As Bitcoin crashed 20 per cent in late September, Jered Kenna — one of the first Bitcoin millionaires — returned to Twitter after a three-year hiatus with a startling statement, saying he “lost the love for the industry.”
Hearing an ad on his car radio several years ago, encouraging people to mortgage their homes to buy Bitcoin, took him aback. The Initial Coin Offerings craze of 2017, in which startups raised billions by selling digital coins mostly to retail investors, and then often disappearing with the funds, or not delivering any real products, was another blow. More recently, exchange-based coin offerings have taken centre stage — many of them likely as bad, he said.
Many of the old-timers had “unrealistic expectations” about Bitcoin, and didn’t like it getting commercialized, said Nic Carter, co-founder of crypto tracker Coin Metrics. “Lots of the early Utopian builders naturally got disillusioned,” he said. “That’s to be expected.” He calls the departed, “so many lost souls.”
“We split up after a while, and I decided to stay and open the brewery,” he said. 20Mission Cerveza — which looks like your typical upscale pub, with lots of unfinished wood, a stage for a blues band and giant chandeliers —- is also now making tonic and ginger beer. The brewery’s website is in Spanish, except for its slogan, “stay classy.” Kenna is now raising money to expand the business, and wants to start importing the beer to the U.S.
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