Remember when it seemed like there was a new ICO launching every day? Back in 2017 and early 2018, when the markets were flooded with money and everyone was riding the cryptocurrency wave?
It was a heady moment. It seemed like a wild race to see who could raise more money in the shortest period of time. Projects were literally reaching their hard caps in seconds! (Or so they said.) Basically, it seemed like anything remotely associated with blockchain was pre-destined to succeed.
But then we got schooled.
As so often occurs when Mother Reality shakes her head and decides to give us a little education, we all learned three important lessons:
- Bull markets don’t last forever
- Not every “revolutionary” blockchain project lives up to the hype
- ICOs are incredibly risky investments that probably aren’t for everyone
And thus began the great crypto winter.
In fact, all it took was a bear cycle to kill the crypto euphoria. Suddenly, fewer investors were willing to back blockchain projects. This led to fewer ICOs being launched (which isn’t necessarily a bad thing). After all, the great ICO summer had attracted a lot of scammers pretending to be blockchain startups with the intention of taking investor money and disappearing onto the beaches of Belize.
In my opinion, Mother Reality did us a favor.
Behold the Cryptopreneurs by Dennis Lewis
Listen in to Crypto Blood interviewing Dennis Lewis, CEO of Crypto Trader News on the death of ICOs and the future of blockchain fundraising.