Nurse penny-stockbroker Jordan Belfort, better known as the "Wolf of Wall Street" , reaffirmed his claim that earlier this year, he claimed that Bitcoin was a fraud.
ICOs have become popular with investors around the world over the past year because of their high returns for the early years. investors. Recently, signs have emerged that some ICOs might be too good to be true
Belfort claimed that a small minority of ICOs were total scams
"Promoters [of ICOs] perpetuating a massive swindle of the highest level on everyone.Most 85% of people do not have bad intentions, but the problem is that if 5 or 10% are trying to scam you, c & rsquo; It's a disaster – it's the biggest scam of all time, a gigantic gigantic scam that's going to explode on so many faces – it's way worse than anything I did. "
Despite Belfort's claim, several members of the digital currency community believe that the ICOs could be the future of venture capital and fundraising
Malgr the statements of some members of the virtual community currency that numerous ICO are "fraudulent", the fundraising model of & # 39; ICO has been very successful in raising new capital. Based on data from CoinSchedule, the 202 ICOs that were conducted in 2017 managed to raise more than $ 3 billion. The majority of IFA-funded projects have focused on developing technology solutions for sectors such as finance, entertainment and data storage.
ICOs are widely credited for the phenomenal growth rate of all cryptocurrency. in 2017. Most recently, the total market capitalization of digital currencies reached a record $ 172 billion, up from $ 12 billion in 2016.