Alexis Ohanian, Reddit co-founder, has doubled down on his predicted assumption that the bitcoin price would eventually touch the $20,000 before this year ended, bringing into the argument that the flagship cryptocurrency is ready for battle and completely capable of putting up with the market uncertainty.
The Reddit co-founder now runs venture capital firm Initialized Capital, backed up his bitcoin price call in a recent interview, he furthermore added that he is also upright and firm by his predicted assumption that ethereum can in fact touch the $1,500 during the same timeframe.
“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,” he said, adding that many smaller cap cryptocurrencies are “far less robust” and in many cases “fraudulent.”
The bitcoin price was trading at $8,389, on Wednesday, after shortly crossing $8,500 the evening before. A march to $20,000 would put bitcoin a couple of dollars above its record high, at least on the Western exchanges. On Bitfinex, for instance, the bitcoin price went mac up to $19,891 in the middle of December before finally and eventually giving in to the present bear cycle.
“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.”
Ohanian primarily made his bullish bitcoin price prediction in early May, at the time, he stated that the ethereum price would end up touching the $15,000 mark in 2018, though he later clarified that he meant to say $1,500.