Fortune reported on May 2nd that Alexis Ohanian, one of the co-founders of popular Internet site Reddit, is predicting that the price of the cryptocurrency Ethereum (ETH) will hit $15,000 before 2018 is over. Ohanian currently works full-time at Initialized Capital, a venture capital firm. He predicts that Bitcoin will surpass $20,000 and Ethereum won’t be far behind at $15,000.
The drastic increase of Bitcoin’s value at the end of 2017 caused a surge in interest in the cryptocurrency market. If Ohanian is correct with his speculation, Ethereum’s value will go from a current $67 billion to almost $2.5 trillion. If Bitcoin also gets back up in value to $20,000 as it did briefly in the later portion of last year, its value would also soar back up to a total market value of $340 billion.
Initialized Capital, where Ohanian makes his current predictions, owns over $250 million in assets along with investing in Coinbase, a major cryptocurrency exchange platform. The company’s focus and the top priority for the future is to invest in new and innovative technology to stay ahead of competitors. He also stated that he thinks blockchain is a promising technology, but it’s going to take another year or two before it reaches its full potential.
Ohanian capitalized on Reddit and sold it in 2006 for an amount ranging from $10 to $20 million, but the exact figure isn’t known. He isn’t the only one speculating about the future of cryptocurrency. Nigel Green, the current CEO of deVere Group, predicted in April that ETH would hit $2,500 before the end of the year. The deVere Group is an independent financial consulting firm. Green stated that the spike in price, four times its current value, would occur due to more people adopting ETH as currency along with an increase in the number of people using smart contracts.