Inside The New Breed Of Crypto Elite
The correction may still be in progress in the crypto space, but that's not to say that those who got into the game early are not enjoying their spoils. Surely the market will bounce back, but what is interesting to track is how the Asian market approached the crypto game, the values surrounding it and the future forecast.
A compelling article in Crypto Investor.Asia looks at the rise of the Asian elite's strategy to cryptocurrency, the purchase power and market forecast.
As per the article,
If it is indeed a land grab, many of the most choice plots may have already been spoken for. With the heyday of the initial coin offering (ICO) fever well behind us, many deals for digital tokens to what may one day turn out to be superstar crypto companies are now the exclusive purview of the privileged few. More and more promising blockchain and crypto companies, concerned that the public ICO markets have neither the wherewithal nor the patience to understand their underlying technology are choosing instead to conduct private placements for their ICOs. Just as has been happening for centuries since the invention of the joint stock company on the floors of the Amsterdam stock exchange, private ICO placements are occurring in quiet tables at The Atlas Bar and restaurants like The Black Swan. Private placements in IPOs and ICOs are typically limited to accredited investors, who are almost always well connected and already well-off and by the time most of these companies hit the public market, the insiders have already locked away significant gains, with the public punters left rifling through the scraps.
However given that the whole notion that cryptocurrency was supposed to create greater freedom and release from the chains of traditional financial systems, such approach and sentiment does not seem to offer much difference in the race for class and accumulation that is already the norm.
One thing is certain, private wealth managers in China are being called to be on top of their crypto game at a pace that Americans are only now exploring. When it comes to trends in exclusivity, crypto and luxury, China is definitely the region to watch.
Read the full story here.