This statement comes from the co-founder of Reddit. Bitcoin really is the poster child of the cryptocurrency world at the moment but the co-founder of Reddit has stated that he thinks that Ethereum is going to really steal the show. He believes that he is way more bullish about the currency Ethereum and this is because people are always trying to build on it. Ohanian has stepped back from the day to day operations of Reddit and he now spends his time trying to invest in firms that are utilising Coinbase. Developers have always found it very challenging to try and create applications using the Bitcoin blockchain and they have always found Ethereum to be way more flexible. Ohanian has stated that he believes the price of Ethereum is rising faster than ever at the moment and that it is eventually going to overtake the price of Bitcoin.
His prediction is that even though the price of Bitcoin is going to double again by the end of the year, Ethereum is going to reach 21 times its initial value. He believes that it will hit $15,000 by the end of the year. If you do the math then Bitcoin is said to reach $20,000 but Ethereum will be the better investment given its price at the moment. Bitcoin is at $9,100 at the moment but when you look at Ethereum you’ll find that it is actually only worth $690 at the moment.
Developers who have worked to try and use Ethereum have created a range of applications. This includes CryptoKitties and this is blockchain based. The people in the game have to breed virtual cats. This is all based on the idea that technology is going to keep on advancing. Major firms such as JP Morgan have even tested technology and they have based all of their research on Ethereum as well. The problem here is that Ethereum does have its own competitors and when it comes to developers, you’ll soon find that they are using blockchains to try and build on their existing applications. Take the program Hyperledger for example. This is an open-source framework and this underlies TrustChain. This is a blockchain project that currently works by tracking diamonds. At the very same time, you will find that chains such as Walmart have used Hyperledger to try and test and track the blockchain technology that they have so that they can monitor their own food supply.