‘Crazy’ ICOs are driven by Bitcoin millionaires who need to diversify but don’t want to pay tax

September 17, 2017
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A large portion of ICOs are funded by people who got rich buying Bitcoin.
They need to diversify their exposure to the volatile cryptocurrency.
But they don’t want to pay tax.
On that basis, ICOs look like a good deal.

LONDON — Where is all this ICO money coming from?

That was the question I wanted to ask when Business Insider was invited to lunch last week with Lightspeed Venture Partners investor Jeremy Liew and Blockchain founder/CEO Peter Smith at The Hoxton, a trendy hotel much favoured by tech startups in Shoreditch, London.

More than $1.8 billion has been raised in “initial coin offerings” this …read more

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