Scottish entrepreneur, designer, innovator and parliamentarian, Baroness Mone currently faces a pause in a bitcoin-focused development, with her goals becoming unattainable.
As per news outlet, CCN Mone was in the works of selling two-bedroom apartments for 185,000 pounds worth of Bitcoin [BTC]. However, government officials have supposedly stopped the construction process and it still remains only 25% completed, which is a problem considering the fact that it was supposed to be ready for the summer.
Interestingly, this isn’t Mone’s first failed attempt at becoming something within the crypto sphere, but her second. CCN reported that her first endeavor involved the hopes of raising $80 million via Initial Coin Offering for a cryptocurrency that was supposedly “disguised as an investment clearinghouse [called EQUI].” With all the hype she enforced into the project, it only managed to raise funds of $7 million.
The project, as Mone called it, “Bitcoin of Britain” did not last because “EQUI was not the ‘Bitcoin of’ anything,” reports CCN, adding that it was founded more on hype than it was on a strong foundation that could potentially make a difference.
It has also been argued that Mone simply tried her attempts at the market, without having sound knowledge on it. That is, she focused primarily on making gains from the hype surrounding Bitcoin, but not so much because of a burning passion for the technology. Another term for such an approach has been compared to Andreas Antonopoulos’,
In other words, telling everyone that Bitcoin’s underlying technology will be implemented, but in reality, carries no similarities and doesn’t aim to resolve current issues in both the use of cryptos and blockchain technology and today’s society.