An angel investor of Robinhood and Uber: 99% of crypto projects are simply “garbage”

According to a tweet shared by prominent angel investor and internet entrepreneur Jason Calacanis, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters. Calacanis’s argument may sound negative, but it reacts to the reality when there are now over 5,000 digital assets listed on CoinMarketCap – and there are likely thousands of others that failed to cut.

Nearly all of the crypto projects around the world are under the control of “unqualified idiots”

Calacanis seems quite interested in the crypto space. In 2019, he was bearish, postulating that Bitcoin could fall to $ 500. Yet, the investor has recently begun to change his mind, telling Morgan Creek’s Anthony Pompliano that he’s warming up to Bitcoin.

Calacanis’ thoughts on altcoins, however, have not changed. In a tweet published June 27th, he wrote:

Elsewhere, though altcoins may be fundamentally worthless, they have increased in price in recent months anyway. In fact, many people have actually outperformed Bitcoin. In particular, the included DeFi tokens, including Aave (LEND), and MakerDAO (MKR), have recorded an increase of up to two numbers.

Calacanis’s view on Bitcoin has changed. In a recent interview with Anthony Pompliano, Calacanis said he might be willing to invest up to 3% of his net worth in Bitcoin. This is also a good idea because the Bitcoin price was up 33% since the start of the year.

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