With the volatility that has been experienced within cryptocurrency in the recent past, speculation is now the order of the day. Right from financial analysts to common “opinionists”, everyone is trying to project what the future may look like for the industry. One of these personalities is a co-founder of Reddit, Alexis Ohanian who predicts the price of Ethereum (ETH) will hit the $15,000 mark by the end of the year, according to Fortune reports on May 2nd.
A Look At Bitcoin Vs Ethereum
Ohanian who now works fulltime with Initialized Capital, a venture capital firm, was quick to offer his sentiments in a recent interview:
At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong.
He said that he’s bullish on ETH because “people are actually building on it.”
Assuming that Ohanian’s prediction comes to pass, the ETH market cap will drastically soar from the current $67 bln to almost $2.5 trln. This would, on the other hand mean that Bitcoin will also recover, and even surpass last year’s record high price. At then same time, the market price would rise to $340 bln. Notably, Initialized Capital has assets under management that are valued at more than $250 mln and has made a notable investment in Coinbase, a popular cryptocurrency exchange.
Emerging Technology the Way To Go
According to Ohanian, investing in innovative, emerging technology is the way to go for any investment firm worth its salt. As such, he believes that his company ought to recognize this as a priority. He also reckoned that as much as blockchain has a bright future, we may still need to wait for at least two years before we realize its full potential:
This year, it’s all about blockchain. Most of it is just hype and BS, just like how it was with [artificial intelligence] and [machine learning]. Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for… These are the types of things I think will build the foundation for a very different, much better Internet.
Ohanian sold Redditto Conde Nast, a publishing house, in 2006 for an undisclosed figure that is believed to be between $10 and $20 mln.
Another personality who has made his prediction is Nigel Green, the CEO of deVere Group, an independent financial consulting firm. He predicted in April that the ETH price will hit $2,500 by the end of the year. This, he says, is as a result of the notable expansion of its uptake, coupled with the widespread use of smart contracts.
What do you think of Ohanian’s prediction of Ethereum’s price? Based on his analysis, is this possible? Let us know your views in the comments section below.