For those of you unfamiliar with what an ICO is, I recommend you read one my previous missives on the subject.
In short, they are scams built on top of scams that are scams.
However, just like in previous bubbles and scams, at least before the bubble popped, there are winners. Back in the dot com bubble, I got rich, until I lost most of my money in the 2001 meltdown.
Jehan Chu, a former art advisor in posh Hong Kong, made a fortune investing in Bitcoins — starting off in 2013. He made so much money, he quit his job and is now seeking to raise $100 million to invest in ICOs.
If you’re worried about the speculative nature of investing in an ‘asset’ that does not have voting rights, ownership in the entity, regulated by anyone outside Github and Reddit forums, don’t worry. Mr. Chu said he ‘isn’t interested in speculation’ and will only buy coins with strong funds and potential.
To br clear, this isn’t speculation.
“When we make a call for what we think is a good investment, it’s not because we think it’s a speculative play,” Chu said in an interview in Hong Kong. “It’s because we’re looking at the fundamentals based on years of experience.”
“We have a different level of access to tokens than the average person off the street,” Chu said. “We have relationships and we add value to these teams and these businesses and companies that we’re committed to longer term.”
Presently, the cryptocurrency market is valued at $152 billion, a new record. Most of the gains are found in Ethereum backed ICOs — as evidenced by Bitcoin’s 45% dominance in the entire cap.If you enjoy the content at iBankCoin, please follow us on Twitter