Angel investor Jason Calacanis expressed his views that 99% of cryptocurrencies are "trash" and firmly asserts that only 1% of crypto assets are truly valuable.
Twelve years after the first cryptocurrency appeared, over 5000 other cryptocurrencies were created. While some have continued to thrive in demand, a huge part has become increasingly blurred.
Because of that, when angel investor Jason Calacanis went on Twitter to express his view that many cryptocurrencies would disappear from the playing field, it did not surprise many people.
However, not stopping there, Calacanis also firmly affirmed that only 1% of crypto assets are really valuable.
With the current number of 5,000 cryptocurrencies, it seems that only 50 cryptocurrencies will actually be successful.
It seems that this view is a bit extreme, but Uber investors are not the only ones sharing these thoughts. Kevin Rose, an associate at True Ventures, in a recent interview echoed Jason's thoughts, saying that 99% of crypto projects will certainly fail.
Rose agrees that most of these projects are created for the sole purpose of making a profit that cannot bring any product to the ecosystem.
From 2018 to 2019, about 1900 to 3000 cryptocurrencies appear, but only half of them will exist until 2020. Data from Coinopsy, a cryptocurrency-based platform, says 60% of ICOs have been disappeared in less than 1 year or before being listed on an exchange.