Well right now ICO investments are very risky, one could argue that you would be better off just keeping your money in btc

The ICO market right now is not to great and very risky, with most tokens falling immediately on listing if they even list at all.
But again that's not to say that all ico's are inherently bad. There are still plenty of gems out there however you should conduct a lot of research before investing in them. And its always better to take a more cautious and skeptical approach towards ico investments. And never i mean never go all in into an ico, ideally never invest more than 1-5% of your portfolio(depending of course on the size of your portfolio) into a single ico