Alexis Ohanian, founder of the social media giant Reddit, appeared as a guest at the Late Show with Stephen Colbert on Tuesday.
Ohanian touched on cryptocurrency acting as a “store of value not backed by a single country.” and even with their high level of volatility, they have the power to “fuel a potential new internet.”
He said the real value of cryptocurrency is its ability to secure and transfer assets across national borders, especially for less economically stable countries.
“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 hyper inflation,” Ohanian said, adding:
“For so many people in the world to have that security of knowing what’s yours is yours – because it [cryptocurrency] is now digital, it can be transferred with you wherever you are going – is actually pretty empowering.
Earlier in the week, CTO of Reddit Chris Slowe told Cheddar the future’s looking bright for crypto payments returning to Reddit. The Bitcoin ban on the site in late March was due to Coinbase’s migration to a new platform, and a lack of time for Reddit to update their API integration to support it.