The founder of social media site Reddit has voiced his support for cryptocurrency this week, predicting that currencies like bitcoin could help create a potential new internet in the near future.
Alex Ohanian, who founded the social news aggregator in 2005, made the comments in an interview on the Late Show with Stephen Colbert, where he asserted that cryptocurrency creates a “store of value not backed by a single country.”
While recognizing that the idea might not immediately appeal to citizens of the developed world, he highlighted the impact cryptocurrencies could have on cross border transactions, particularly in the case of countries with less stable economies and political systems.
“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 is now digital, it can be transferred with you wherever you are going – is actually pretty empowering.”
Ohanian went on to describe how, having handed over the reigns for day to day management at Reddit, he was now focusing on a new VC fund, in partnership with Garry Tan, his one-time Y Combinator partner.
Part of the launch saw the duo back a startup called Origin, which seeks to use blockchain technology to create a sharing economy. Part of the process involved raising funds through SAFTs, or Simple Agreements for Future Tokens, a derivative and precursor to a cryptocurrency token issue.
It comes just a matter of days after Reddit confirmed it was reintroducing cryptocurrency payments in bitcoin, as well as in litecoin and ethereum, for members of its site.
The comments comes as the latest high profile backing for cryptocurrency, and the blockchain technology that underpins it.
As both markets and technology continue to improve for cryptocurrencies, Ohanian’s comments come amidst a raft of similar claims from high profile CEOs, investors and analysts.