Reddit Co-Founder Alexis Ohanian Believes in Ethereum

| Jon Nielsen

Key highlights:

  • Reddit co-founder Alexis Ohanian says a significant portion of his holdings is parked in Ethereum
  • Ohanian has also made investments in the Bitcoin ecosystem, for example in the Bitcoin rewards app Lolli

Reddit co-founder and venture capitalist Alexis Ohanian stated that a significant part of his holdings is in Ethereum. Last year, he also revealed that cryptocurrencies represent a portion of his investment portfolio.

Why does Ohanian believe in Ethereum’s future growth?

In an interview on CNBC’s Squawk Box, he stated that even though a lot of “interesting stuff that is bubbling up” in the cryptocurrency space, Ethereum still has a lot of potential because of the many interesting applications that are deployed on the Ethereum blockchain. He thinks NFTs are only the beginning of what can be built on top of Ethereum blockchain, and that’s why investing in ETH could prove promising in the future.

However, Ohanian is also making investments in the Bitcoin ecosystem. His venture capital firm Seven Seven Six has led the funding round for Lolli, a crypto startup that made a web extension which allows shoppers to earn free bitcoin in the form of “cash back” rewards. The company raised $5 million from all the participants, including Serena Williams with her own Serena Ventures firm.

However, Ohanian is also making investments in the Bitcoin ecosystem. His venture capital firm Seven Seven Six has led the funding round for Lolli, a crypto startup that made a web extension which allows shoppers to earn free bitcoin in the form of “cash back” rewards. The company raised $5 million from all the participants, including Serena Williams with her own Serena Ventures firm.

What are the reasons for Ethereum’s surge?

Smart contracts that are implemented in Ethereum blockchain could give Ethereum a significant advantage over Bitcoin, which is primarily used for simple peer-to-peer transactions. The Ethereum blockchain, on the other hand, is much more flexible, as evidenced by two of its most popular use cases: non-fungible tokens (NFT’s) and decentralized finance (DeFi). 

While NFTs are designed to represent digital artworks or deeds of ownership, DeFi represents financial protocols that allow participants to trade, lend or borrow digital assets in absence of traditional financial institutions. Ethereum has already shown remarkable growth over the past year and is continuing to do so. Over the past year, ETH has grown by over 1,000%, whereas BTC “only” witnessed a jump of 330%. Some investors and analysts are even predicting that Ether cryptocurrency has the potential to take over bitcoin in the future. 

Since bitcoin is the largest and most known cryptocurrency, most of the buyers invested in it. And now about a year after that, with the price of bitcoin already maturing, investors are looking for the next big thing, which could very well be Ethereum.

And as blockchain is growing worldwide, Ethereum’s advantage over other cryptorurrencies is it’s ability to develop more applications on its blockchain. Its market cap is also significantly smaller, which adds to investor interest.

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