Reddit co-founder and executive chairman Alexis Ohanian has long been an outspoken advocate of cryptocurrency. But how much crypto does Ohanian own, whose personal fortune is estimated at $ 70 million?
Although Ohanian has not specified the size of his possession, he said in an interview with Yahoo Finance, published yesterday, that he is confident in the crypto makeup of his portfolio.
“I have had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it,” he said. “I don’t want to change it too much because I think it’s a cautious hedge.”
Through its venture capital company, Initialized Capital, Ohanian has invested in crypto startups – most notably as an early investor in Coinbase. More recently the firm led an investment round of $ 5 million in Horizon Blockchain Games, which the card fighter SkyWeaver is developing.
“It is interesting to see that Wall Street OGs are now getting into crypto and buying Bitcoin and the like,” he added, perhaps referring to the recent Bitcoin advocacy by the legendary investor Paul Tudor Jones. “It is increasingly showing that it is here to stay.”
He characterized all recent moments around blockchain and the industry as a ‘crypto spring’.
“We are really seeing a crypto spring in terms of top-level engineers, product developers, designers building real solutions on top of the blockchain right now,” said Ohanian. “We see real top talent building on this infrastructure, which is the best signal of long-term value creation for me.”
Reddit is able to help create millions of crypto traders themselves thanks to it newly introduced Community Points, who are rewarded for placing quality on the site.
The Ethereum-based ERC-20 tokens can be spent on features on the site or transferred between Ethereum wallets. Only two of Reddit’s subreddits (or communities) have implemented the initiative so far, with about two million potential users in total – and Reddit retains 20% of the tokens distributed.
Imagine the potential benefits for both Reddit and Ohanian once the Community Point tokens are rolled out across the site’s entire 400 million user base.