When Bitcoin first came out, it was nothing more than an idea. There was no way to invest in it or even know what it was. But, as time went on, people started to realize that Bitcoin had potential.
They saw that it could be used to buy things, or even make money. So, they started to invest in it.
But then, something strange happened. The price of Bitcoin started to go up. And up.
People were making a lot of money off of their investments. And then, just as suddenly as it had gone up, the price started to crash down again.
It turns out that there was a group of people who had been artificially inflating the price of Bitcoin. They were doing this by buying up a lot of Bitcoin and then selling it at a higher price.
This is called “pump and dump” and it’s illegal in most places. But these people were doing it anyway.
When the price crashed, a lot of people lost a lot of money. And many people were angry at the people who had caused the crash.
They felt like they had been tricked.
So, did Bitcoin do an ICO? No, not really. But there are some people who feel like they were tricked by the people who were artificially inflating the price.