- Alexis Ohanian has praised Ethereum stating that it has a lot of potential over the next two years.
- Ohanian revealed that he has been accumulating the second largest cryptocurrency and now he has a lot of his holding tied to it.
American internet entrepreneur Alexis Ohanian, popularly known for his role in creating Reddit has in an interview with CNBC revealed that he owns a lot of ETH. The entrepreneur further explained that he loves that a lot of applications are being built on top of the Ethereum blockchain. He specifically singled out NFTs which he believes are just the beginning of all the great stuff which will be built on Ethereum.
Interestingly, his wife, Serena Williams – the winner of 23 Grand Slam singles titles – has in the last few months invested millions in NFT marketplaces. Most recently, she joined hip-hop mogul Jay-Z in the $19 million funding round for NFT platform Bitski.
Discussing cryptocurrencies and his views on their future, Ohanian stayed clear of Dogecoin heaping praise on Ethereum.
I do think Ethereum [has], at least for the next year or two, really got the most to prove, or at least the most potential to show something because there are so many interesting applications. So NFTs are just the start of what’s getting built on top of the Ethereum blockchain, and that’s where a lot of my holdings are candidly.
On top of NFTs, the platform has been gaining traction with the DeFi market and the fast-rising stablecoins. Although he disclosed that he owns a lot of ETH, he did not disclose exactly how much Ethereum he holds.
ETH price performance
This is not the first time that the Reddit cofounder has praised Ethereum. Back in 2018, he publicly endorsed Ethereum further predicting that it would hit $1,500. The top altcoin has already topped this having reached a year high of $4,200.
However, the recent comments come at a time when Ethereum is stuck in a slump. In the last few weeks, the digital asset has wiped off nearly 40 percent from its peak. Despite this, some market leaders remain convinced that the asset will break out, surpassing its current high, and go on to flip Bitcoin in the near future.
Market analyst Daniel Cheung believes that the next few months, when Ethereum is set for some major upgrades to improve scaling and reduce gas fees, hold great promise for Ethereum.
$ETH & ETH-DeFi will have an unprecedented run over the coming months given:
1) ETH could flip BTC soon based on strong fundamentals
2) EIP-1559 is not priced in & low gas fees provide a good set up
3) Institutional flows remain strong
Don't miss the forest for the trees?
— Daniel Cheung (@HighCoinviction) June 10, 2021
On institutional investment, various indicators such as exchange outflows have suggested that institutions are attracted to Ethereum, only coming second to Bitcoin. Ethereum has in the last few months gained recognition from high-profile individuals and companies mainly because of its robust ecosystem that has been exploding.