Although Bitcoin is the undisputed champion and most famous of all cryptocurrencies, Alexis Ohanian, the co-founder of Reddit is of the view that Ethereum, the second most valuable digital token based on market capitalization, will be the winner in the end. He gives several reasons why Ether is a better option.
In His Words:
“I’m most certain about Ethereum’s capacity to be at the top simply because most people are building on it,” the Reddit co-founder told Fortune’s Term Sheet this Tuesday. Ohanian recently stepped back from the handling of Reddit’s daily operations. He now invests in companies including Coinbase through his venture capital startup, Initialized Capital.
Since app developers have seen how challenging it is to make applications with the Bitcoin Blockchain in mind, they have come to understand Ethereum as a better option because it is more flexible. For this reason, Ohanian says the price of Ether will inevitably rise faster than that of Bitcoin this year.
While Bitcoin’s price is certainly going to be more than double what it is now by this year’s end (regaining its record high of 20,000 USD), Ethereum is going to reach 21 times of its current value. He predicts that it will hit 15,000 USD by this year’s end. Presently Bitcoin stands at 9,100 USD, while Ethereum is currently valued at 690 USD. App developers have turned to Ethereum to make applications like the Blockchain-related game, CryptoKitties, where players can breed virtual cats. Additionally, top firms such banking magnate J.P. Morgan have tested technology related to Ether.
Ethereum also has its competitors when it comes to app developers seeking for Blockchains to build their applications on. For example, Hyperledger uses an open-sourced Blockchain framework and underlies projects like TrustChain, a diamond tracking Blockchain project. Finally, startups like Walmart have used the Ethereum-based Hyperledger framework to test Blockchain in tracking food supply.