- Reddit co-founder Alexis Ohanyan today approved the Ethereum blockchain in CNBC’s Squawk Box segment.
- He stated that most of his assets are in Ethereum and that he has a preference for blockchain due to its wide variety of applications.
- Although Ohanian is no longer on the Reddit board, the social network introduced Ethereum-based tokens last year.
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Alexis Ohanian, co-founder of Reddit, a social media and news aggregator, appeared on CNBC’s Squawk Box today. He discussed cryptocurrency, meme shares, and other investments.
Ohanyan supports Ethereum
Ohanyan said that he is primarily interested in the Ethereum blockchain. “I think a lot of interesting things are coming up,” he said, adding that Ethereum “has something to prove.”
He explained that he has a preference for Ethereum because of its many applications, including crypto collectibles or non-fungible tokens. “NFT is just the beginning of what is being built on top of the Ethereum blockchain,” Ohanyan said. Its statement implicitly acknowledges other Ethereum decentralized applications such as DeFi investment platforms, decentralized exchanges, and trading games.
In conclusion, Ohanian stated that most of his crypto holdings are in Ethereum. “Frankly speaking, this is where most of my assets are located,” Ohanyan said. He did not disclose how much ETH he has.
Ohanian also commented on shares of meme communities such as GameStop (GME). He called the trend “charming,” but noted that impulse investing is “not new.”
Reddit and cryptocurrency
This is not the first time Ohanyan has turned to cryptocurrency. He registered the name with the Ethereum name service last year. The balance of this address suggests that he has at least $ 2,900 worth of ETH, although it is likely that he holds more in other accounts.
In 2019, Ohanian’s venture capital firm Initialized Capital invested in SkyWeaver, an Ethereum-based competitor to popular card games like Magic: The Gathering and Hearthstone.
In May 2018, he predicted that the price of ETH would reach $ 1,500. In fact, by the end of that year, prices had only risen to $ 800.
Although Ohanian stepped down from the Reddit board, the site continued to use Ethereum without him. In 2020, Reddit launched Ethereum-based tokens on specific subreddits. This year, he expressed his intention to use Ethereum to power his scoring program.
Disclaimer: At the time of writing, this author has less than $ 75 in Bitcoin, Ethereum, and Altcoins.
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