Uber Angel Investor: ‘99% of Crypto Projects Are Garbage’

Prominent angel investor and internet entrepreneur Jason Calacanis says 99% of altcoin projects are “gabage” run by unqualified individuals, but holds out hope for the 1% with the power to change the world.  

According to a Tweet posted on June 27 by the angel investor behind ridesharing app Uber and crypto trading app Robinhood, nearly all of the crypto projects around the world are under the control of “unqualified idiots” or “grifters” with below-average skills: 

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?

However, Calacanis stated that the projects with the most potential lacking these undesirable qualities are what perks his interest: “I’m waiting for that 1% to deliver their product so I can talk to their customers.”

Altcoins performing better than Bitcoin

Cointelegraph reported last week that many DeFi tokens including Aave (LEND) and MakerDAO (MKR) had posted double-digit gains. Many even outperformed Bitcoin (BTC), which dipped below $9,000 more than once. 

Calacanis’ views on Bitcoin have changed. In May 2019, he predicted BTC would go to the bears, with the price likely to fall to $500, if not zero. However, during a recent interview with Anthony Pompliano, the entrepreneur said he might be willing to invest up to 3% of his net worth into BTC.