January 24, 2026

Capitalizations Index – B ∞/21M

#188 William Mougayar: Unpacking Initial Coin Offerings (ICO) and Token Sales

Token sales, often called Initial Coin Offerings (ICO), are exploding in popularity. Seemingly each week a new record is hit with huge sums being raised by alpha-stage projects in almost no time. William Mougayar, an investor, author and blogger, who has been at the forefront of the token sale movement joined us to unpack the most dynamic trend in the blockchain ecosystem. We cover the great promise of token sales in disrupting venture capital and changing how startups are build and grown. We also address the apparent irrationality of valuations and what distinguishes a responsible from a reckless token sale.

Topics discussed in this episode:

  • The current state of the ICO market
  • Issues with recent ICOs such as BAT, Bancor and Gnosis
  • Why more attention needs to be paid to the relationship between token and application usage
  • How one should think about token valuations
  • Whether we are in a bubble or not
  • How VCs are responding to disruption through ICOs

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Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.

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