Bill Ackman Says Crypto Is Here To Stay And Talks Up Helium Project
Bill Ackman, the founder, and CEO of Pershing Square Capital Management, disclosed that he is a “small direct investor” in cryptocurrencies such as wireless network Helium. Helium’s CEO claims that the problematic cryptocurrency project can “build intrinsic value over time.”
Bill Ackman, a billionaire American investor, has recently advocated for New York to become a cryptocurrency hub by removing regulatory barriers and lowering regulations. He also invests directly in several cryptocurrency-related projects.
Crypto Is Here to Stay
In a Twitter thread on November 20, the Pershing Square founder and billionaire CEO stated, “crypto is here to stay.” However, there is a need to strengthen market control and exclude “fraudulent actors.”
Ackman believes cryptocurrency has the potential to greatly benefit society as long as corrupt players are eliminated from the sector. He also revealed that he is now a “small direct investor” in several cryptocurrency projects, including Goldfinch Finance, ORIGYN, and Helium.
He also explained his reasoning for the 180-degree turn, which boils down to his realization that some blockchain initiatives are more useful than others. Furthermore, Ackman identified Helium as his most prominent investment.
Ackman said in a Twitter thread on Sunday:
“I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to believe that crypto can enable the formation of useful businesses and technologies that could not previously exist.”
Following the bankruptcy filing of the cryptocurrency exchange FTX, he praises the technology. The troubled company, which was once valued at $32 billion, has sparked industry-wide concern about contagion. Despite the recent collapse of the FTX cryptocurrency exchange, Bill Ackman claims to be bullish on cryptocurrencies.
Bill Ackman Discusses Helium Project
Helium, a blockchain-based network, uses nodes as Hotspots to connect wireless devices to the network. Initially, it concentrated on supplying power to Internet of Things (IoT) devices such as detectors and sensors. HNT, the network’s native token, serves as a reward whenever Hotspots relay connection data across the network.
Ackman cited Helium as a cryptocurrency-positive example in a series of tweets. He appears to have been drawn to the initiative’s tokenomics. Ackman went on to say that he was initially skeptical of the sector because he had invested in seven blockchain venture capital funds and was a small-fry investor in companies that “reduce fraud in crypto.”
He claims that less than 2% of his assets are invested in cryptocurrency ventures, venture capital firms, and businesses that combat cryptocurrency fraud. The billionaire emphasized that his cryptocurrency holdings are purely recreational. Furthermore, he believes that with proper regulation and oversight, holdings can significantly benefit society and the global economy. ”
Given HNT’s ultimately finite supply, the balance between supply and demand yields a market price that rises or falls over time in tandem with the success of the Helium Wi-Fi network,” he explained. As a result, HNT becomes a valuable commodity, the price of which is determined by supply and demand.”
Bill Ackman is enthusiastic about Helium, a decentralized Wi-Fi mesh network. Helium has been chastised for forging endorsements from IT behemoths such as Salesforce and mobility company Lime in order to legitimize its network. Furthermore, the network exaggerated its relationship with DISH Network, claiming that it would grant them access to its 5G spectrum.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.