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Authors: JordanCryptocurrencies are having a rough ride in India due to regulatory issues.
But that has not stopped Internet entrepreneur Alexis Ohanian from airing his bullish views on Bitcoin and Ethereum, which some see as a teaser for domestic investors.
Ohanian, the Reddit co-founder, believes that Ethereum can hit $15,000 by 2018-end, saying Bitcoin can more than double in the next eight months.
He even stuck his neck out during an interaction with Fortune, predicting that the well-known cryptocurrency Bitcoin may retake its all-time high of $20,000 and Ethereum can rally around 2,000 per cent from the current levels.
His stand sits in stark contrast to Warren Buffett's, who has come down real hard on virtual currencies, even dubbing them a speculative “game” and a “gamble”.
Bitcoin is hovering around $9,250 and Ethereum nearly $720.
“I’m most bullish about Ethereum simply because people are actually building on it,” Ohanian told Fortune.
Last year, the cryptos were in news after they delivered manifold returns in just 12 months.
For Bitcoin, the jump was a staggering 1,318 per cent at $14,156.40 on December 31, from $998.33 on January 1, 2017.
It was trading at $9,235.92 on May 2 this year.
Likewise, Ethereum soared 8,885 per cent to $736.77 on December 31, from $8.2 on January 1 last year.
Investing in cryptocurrency is tough in domestic markets as the Reserve Bank of India (RBI) last month stated that entities regulated by it can no longer deal with any individual or businesses with an exposure to such currencies.
A circular on the same will be issued soon, the RBI said.
The central bank has issued repeated warnings about investing in virtual currencies, including Bitcoin.
