From late 2017 through 2018, the world was ablaze with the ICO (Initial Coin Offering) craze. At the time, the Korean coin market was flooded with speculative capital rushing in like moths to a flame, and I too was one of those chasing the money flow in that crowd. That era, where Bitcoin skyrocketed overnight and foreign coins rushed to list, bore a striking resemblance to the landscape later dominated by the real estate boom and the fear of ‘sudden poverty’ during the COVID era.

After much turmoil with prominent acquaintances in the industry, I succeeded in the ICO, but ultimately chose to resign due to issues with the project’s direction and friction with management. What followed was an indescribable sense of emptiness and despair. It reminded me of the stark contrast I witnessed during a CES trip to Las Vegas: the dazzling lights of the night versus the desolate morning scenery… That bitter feeling, akin to what street cleaners must have felt while clearing trash-filled streets, seemed to echo my own emotions.

As time passed, by 2024, the approval of Bitcoin ETFs has redirected the market’s gaze back toward cryptocurrency. This time, expectations for regulatory easing around STOs (Security Token Offerings) seem to be driving the market toward greater institutionalization. If the past ICO frenzy was a feast for a handful of speculators, the post-COVID asset surge was a massive wave that swept ordinary investors into gap investments and ‘debt-fueled investments’ within the institutional framework. What I’ve realized through this entire process is clear: more important than countless investment theories and analysts’ flashy analyses is building your ‘own investment perspective’ through experiencing small successes and failures firsthand.

Now, as the STO market becomes institutionalized, another massive tectonic shift will occur in the financial markets. Now that the bubble has deflated in the coin market, an even larger wave is approaching before our eyes. This time, I hope we can learn from past failures, not get swept away by the wave, but instead ride it and enjoy surfing magnificently. Armed with patience to wait for the right moment and decisive action, I resolve to make this a year where I fully seize the coming opportunities as my own.