Reddit Co-Founder, Alexis Ohanian: 'BTC $20K, ETH $1.5K by End of 2018'

Emerging from a multi-month downtrend, the cryptocurrency market is starting to rebound from its yearly lows.

Showing optimism for the industry, Reddit Co-founder Alexis Ohanian upheld his end-of-year $20K Bitcoin and $1.5K Ethereum price predictions for 2018.'BTC $20K, ETH $1.5K by End of 2018'.

Co-Founder of Reddit and Initialized Capital, Ohanian confirmed his 2018 price predictions for Bitcoin at $20,000 and Ethereum at $1,500 in an interview with CNBC on July 24, 2018.

"Yes. I also stand by the fact that people can call me out if I'm wrong."

In the interview, Ohanian emphasized Bitcoin as "The most robust" and "One of the best proofs" of cryptocurrency acting as a viable store of value that has enabled global adoption, especially in the shifting landscape of crypto regulations.

" as volatile as it's been, we see [Bitcoin] continuing to go up over the long term, because more and more people are going to look for alternative for fiat as a store of value as we see currency fluctuations with states failing and other uncertainties that makes having a digital store of value like Bitcoin something that's desirable.

Through his VC firm, Ohanian stated plans to invest in the early "Picks and shovels" of the nascent sector, which form the underlying infrastructure for cryptocurrency and blockchain applications.

On whether blockchain would "Dwarf" the impact of the world wide web, Ohanian told reporters that there is a "Chance for a new internet to be built" that empowers users with the ability to "Browse with a store of value," something that currently excludes participation from people worldwide who are without access to financial services.

Ohanian's confirmed price predictions follow a recent Bitcoin price rally that has driven the market towards the green, gaining $14 billion in the last seven days to a total market cap of approximately $300 billion at press time.

At press time, Bitcoin is trading at $8,220, up nearly 12% over the last seven days, and Ethereum is trading at $475.Cover Photo by Jared Rice on Unsplash.