founder Alexis Ohanian Endorses Ethereum

Reddit Co-Founder Alexis Ohanian Endorses Ethereum


Key Takeaways

Reddit co-founder Alexis Ohanian endorsed the Ethereum blockchain on CNBC’s Sqwak Box segment today. He stated that much of his holdings are in Ethereum, and that he favors the blockchain due to its large variety of applicatons. Though Ohanian is no longer on Reddit’s board, the social media site introduced Ethereum-based tokens last year.

Share this article

Alexis Ohanian, co-founder of the social media and news aggregator site Reddit, appeared on CNBC’s Squawk Box today. He discussed cryptocurrency, meme stocks and other investments.

Ohanian Favors Ethereum

Ohanian revealed that his primary interest is in the Ethereum blockchain. “I think there’s a lot of interesting stuff that is bubbling up,” he stated, adding that Ethereum has “got the most to prove.”

He explained that he favors Ethereum because of its many applications, including crypto-collectibles or non-fungible tokens. “NFTs are just the start of what’s getting built on top of the Ethereum blockchain,” Ohanian noted. His statement implicitly acknowledges other Ethereum dApps such as DeFi investment platforms, decentralized exchanges, and trading games.

Ohanian concluded by stating that most of his crypto holdings are in Ethereum. “That’s where a lot of my holdings are, candidly,” Ohanian said. He did not reveal how much ETH he holds.

Ohanian also commented on community-driven meme stocks such as GameStop (GME). He called the name for the trend “charming,” but noted that momentum investing “is nothing new.”

Reddit and Cryptocurrency

This is not the first time that Ohanian has addressed cryptocurrency. Last year, he registered a name on the Ethereum Name Service. The balance of that address suggests that he holds at least $2,900 worth of ETH, though it is likely that he holds more in other accounts.

In 2019, Ohanian’s VC firm, Initialized Capital, invested in SkyWeaver—an Ethereum-based competitor to popular trading card games like Magic: The Gathering and Hearthstone.

In May 2018, he predicted that ETH would reach a price of $1,500. In actuality, prices only rose as high as $800 before the end of that year.

Though Ohanian has resigned from Reddit’s board, the site has gone on to make use of Ethereum without him. In 2020, Reddit launched Ethereum-based tokens on certain subreddits. This year, it expressed its intent to use Ethereum to power its points program.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Reddit to Expand Points With Ethereum Foundation

Social media site Reddit is partnering with the Ethereum Foundation to scale up its Community Points infrastructure. Reddit Embraces Ethereum Reddit says that through the partnership, it “will be increasing…

Reddit’s MOON Cryptocurrency Now Has Cash Value

After introducing two community-specific cryptocurrencies, Reddit is now giving users a way to spend or cash out their tokens. Reddit MOON Now Has Value Reddit introduced crypto this spring by…

What is Kusama? How Polkadot’s playground accommodates blockchain de…

Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…

Robinhood, Reddit CEOs Testify In Gamestop Hearings

The U.S. House Financial Services Committee held a hearing today in order to question those involved in the mass short selling surrounding Gamestop (GME) stocks last month. Reddit CEO Says…


Source link

Latest Crypto News

Popular Links

Notify of
Inline Feedbacks
View all comments