Reddit Founder Says Cryptocurrency is a Potential Fuel to a New Internet
In an interview on The Late Show with Stephen Colbert last night, Ohanian, founder of the social media giant Reddit, appeared as a guest. Bitcoin and cryptocurrencies are poised to “fuel a potential new internet,” even with a high level of volatility, said Ohanian who believes cryptocurrencies can be an effective tool in protecting funds against hyperinflation.
Ohanian touted the idea of a digital currency acting as a “store of value not backed by a single country.” While he said that idea may sound silly to people living in more developed nations such as the U.S., Ohanian believes the real value of cryptocurrency is its ability to secure and transfer assets across national borders, especially for countries that are less economically stable.
“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,” Ohanian stated.
The idea of utilizing cryptocurrencies to fight hyperinflation has been explored in multiple countries including Zimbabwe, Venezuela, and Argentina.
Many people turn to cryptocurrencies during hyperinflation in order to save themselves from losing their money, which sometimes even temporarily drives up the local buy price of the cryptocurrencies.
Ohanian noted earlier on in the Late Show chat that since he stopped looking after the management of Reddit at the beginning of the year, he has started a venture capital fund called Initialized Capital with partner Garry Tan, a former Y Combinator partner.
As part of the effort, Ohanian and Tan also have lately participated in a financing round for the sharing economics blockchain startup Origin through a Simple Arrangement for Future Tokens.
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