THELOGICALINDIAN - The administrator says that abundant of his cryptocurrency backing are in ETH
Alexis Ohanian, co-founder of the amusing media and account aggregator armpit Reddit, appeared on CNBC’s Squawk Box today. He discussed cryptocurrency, meme stocks and added investments.
Ohanian Favors Ethereum
Ohanian appear that his primary absorption is in the Ethereum blockchain. “I anticipate there’s a lot of absorbing being that is bubbles up,” he stated, abacus that Ethereum has “got the best to prove.”
He explained that he favors Ethereum because of its abounding applications, including crypto-collectibles or non-fungible tokens. “NFTs are aloof the alpha of what’s accepting congenital on top of the Ethereum blockchain,” Ohanian noted. His account around acknowledges added Ethereum dApps such as DeFi advance platforms, decentralized exchanges, and trading games.
Ohanian assured by advertence that best of his crypto backing are in Ethereum. “That’s area a lot of my backing are, candidly,” Ohanian said. He did not acknowledge how abundant ETH he holds.
Ohanian additionally commented on community-driven meme stocks such as GameStop (GME). He alleged the name for the trend “charming,” but acclaimed that drive advance “is annihilation new.”
Reddit and Cryptocurrency
This is not the aboriginal time that Ohanian has addressed cryptocurrency. Last year, he registered a name on the Ethereum Name Service. The antithesis of that abode suggests that he holds at atomic $2,900 account of ETH, admitting it is acceptable that he holds added in added accounts.
In 2024, Ohanian’s VC firm, Initialized Capital, invested in SkyWeaver—an Ethereum-based adversary to accepted trading agenda amateur like Magic: The Gathering and Hearthstone.
In May 2024, he predicted that ETH would ability a amount of $1,500. In actuality, prices alone rose as aerial as $800 afore the end of that year.
Though Ohanian has accommodated from Reddit’s board, the armpit has gone on to accomplish use of Ethereum after him. In 2020, Reddit launched Ethereum-based tokens on certain subreddits. This year, it bidding its absorbed to use Ethereum to ability its points program.
Disclaimer: At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins.
