# kaal:claim:3606663-016

**Claim.** Immature markets such as the market for digital assets in 2020 often cannot attract the institutional investors and venture capitalists who have sufficient operating experience in that market, which is a self reinforcing constraint on market development.

**Type.** failure  **Support.** argued

**Holds when.**

- immature or nascent asset markets
- digital asset market as of 2020

**Source quote.**

> Immature markets, such as the market for digital assets in 2020 often cannot attract institutional investors and venture capitalists that have sufficient operating experience in that market.

**From.** Kaal, *Digital Asset Market Evolution* (2020), III. Digital Asset Market Evolution, page 28

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** experience gap in immature markets  (family: cold-start-and-bootstrapping)

**Topics.** economics, institutional-design, innovation

**Keywords.** market-maturity, institutional-investors, venture-capital, digital-assets, investor-experience

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/3936876-022

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.