Uber angel investor as well as Robinhood angel investors believe that most of the crypto projects out there are garbage. Why is that the case, we find out in the upcoming crypto news today.
Thousands of entrepreneurs made the attempt of building their own cryptocurrency project in order to earn on the hype of cryptocurrency, in 2017 and 2018. Because of this gold rush, there are at this time more than 5,000 digital assets listed on CoinMarketCap – and there are probably several thousand that did not succeed in entering that list.
It is not odd that many are not convinced in the idea that all of the subjects in this bubble-like market hold a certain value. It is known that Uber investor and venture capitalist including popular entrepreneur, stated that 99% of the cryptocurrency projects are “garbage.” The famous entrepreneur, author, and Uber angel investor, Jason Calacanis, if you have heard of him it is probably in connection with his angel investments in Robinhood, Uber, and Trello. He also has an interest in the cryptocurrency market.
In 2019 he had his bearish attitude stating that Bitcoin could fall to $500. But, Calacanis, started to change his thinking recently, telling Anthony Pompliano of Morgan Creek, that he is warming up to Bitcoin. But the main thoughts of Jason Calacanis, are not changed.
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In a tweet tweeted on June 27th, he stated:
“Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world. I’m waiting for that 1% to deliver their product so I can talk to their customers.”
This is a line of thought that was promulgated by Kevin Rose. Kevin Rose is a co-founder of Digg and a general partner of True Ventures. On altcoins, he told TechCrunch in a new interview:
“The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.”
This kind of thinking was cultivated also by Steve Burns, the well-known stock trader and analyst who stated that “99.9% of altcoins are going to $0 [… over a] buy and hold timeframe.”
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