LOCGAME Spotlight Series: The ICO Millionaire
Today, Victor Meyer is better known as the “The ICO Millionaire’’ in blockchain circles. That’s because the majority of his 9-figure fortune was made during the ICO Boom of 2017. He might not be the most loved character, but he certainly commands a lot of respect.
Character Analysis: The ICO Millionaire
One fateful day in 2014, Victor was given the opportunity to participate in the token sale for a then-unknown project called Ethereum. It was billed as a token sale with funds raised in bitcoin, with the aim of powering the expansion of the Ethereum Ecosystem. He didn’t know so much about the project but decided to invest heavily due to bullish his colleagues were. Of course, Ethereum would go on to experience a bull run that would culminate in being priced at over $3000. This experience opened Victor’s eyes to the potential gains that could be made via ICOs. In 2016, he would quit all other engagements to become a full-time investor in the ICO space. That’s when things got even more interesting!
When Meyer decided to go all-in on ICOs, little did he know he was about to enter the golden age of huge token sales. At the start of October 2017, ICO coin sales worth $2.3 billion had been conducted during the year, more than ten times as much as in all of 2016. As of November 2017, there were around 50 offerings a month, with the highest-grossing ICO as of January 2018, being Filecoin raising $257 million (and $200 million of that within the first hour of their token sale). By the end of 2017, ICOs had raised almost 40 times as much capital as they had raised in 2016, although still amounting to less than two per cent of the capital raised by IPOs. It’s safe to say Victor made a fantastic career decision!
The year 2017 was the year in which he made his first 8 figures, and ultimately 9 figures. Of course, this wouldn’t come without its drawbacks and criticisms. Whales like Victor liked to bet on tokens as an angel investor, then lead them towards successful ICOs, only to liquidate their positions shortly after, aiding to crush the value of the tokens. While this was highly frowned upon, there was no legal recourse for investors who lost their investments in failed projects or tokens with inflated values. This made people like Victor to be viewed as opportunities who were ultimately harmful to the longevity of the blockchain universe.
Despite his faults, “The ICO Millionaire” has been lauded for his part in making projects like Solana, Ethereum, Tezos, and many more become household names. Projects like these have been major successes in the blockchain space, and investors like Victor deserve a lot of plaudits!