‘Battle-tested’ bitcoin to reach $20,000 in 2018 says Reddit’s Ohanian
Alex Ohanian, founder of Reddit, forecasts the “battle tested” and more “robust” bitcoin to reach $20,000 in 2018. Ohanian in a recent interview said the cryptocurrency was one of the best proofs of crypto being a “possible store of value.”
On Wednesday Bitcoin soared to a two-month high above $8,200. Ohanian said on Tuesday that the cryptocurrency as a result of its battle testing over the years was among the most robust and that more than anything bitcoin is a “changing sign of the times”.
Ohanian joins a bullish chorus of investors who are predicting bitcoin will test $20,000 and above in 2018 in spite of its volatility and sees it continuing to go up over the long term. He suggested key reasons were the blockchain technology that “enabled things like bitcoin to work and to scale” and that more and more people were seeking desirable alternatives to fiat as a store of value because of uncertainties like currency fluctuations and failing states.
Join the bulls
Michael Arrington, founder of XRP Capital and TechCrunch, set up a hedge fund in November 2017 that was to be dominated by XRP, however, on Wednesday it was reported that he admitted his portfolio held more bitcoin than XRP and has suggested the digital coin could reach $25,000 this year.
Ohanian made his declaration in May and stands by his prediction but pointed out that he was not in the business of speculating on short to medium term prices and added that he believed in the underlying technology. Ohanian is a co-founder of early stage venture capital firm, Initialized Capital, and has invested in Coinbase.
However, he said the firm was more interested in investing in the picks and shovels than the tokens and that they were looking at the companies who “build the robust but very un-sexy infrastructure”.