Michael Best Partners Brad Jacobsen and Evan Strassberg authored the article, "Taking the "Crypto" Out of Cryptocurrencies" in the May 2018 edition of the Utah Business Magazine.
"During 2017, it appeared you couldn't lose money investing in Bitcoin, initial coin offerings and other cryptocurrency offerings (collectively ICOs). Not since the Tulip Bubble of 1637 had prices of a single commodity (Bitcoin) gone up so much so quickly. As the price of Bitcoin skyrocketed, hundreds of other cryptocurrencies entered the market, and investors anxiously swept them up, hoping to catch the next massive bubble on the way up. Everyone was looking to be the next "Bitcoin billionaire."
While the escalation of tulip prices to the point that bulbs were more valuable than real estate was irrational, at least anyone purchasing a tulip bulb knew what they were getting. The same can't be said for everyone who purchased cryptocurrency. Indeed, the prefix "crypto" means "secret" or "hidden," and one of Bitcoin's principal claims to fame (and for some, its principal appeal) is the anonymity surrounding its ownership. Moreover, it is often unclear what purchasers of cryptocurrency are getting – is it currency, is it equity in a company, or is it something else?"
To read the entire Utah Business article, click here.