Former Art Advisor Turned Crypto Guru Seeks to Raise $100 Million Fund to Buy ICOs

The_Real_Fly's picture

Content originally published at iBankCoin.com

For those of you unfamiliar with what an ICO is, I recommend you read one my previous missives on the subject.

In short, they are scams built on top of scams that are scams.

However, just like in previous bubbles and scams, at least before the bubble popped, there are winners. Back in the dot com bubble, I got rich, until I lost most of my money in the 2001 meltdown.

Jehan Chu, a former art advisor in posh Hong Kong, made a fortune investing in Bitcoins -- starting off in 2013. He made so much money, he quit his job and is now seeking to raise $100 million to invest in ICOs.

If you're worried about the speculative nature of investing in an 'asset' that does not have voting rights, ownership in the entity, regulated by anyone outside Github and Reddit forums, don't worry. Mr. Chu said he 'isn't interested in speculation' and will only buy coins with strong funds and potential.

How nice.

To br clear, this isn't speculation.

Source: BBG

“When we make a call for what we think is a good investment, it’s not because we think it’s a speculative play,” Chu said in an interview in Hong Kong. “It’s because we’re looking at the fundamentals based on years of experience.”

His pitch.

"We have a different level of access to tokens than the average person off the street,” Chu said. “We have relationships and we add value to these teams and these businesses and companies that we’re committed to longer term.”

Presently, the cryptocurrency market is valued at $152 billion, a new record. Most of the gains are found in Ethereum backed ICOs -- as evidenced by Bitcoin's 45% dominance in the entire cap.

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nmewn's picture

Well at least they've stopped trying to defend calling it money preferring the more metamorphosis term...currency.

Like sea shells! ;-)

Yellow_Snow's picture

'The_Real_Fly' goes anti-crypto  - maybe that's a contrarian indicator - perhaps another leg up soon...

Surely, 'the Fly' fact-checked his information before re-re-posting.

Spankotron's picture

I overheard some homeless bums in the library the other day talking about starting an ICO...

G_T_A_44's picture

As long as this guy is not a moron and don't believe he is if in fact he was purchasing BTC in '13, he'll make himself and his LP' a fortune if he can get the fund up and running utilizing a strict Risk Management approach.

stitch-rock's picture

Between the cheerleading for one side of the 'two-part' political control system and
opinion based pseudo-intellectual "reporting" on cryptos,
We've come to the conclusion 'Fly' is a clickbait generator
for readers with a penchant for angry, one-sided confirmation bias.

AustrianJim's picture

It's different this time.