Unicorn Hunters Now Targeting Crypto
Unicorn Hunters, the business reality show that launched on Amazon Prime last year, is making a bet on crypto. The program features a panel of famous entrepreneurs and investors searching for the next billion-dollar startup. It debuted its own cryptocurrency called Unicoin in February. Executive producer Moe Vela described it as a “next-generation cryptocurrency that pays dividends” and is “backed by equity in high-growth companies.”
The show’s format resembles Shark Tank but with a twist. Instead of investing for themselves, the “hunters” look for companies they think can reach a $1 billion valuation and then offer the general public a piece of the action. The judging panel includes Apple co-founder Steve Wozniak, singer Lance Bass, former U.S. Treasurer Rosa Rios, and Vela, who served as a senior adviser to then-Vice President Joe Biden.
Vela said the recent crashes in crypto markets should make Unicoin more appealing. Because it is structured with asset backing, he argued, it might be safer than Bitcoin or even stablecoins, which have also seen gyrations. “I don’t mean to be disrespectful, but when you buy a Bitcoin or Ethereum or Solana or whatever, you’re trading air,” he stated in an interview. “There’s nothing behind it.”
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How Unicoin tries to fix crypto’s biggest problems
Unicoin is designed as a hybrid model. Vela claimed it combines “the best of traditional investing” with blockchain technology. The token will be backed by a global innovation fund that takes equity stakes in emerging growth companies, including some that appear on the show. He believes this mitigates the extreme volatility that has plagued traditional crypto.
Vela pointed out that Bitcoin has dropped by over 50% in the last year. He said the anonymity and decentralization that originally attracted people to crypto have become its “Achilles heel,” causing investors to sell off in record numbers. “I think investors are rethinking the level of risk they’re willing to engage in,” he said, citing inflation, rising interest rates, and recession fears.
The approach raises a practical question. Can a token that is partly centralized and tied to real-world assets still deliver the kind of returns crypto investors expect? The show’s creators are betting that enough people want stability over the chance to get rich overnight. “We’d like to bring ‘stable’ back into ‘stablecoin,'” Vela joked.
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Vela on regulation: don’t stifle innovation
He said he was disappointed by the negative reaction from the crypto world when President Biden issued an executive order on crypto regulation earlier this year. The producer called it “an acknowledgement from the administration that crypto was here to stay.” The order instructed federal agencies to figure out which agency has oversight and what regulations might be necessary.
“Regulation can be healthy, when it’s used to encourage, to inspire, and to motivate innovation,” Vela said. “But the minute it becomes stifling, it’s wrong and it’s bad.” He warned against agencies that claim to be protecting people but end up keeping them uninvolved and uninformed. “The only way you’re gonna have economic parity in this nation… is by informing and educating and encouraging, inspiring and motivating people, not intimidating them through regulation.”
Vela declined to comment on the SEC’s enforcement case against Ripple, saying it would be inappropriate. He preferred to focus on the positive side of tech. The next round of Unicorn Hunters shoots in early June, and the show’s executive producer said the companies appearing will focus on solutions to challenges in healthcare, fintech, energy, and climate change. “Hopefully the VC world will rally and be encouraging entrepreneurs to use technology in a way that makes the world a better place for everyone,” he said.
