It is no secret that cryptocurrency is quite volatile as a market but Alexis Ohanian, founder of the social media giant Reddit, thinks that it can “fuel a potential new internet.”
He appeared recently as a guest at the Late Show with Stephen Colbert, where he floated the idea of a digital currency acting as a “store of value not backed by a single country.” According to Ohanian, the real significance of cryptocurrency is its ability to secure and transfer assets internationally, especially for countries that are less economically stable. So although it may not please powerful countries like US, small countries stand to benefit by it.
Ohanian said that “In so many states, there are uncertainties about government and money. And people see their lives savings disappear. There’s a real value of having a currency that – as volatile as bitcoin is – are still potentially less volatile than some of the states that see hyperinflation.”
Adding to that and stressing further on the security point, he said “For so many people in the world to have that security of knowing what’s yours is yours – because it [cryptocurrency] is now digital, it can be transferred with you wherever you are going – is actually pretty empowering.”
He also spoke of his recent a venture capital fund together with former Y Combinator partner Garry Tan. To that effect, Ohanian and Tan have also recently participated in a funding round for the sharing economy blockchain startup Origin through a Simple Agreement for Future Tokens (SAFT) sale.
Reddit’s technology head has also hinted that Reddit itself is also looking into cryptocurrencies. He said that the platform is planning to reintroduce cryptocurrency as a payment method for Reddit Gold members, and may feature ethereum and litecoin in addition to bitcoin.