Robinhood, Uber Angel Investor: "99% of projects are garbage, the remaining 1% can change the world"

Jason Calacanis, a prominent angel investor in companies like Robinhood, Uber, and Trello, recently stated on Twitter that 99% of cryptocurrency projects in the market are garbage issued by idiots and low-level founders. However, the remaining 1% have the potential to change the world.

99% of Cryptocurrencies Are Garbage

In 2017 and 2018, thousands of development teams launched their own cryptocurrency projects through Initial Coin Offerings (ICOs). Fueled by this frenzy and speculation, the variety of cryptocurrencies in the market soared. There are over 5,000 cryptocurrencies listed on CoinMarketCap alone, with potentially thousands more that are not recorded.

Some argue that with over 3,600 stocks listed on the New York Stock Exchange alone, the 5,000+ cryptocurrencies in the market are not excessive compared to traditional financial markets. There is still room for growth, but not everyone shares this view. Angel investor Jason Calacanis, who has invested in well-known companies like Robinhood, Uber, and Trello, recently stated on Twitter that he believes 99% of cryptocurrency projects are just garbage and have no value. In a tweet on June 27th, Calacanis wrote:

"Historically speaking, 99% of cryptocurrency projects are run by unqualified idiots, delusional and low-level founders or contributors."

Interestingly, Kevin Rose, co-founder of tech news site Digg, also shared a similar view recently. In a recent interview, he stated:

"The problem is that 99% of the projects and many of the people behind them are just doing it for pure economic gain. Most of them are garbage. It's unfortunate because it drags down some high-quality projects and makes the space quite messy."

The 1% that Changes the World

However, Jason Calacanis does not completely dismiss the potential of cryptocurrencies or blockchain technology. In the same tweet, he pointed out:

"The remaining 1% is not garbage and may change the world. I am waiting for the 1% of projects to deliver their products so I can talk to their customers. Do you have customers?"

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.

I’m waiting for that 1% to deliver their product so I can talk to their customers.

you got customers?

— [email protected] (@Jason) June 27, 2020

This is not the first time Jason Calacanis has commented on cryptocurrencies. In March 2019, he tweeted his bearish view on Bitcoin, even predicting it could drop to $500. However, this venture capitalist's attitude towards Bitcoin has made a complete 180-degree turn this year. In a recent interview with Anthony Pompliano of Morgan Creek, he revealed that he is getting ready for Bitcoin.

Unfortunately, Jason Calacanis is not wrong. The ICO frenzy of 2017 and 2018 gave rise to many worthless projects, with many still not delivering any products to this day. These projects born during the hype period have indeed dragged down the overall health of the cryptocurrency market and fragmented market funds. However, looking back at events experienced by traditional financial markets (such as the dot-com bubble), it is evident that speculation is not unique to the cryptocurrency market. All investment commodities seem to go through such painful periods in their early stages to move towards a more mature next stage.