Reddit and Bitcoin have always had a tight relationship, as it’s effectively home to the crypto community. Daily chatter and industry updates fill the boards, much like it does here at BitStarz News. Strengthening the relationship between Bitcoin and Reddit, it’s co-founder Alexis Ohanian has boosted his recent price prediction, as he now thinks that Bitcoin will hit $20,000 before 2019.
It’s safe to say that Ohanian has never been short of an opinion, but his backing of Bitcoin is now becoming more prominent than ever. Labeling the leading cryptocurrency as “battle-tested” given the year it has had to endure so far, he feels that Bitcoin now has the power to weather tough market conditions.
Bitcoin is the Best of the Bunch
While Ohanian is still Reddit’s executive chairman, he’s also the man behind Initialized Capital – an emerging venture capital company. Given Bitcoin’s rocky nature, his price prediction has been met with a small amount of criticism. Speaking to CNBC, he’s defended his forecast, “Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust [cryptocurrency], and certainly one of the best proofs of crypto being a store of value.” Addressing the market in general, he believes that many lesser cryptocurrencies are potentially “fraudulent” and “far less robust” than Bitcoin. That being said, he has backed Ethereum to push through the $1,500 barrier before the end of the year.
Calling for Calm
Ohanian has in many ways delivered a calming message, relaying that he thinks – in spite of its volatility – Bitcoin is now back on track. He said, “As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.”
Leaving Behind Tough Times
Bitcoin has endured a torrid 2018 so far, but it’s now experiencing a turnaround. On Tuesday, Bitcoin crossed the $8,500 line, which shows that the leading cryptocurrency is starting to stabilize after several months of struggle. It’s still nowhere near the $20,000 ATH achieved back in December, but it certainly represents progress and potentially the start of another bull run.
The Dawning of a New Era
Ohanian made his initial $15,000 prediction back in May, but the recent change in Bitcoin’s fortunes has seen him increase this prediction. During the same CNBC interview, he once again reaffirmed his true faith in Blockchain and cryptocurrency technology, believing that it could eventually lead to a brand-new age in the internet era. He joins the likes of Mike Novogratz, Marc Lasry, and Silvio Schembri to have recently given public backing to Blockchain technology. Even China’s controversial China Central TV has recently backed Blockchain, which shows that Ohanian’s words aren’t likely to be too far from the truth.