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Reddit Bringing Back Bitcoin Payments, Founder Bets on Bitcoin and Ethereum

Social content aggregation platform Reddit will soon bring back bitcoin as a payment option for the site’s premium ‘Reddit Gold’ service, in addition to other cryptocurrency payment options.

In an interview with Cheddar, Reddit’s Chief Technology Officer Chris Slowe explained that bitcoin was initially removed as a payment option from the popular site due to bitcoin’s rapidly increasing transaction fees and an unexplained integration issue with Coinbase’s e-commerce payment solutions, but would be making a return soon after the site has been redesigned. 

Slowe added that additional cryptocurrencies will be added when the new design launches:

"We have been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the bitcoin network. We are looking at ethereum and litecoin that are both provided by Coinbase."

In related news, Reddit co-founder Alexis Ohanian spoke to Fortune’s Term Sheet, offering some insights into where the entrepreneur sees the cryptocurrency market going.

“I’m most bullish about Ethereum simply because people are actually building on it,” Ohanian said.

The Reddit co-founder then goes on to make predictions on the price of the two top cryptocurrencies on the market by market cap: Bitcoin and Ethereum.

Ohanian believes that bitcoin will reach previous all-time high levels of $20,000, while Ethereum will reach $1,500. Originally, Ohanian was reported as quoting $15,000 for Ethereum, which sent the internet in a frenzy calculating a $3 trillion market cap for the smart-contract focused crypto. Ohanian later amends his comments, saying that he misspoke, accidentally adding an additional zero to Ethereum’s price.

Bitcoin’s price sits at $9580 at the time of this writing, while Ethereum’s price is $771. Both would need to effectively double in price within a year to meet Ohanian’s predictions.

[Image Credit: Flickr]