News JVTech This crypto made the Reddit co-founder a fortune
Besides founding the famous social network, the Reddit co-founder managed to make a fortune from crypto. A big virtual currency lover, Alexis Ohanian had a good nose when it came to investing in a specific cryptocurrency.
From $15,000 to $81 million, Alexis Ohanian’s incredible journey
Best known for his status as a co-founder of the popular social network Reddit, Alexis Ohanian is also an avid crypto-savvy investor.
In a recent interview reserved for Forbes media, the entrepreneur revealed amazing cryptocurrency-related gains. Alexis Ohanian, a fan of the crypto industry from the very beginning, would have turned a few tens of thousands of dollars into millions in 9 years.
The story begins in 2014, five years after the creation of the first cryptocurrency: Bitcoin. At that time, the blockchain industry was in full development and only had a handful of cryptocurrencies. From that time will emerge Ethereum, which is now the second largest cryptocurrency in terms of capitalization.
In the industry, cryptos like Ethereum often do Initial Coin Offerings (ICOs) to fund their project. For investors, the bet is very risky, but it can also pay off very well, as cryptos are particularly cheap.
In this case, almost a year before its launch, Ethereum offered an ICO at $0.30 per Ether.
Convinced of the potential of crypto, Alexis Ohanian would have bought 50,000 ether for $15,000 back then. Although we do not know the stocks held by the American entrepreneur, the investment amounts to 81 million dollars at current prices (1600 dollars).
However, the co-founder is not quite satisfied with a capital gain of 500,000% and would have liked to have invested even more in the beginning:
“Looking back, I didn’t invest as much as I should have,” Ohanian told Forbes.
For this reason, the man who describes himself as a “crypto pragmatist” continues to invest heavily in technology.
Reddit co-founder remains a believer in crypto
Despite more than $100 million in losses following the collapse of the FTX platform, the 39-year-old entrepreneur appears to still be heavily invested in the crypto industry.
In particular, he has invested in 29 startups whose operations are based on blockchain technology. In February 2022, the man and his company “Seven Seven Six” even raised a fund of 500 million dollars to finance the development of crypto start-ups.
Also, Alexis Ohanian is a big fan of NFTs, Ethereum’s virtual collective tokens, regularly praising the technology and even comparing it to a way of investing in a company like Walt Disney in its early days:
“The way I describe it, it’s like knowing you could have bought Disney stock 100 years ago, you would have loved to do that. But if you could have bought some of the original Mickey Mouse drawings, you would have been really happy with that, too,” the man said in an interview with CNBC last January.
An opinion that does not necessarily reflect the reality of the NFT market today. The value of most NFTs has fallen drastically for 1 year after the speculative bubble burst. Though he’s no longer at the helm of Reddit, the social network has also been experimenting with NFTs for a number of years by offering collection avatars.
