Forget Overhyped Billion-Dollar Tech Unicorns, Bitcoin Is the Best Startup Ever

Bitcoin, by contrast, wasn’t an exercise in making the rich even richer.Entrepreneur Naval Ravikant showed the stark difference between your average Silicon Valley IPO and Bitcoin in an incisive tweet:The most valuable startup of the last decade didn’t raise money, didn’t have employees, gave away the cap table, and let anyone invest.— Naval (@naval) June 2, 2019There’s nothing wrong with the traditional startup model. Just look at some of Bezos’ early investments, including in Google:A few of the companies that Jeff Bezos has invested in: Airbnb, Uber, and Google https://t.co/1YsvqBjMZN pic.twitter.com/klEXEYPedJ— MarketWatch (@MarketWatch) June 22, 2017Bitcoin, however, was open to everyone. That’s unlike most startups and even other crypto projects like Ripple whose founders got filthy rich.Here is a chart comparing eight large tech IPOs:$UBER IPO valuation perspectiveData proves mkt unkind to unprofitable IPOs over time.Best performers long-term debut with profits, not massive losses$UBER flop won’t stop$LYFT $BABA $GOOG $TWTR $SNAP $PINS $FB pic.twitter.com/fksEfynC5K— Lou Basenese (@LouBasenese) May 10, 2019As you can see, in the past, tech companies came public when they were already profitable. While a few of 2019’s new tech IPOs will likely make ordinary folks rich, most will simply transfer money from the general public to a few fortunate insiders.