2018-7-26 17:54 |
Bitcoin went above the $8,000 mark recently as news about a potential Bitcoin ETF launch sent positive vibes across the market. This was the first time the world’s premier cryptocurrency got over the massive resistance it had been facing since May and gave positive news.
Now that the tides are seemingly turning for the crypto, more Bitcoin bulls are coming out to predict humongous returns. Alexis Ohanian, co-founder of Reddit and early partner in Initialized, a venture capital firm, reiterated his optimism for the coin yet again.
How Will Bitcoin and Ethereum Move Ahead?According to the 35-year-old entrepreneur, Bitcoin could reach $20,000 by the end of the year, while Ethereum will reach $1,500. By contrast, Bitcoin is currently trading over $8k, while Ethereum transacts for $476 approx. By Ohanian’s prediction, both coins will have to triple in value in just five months. This may seem an impossible feat in a regular market. But given the rapid changes and volatility of the crypto markets, and their previous performance, it doesn’t seem out of reach.
Ohanian told CNBC in an interview:
“Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust … But what this is more than anything else is a changing sign of the times … And as volatile as it’s been, we see it continue going up over the long term because more and more people are going to look for alternatives to fiat as a store of value.”
What Steps Is Initialized Taking?Ohanian is a firm believer in the resilience of Bitcoin. But he suggests that his VC firm Initialized is very careful about smaller cryptocurrencies that are “far less robust” as compared to Bitcoin. Explaining the investment strategy of his company, he said that they are looking for companies that have an uninspiring or boring infrastructure that is not going to make headlines anytime soon.
On the surface, it appears to be the most boring crypto investment strategy. But it could be based on solid ground. For a market that has over 1,600 currencies (most of them developed only recently) and several other coins getting launched via initial coin offerings every month, it is important to separate the grain from the chaff. Initialized is currently investing in CoinTracker. The service lets users fill out tax forms for their digital currency investments. The firm is also banking on Coinbundle, an investment platform. The plan is set out for the long run.
Reddit Co-Founder Signals Optimism for Bitcoin, Pins 20k by the End of the Year was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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