The crypto adoption curve has been quite steep, especially when it comes to traditional investors. That said, the success of many blockchain-related projects has started to reverse this trend as new investors invade the crypto market.
A leading angel investor is still not convinced that the emerging market is mature enough to justify making wise investments, as he estimates that 99% of the crypto projects in existence today are "garbage".
He noted that the remaining 1% of projects that could provide functional and practical products could "change the world".
Uber / Robinhood angel investor denounces crypto industry
Jason Calacanis is well known in the investment community because of his first investments in a handful of major "unicorns" - including Uber, Robinhood and others.
Although he was one of the first to adopt the Internet and follow several trends that have shaped the traditional investment landscape, Calacanis remains very skeptical of the crypto markets.
In the past, it has offered mixed perspectives on Bitcoin and the crypto industry as a whole, claiming in May 2019 that BTC would be “probably replaced by new technology” due to its heavy “manipulation”.
He also famously stated that this amount would likely fall between $ 0 and $ 500 in the future.
Later, he offered a slightly more optimistic outlook on cryptocurrency while speaking to Anthony “Pomp” Pompliano in an episode of his podcast last week, in which he said he would be willing to allocate a small part of his net worth to Bitcoin .
This weekend, however, Calacanis said he still believed that "99% of crypto projects are garbage" and that most are led by delusional and unqualified "idiots".
However, he noted that 1% of crypto projects that don't fall into this category have the chance to change the world.
"Historically, 99% of cryptography projects are managed by unqualified idiots, founders or delusional thieves but below average ... the 1% who are not, could change the world. I expect this 1% to deliver their product so that I can speak to their customers. Do you have customers? “
Max Keizer: Investors' Reluctance to Enter Markets Adds to "Repressed" Buying Pressure
Max Keizer - one of the first Bitcoin investors and staunch defender of the benchmark digital asset - explained with reference to comments from Calacanis that investors' reluctance to enter the crypto market contributes to the pressure of "repressed purchases".
He argues that hesitant investors will end up panicking by buying Bitcoin , which will help fuel a major upward trend.
“No more pent-up purchases. At some point, Jason will start buying BTC panic . The more he procrastinates now, the more the panic will buy later. (This is just human nature). “
It remains to be seen what is the catalyst for "FOMO" which will trigger this panic purchase.