Brian Kelly says ICOs are here to stay, but with a change. BKCM LLC’s CEO has stated that he believes cryptocurrencies and Blockchain are “early-stage technology.”
6 September, AtoZ Markets – Brian Kelly, one of the most famous figures in the crypto community and the CEO of digital currency investment firm BKCM LLC, has recently spoken in regards to the Initial Coin Offerings (ICOs). Mr. Kelly has stated that this market is here to stay, yet, with some changes.
Brian Kelly Says ICOs are Here to Stay
Mr. Kelly himself is a cryptocurrency analyst and enthusiast. He has shared his outlook regarding the growing ICO market in one of his latest public appearances. BKCM LLC’s CEO has stated that he believes cryptocurrencies and Blockchain are “early-stage technology.” He illustrated his statement with an example of Amazon founder Jeff Bezos. Mr. Kelly stated that Bezos possibly could not imagine his online bookstore turning into a major video streaming platform. He explained:
“We have a new technology that disintermediates a lot of industries. That’s important, and that’s going to be something that’s here for the rest of my career at least and likely a lot longer than that.”
He then went on to speak about ICOs as a form of fundraising. He stated he believes ICOs will not stay in this role for long, suggesting that “it will stay, but with a little change.” He noted that ICOs are an effective tool for funding projects using cryptocurrencies and Blockchain. Yet, Mr. Kelly added that the days of a whitepaper and a dream and $30 million are probably over.”
Moreover, Mr. Kelly added that when faced with a choice of which cryptocurrencies to invest in, there is a mix of positive indicators and catalysts. He named activities that can increase the network as the first type, with conferences and potential software updates standing for the latter group.
ICO wide adoption in five years?
Mirroring Mr. Kelly’s views, the CEO of securities services at Switzerland’s top stock exchange SIX, Thomas Zeeb, has stated that ICOs are here to stay. Mr. Zeeb has forecasted that mass adoption would come in about five years.
In fact, the ICO market has been continuously growing and the figures show a double-fold increase compared to the previous year. According to the report from the ICORating for the Q2 of 2018, 827 projects managed to raise more than $8 billion in funding; this is compared to $3.3 billion in Q1 2018. The report also noted “continued decline in the number of retail investors.” The institutional capital in ICO markets has also risen.
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