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It’s no secret that the overwhelming number of ICOs during 2017 and 2018 failed spectacularly. However, if you look at the sheer number of losses when compared to, it becomes truly apparent that BTC is the benchmark for the entire cryptocurrency industry.
‘Bitcoin is the benchmark’ — that was the takeaway from a recent lecture by Michiel Lescrauwaet, co-founder of Adamant Capital. In his presentation, he demonstrated not only how most ICOs failed, but also proved that Bitcoin was the better bet in the long-run.
In a tweet by self-described ‘cyberpunk’ Jameson Lopp (@lopp), he snapshotted a part of the presentation which shows some interesting numbers on how poorly the ‘ICO craze’ really went in relation to Bitcoin.
These statistics, although not surprising, underscore the fact that Bitcoin is, indeed, the benchmark. It’s remarkable to think that if most ICO investors just purchased BTC, they would have been better off in the long-term.
— Jameson Lopp (@lopp) September 15, 2019
Moreover, Bitcoin remains unrivaled as a form of money in the space. Currently, it boasts some $6.25B in on-chain transactions and has a realized value of $85B, according to Lescrauwaet.
Critics, however, point to the fact that the non-Bitcoin cryptocurrency world is still in its infancy. Some might also say that it would be unfair to group 1000s of cryptocurrency projects as merely ‘altcoins,’ all apparently of the same quality. This may very well be proven true in the future since there is room for other cryptocurrencies which specialize in supply-side logistics, contracts, data sharing, and other key functions which could exist parallel to Bitcoin.
Or how to misrepresent reality by lumping everything on a single "altcoin" bag.
— antiprosynthesis (@antiprosynth) September 15, 2019
However, when it comes to ICOs in particular, the comparison proves that the craze was largely all hype. Beneath the smoke and mirrors, there was no product for most. Unlike these promises, Bitcoin is functionally real and is only growing stronger.
Ultimately, Bitcoin will likely continue to be the ‘benchmark’ of the industry, and as has been the case for years now, the rest of the blockchain industry will grow around it.
Do you agree that Bitcoin is ultimately the foundation and the benchmark of the industry? Do you see it staying on top for at least 10 more years? Let us know your thoughts in the comments below.
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