In October 2008, Satoshi Nakamoto published "Bitcoin: A
Peer-to-Peer Electronic Cash System" – the white paper
that promulgated blockchain technology. Almost a decade later, in
February 2017, the combined market value of all cryptocurrencies
was $20 billion, topping out at $750 billion in November 2017.
As blockchain built momentum from 2009 to 2016, outsiders who
previously watched from the sidelines, jumped headfirst into the
space as investors, developers, creators and issuers. In 2017 and
early 2018, approximately 197 crypto-focused hedge funds were
created with approximately $4 billion under management,1
80 crypto-focused exchanges were set up and approximately $7
billion was raised through initial coin offerings.2 Like
the tech-boom of the 1990s, this boom was orchestrated by younger
entrepreneurs with limited professional experience. For example,
the average fund manager age was 26 in November
2017.3
