*By Jacqueline Corba* Bitcoin has risen back above the $8,000 mark for the first time since May. And Reddit co-founder Alexis Ohanian, who discovered the cryptocurrency's potential six years ago, thinks it has more room to go. "It's pretty well proven now, and Ethereumーbecause of smart contractsーit allows you to program money essentially in a way that is, I think, meaningful," Ohanian, now general partner at venture capital firm Initialized Capital, told Cheddar's Hope King. "There are enough smart people starting to build real things on this, that I think those are two pretty strong contenders." Ohanian's company was one of the first investors in Coinbase, taking a stake in the digital currency exchange in 2012. Before crypto got trendy, Ohanian said he was looking for the best brokers between fiat and crypto. He found one in [Brian Armstrong] (https://blog.coinbase.com/@barmstrong). "\[Armstrong\] was the leader of it in terms of having the mind to build the storage to keep it secure," noted Ohanian. "We made the investment in it early, and these other deals have all been around the same idea of how do we make a bet on infrastructure." Initialized Capital is also investing in CoinTracker, which lets users fill out tax forms for crypto investments, and investment platform Coinbundle. By investing in the infrastructure, Ohanian is setting up a long-term play. Still, one of the biggest hurdles in this emerging market is attracting consumers. But Ohanian said once a wallet can act as a browser on your mobile phone the market will really take off. "We're looking for things like picks and shovels. It's going to come down to the experience." For full interview, [click here](https://cheddar.com/videos/why-reddit-co-founder-alexis-ohanian-remains-bullish-on-bitcoin).

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More