Alexis Ohanian, Reddit’s Co-Founder, has doubled down on his bet that Bitcoin would reach a staggering $20,000 price cap by the end of this year. Arguably for him, the biggest cryptocurrency in the world is “robust”, “battle-tested” and capable of coping up from market uncertainties.
Ohanian runs a venture capital firm, Initialised Capital. In a recent interview with CNBC, he defended his BTC price call adding that he also stands by his prediction that Ethereum (ETH) could reach $1,500 during the same timeframe. He added that many smaller cap cryptocurrencies are far less robust and fraudulent. He sees Bitcoin as one of the best proofs for cryptos being a store of value.
According to Ohanian, more and more people are moving towards alternatives to store their fiat currencies. Bitcoin is highly volatile yet, it has kept on going up as people are looking towards options where they don’t have to worry about withdrawing their stored value from a bank or the value disappearing as government money. That makes having a digital store of value like Bitcoin more desirable.
On Wednesday, BTC traded at $8,389 after crossing $8,500 the previous evening. In mid-December, it had soared up to $19,891 on Bitfinex, which is the peak price of BTC recorded by any exchange around the world. Leading to $20,000 would add only a few dollars to it. By the way, as CCN reported, Ohanian had made an astonishing prediction this May stating Ethereum would reach $15000 by the year-end. He ended up clarifying that he meant to say $1500.
It does not look impossible neither does it look inevitable that BTC breaks its peak-price by the ends of this year. After all, it is cryptographically-secured-currency that has been perceived to take over the world in a few years by many. Yet, the apparent outrage and discomfort around cryptocurrencies in the South-Asian market and further annotations by the European Union on its run might drive away some investor interest, adding a blimp to these enormous predictions.