TY - JOUR T1 - Initial Coin Offerings: <em>Economic Reality or Virtual Economics?</em> JF - The Journal of Private Equity SP - 41 LP - 52 DO - 10.3905/jpe.2018.21.4.041 VL - 21 IS - 4 AU - Mark Anson Y1 - 2018/08/31 UR - https://pm-research.com/content/21/4/41.abstract N2 - Since the birth of Bitcoin in 2009, digital currencies have grown exponentially, spurring debate over their legitimacy. Despite their controversy, they are now impacting the way start-up companies raise capital to finance their initial operations. Called Initial Coin Offerings (ICOs), these funding vehicles raised over $4 billion in 2017. In this article, the author explores the economics of ICOs, and consider their risks and regulatory implications, and their placement within the capital structure of start-up companies.TOPICS: Private equity, legal/regulatory/public policy, currency, risk management ER -