Reddit co-founder Alexis Ohanian sees the price of Ethereum, the second most valuable cryptocurrency by market capitalization, reaching $1,500 by year end, according to Fortune. He expects the price of Ethereum to rise faster than Bitcoin this year.
Ethereum was trading at $796.87, up 11.05 percent, with a market cap of $79.07 billion as of 5 am ET Friday, according to coinmarketcap. Bitcoin was at $9,768.74, up 6 percent with a market cap of $166 billion.
Initially, while talking to Fortune’s Term Sheet, Ohanian had said that Ethereum would reach $15,000 and will be the real winner, even as Bitcoin might be the poster child of cryptocurrencies and would reach $20,000.
Later, Ohanian, who has stepped back from Reddit’s day-to-day operations, changed his opinion on the price of Ethereum. “I’m most bullish about Ethereum simply because people are actually building on it,” he said in an interview.
According to him, Ethereum project has more long-term potential than any other currently existing cryptocurrency. Developers have found that creating applications based on the Bitcoin blockchain is challenging, while finding Ethereum is more flexible, he said.
Ethereum has been used to create applications such as CryptoKitties, a blockchain-based game. Major firms including J.P. Morgan have reportedly have tested technology based on Ethereum.
Ohanian, through his venture capital firm, Initialized Capital, now invests in firms including Coinbase.