Venture capital's ICO gambits left Bitcoin ecosystem underfunded - Adam Back

Initial coin offerings may have hampered the development of the Bitcoin ecosystem, with market research reflecting a massive slant towards non-Bitcoin investments by venture capitalists over the past five years.

Back said that venture capital spending on ICOs has wound down in recent years after an initial surge in attraction to ‘early liquidity: Back added that ICOs had made investors a lot of money, but the phenomenon did not necessarily result in products that people can use and value getting to market because ‘incentives are misaligned’.Trammell Ventures’ report surveyed market data which reflects that 97% of venture capital investments over the past few years flowed into ‘crypto’ and not Bitcoin.

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