Reddit co-founder: VCs should invest in tech, not crypto

Reddit co-founder Alexis Ohanian has spoken about the venture capitalist world’s attitude towards crypto, and why investing in tech rather than cryptocurrencies might be the best way.

Even though Ohanian predicts that Bitcoin’s price will hit $20,000 before the end of 2018, his VC firm, Initialised Capital, is focused on investing in technology behind blockchain and crypto, such as payment processors and exchanges, rather than cryptocurrencies.

He said: “When you start going down the list of cryptos, you very quickly run into a bunch that are far less robust and far more, frnkly, fraudulant.

“We want to bet on the picks and shovels. What we are looking for are the people who are building the robust, very unsexy infrastructure that’s probably not going to make a headline anytime soon, but is very quietly going to build the infrastructure that all these things are going to ultimately need to work.”