Yoni Assia, Founder and CEO of eToro, who has been trading since the age of 13, believes that ideas right now are much bigger in scale than they were in the dotcom era. He feels this is the explanation behind the obscenely large amounts of money raised at ICOs.
Since the start of this year alone, over $9 billion has been raised as funding for ICOs (Initial Coin Offering), according to consultancy firm Autonomous NEXT. Assia explains,
“You have something that you’ve never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and suddenly you have 100,000 millionaires reading it and saying ‘hmm, that’s a really good idea.’ If 1,000 put in $10,000 – which is not a lot of money for those 100,000 – you just raised $10 million for your ICO. That scale has never happened before.”
ICOs are fraught with risk because the industry is just not regulated tightly. A lot of the venture capitalist funded coins have flopped. Yet, investing in cryptocurrencies now is ‘as good as an investment in the internet 10 years ago,’ Assia, who holds Bitcoin and Ethereum, said.
“Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle.
My long-term view is selling crypto now is like selling Apple in 2001. You do it if you have to do it, you don’t do it if you don’t have to do it. That’s my personal view, again, every person has to decide for themselves. If you’re into this technology, you’re like, why hasn’t everybody moved on to this technology? It’s an endless opportunity to move things on to the blockchain. You have an insane amount of very smart people who are envisioning this future and trying to build products for it. “
Digibraltar on Twitter says,
“selling the ‘right’ crypto is like selling Apple…some should not have been bought in the first place.”
The end of last year was a period of madness for cryptocurrencies, and the fervor seems to be going strong this year. For a layperson looking in, the meteoric rise of Bitcoin might seem to be an opportunity too good to pass up on.
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