American entrepreneur Naval Ravikant, who is known as one of the most prominent angel investors in Silicon Valley, has opined that most cryptocurrency projects end up dying because their founders get rich "too early."
The AngelList founder has backed various cryptocurrency projects, including self-custody platform Casa.
Ravikant's most recent take has attracted a lot of attention from the investment community.
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In response to Ravikant's post, Aaron Jacobson, marketing lead at the X social media platform, has commented that a lot of cryptocurrency projects fail to survive due to the fact that they come up with their own tokens with questionable decentralization instead of building on top of existing cryptocurrencies (such as Bitcoin). "Most crypto projects die because they tried to fund the project with a token controlled by the founding team (it is always controlled unless BTC), rather than build on a currency that already exists," he said.
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Prominent venture capitalist Adam Draper, the son of Bitcoin whale Tim Draper, claims that the crypto space has historically been a world of "value capture" that precedes the creation of value. Hence, this leads to the creation of wealth before the quest is finished. However, Draper has noted that this is seemingly changing now.
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