Reddit founder predicts great things for cryptocurrency

Reddit founder, Alexis Ohanian, says that cryptocurrencies have the potential to “fuel a potential new internet.”

The executive chairman of the social news website says Bitcoin and digital currencies are the future, despite high levels of volatility.

During an interview on Tuesday’s installment of Late Show with Stephen Colbert, Ohanian touted the idea of Bitcoin acting as a “store of value not backed by a single country.”

He says he acknowledges that the idea may sound unlikely to people living in more developed countries such as the U.S.

But for those living in nations with less economic stability, Ohanian believes the real value of cryptocurrency is securely transferring assets across national borders, saying:

“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.”

“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.”

Ohanian noted later in the show, that since January this year, he no longer manages the day-to-day operation of Reddit.

The Reddit founder says he has launched a venture capital fund together with a former partner from Y Combinator, Garry Tan.

Ohanian and Tan have also recently participated in a funding round for the sharing economy blockchain startup Origin, as part of that effort.

They hope to raise funds through a Simple Agreement for Future Tokens (SAFT) sale.

Reddit itself has also shifted its attention back to cryptocurrencies.

Last week, the head of technology at Reddit, revealed that the platform is reintroducing cryptocurrencies as a payment form.

Reddit Gold members will again be able to pay in Bitcoin, but the new payment system will also include options for Ethereum and Litecoin.