99% of the cryptocurrency projects are garbage, popular Angel investor
- Well-known angel investor Jason Calacanis has said that “99% of crypto projects are garbage.”
- According to him, most cryptocurrency projects are run by “unqualified idiots” with below-average skills.
- Jason, Kevin Rose, a partner at True Ventures, also said that 99% of the cryptocurrency projects are bound to fail.
Popular angel investor Jason Calacanis recently took to Twitter to raise his concerns about cryptocurrencies. According to him, 99% of the cryptocurrency projects are “garbage.”
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.
— [email protected] (@Jason) June 27, 2020
I’m waiting for that 1% to deliver their product so I can talk to their customers.
you got customers?
Currently, there are about 5,000 cryptocurrencies listed on coinmarketcap. In Calacanis’ opinion, only 50 out of these cryptocurrencies are likely to succeed. This would also mean that billions of dollars will be lost in market capitalization, which will have a significant impact on the rest of the market.
Calacanis is not the only one with this opinion. In a recent interview, Kevin Rose, a partner at True Ventures, said that 99% of cryptocurrency projects are bound to fail. According to him, most of these assets are created with the sole purpose of profit generation with no inherent solution similar to the current financial static that paper money creates.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
