Home Cryptocurrency Billionaire Bill Ackman Says Crypto is Here to Stay After FTX Implosion

Billionaire Bill Ackman Says Crypto is Here to Stay After FTX Implosion


Bill Ackman thinks HNT could “build intrinsic value over time,” while the crypto industry is “here to stay.”

The American billionaire investor and hedge fund manager – Bill Ackman – reiterated his support for crypto, maintaining that the sector is “here to stay.”

He also endorsed the blockchain-based network Helium, saying the project’s token HNT could “build intrinsic value over time.”

Helium’s Merits

In a recent series of tweets, the Founder and CEO of Pershing Square Capital – Bill Ackman – argued that Helium is one of the “interesting crypto projects” with numerous benefits.

For one, it created a global Wi-Fi network employed by other entities to track devices. Ackman also stressed that the valuation of Helium’s native asset – HNT – is determined by supply and demand. Miners purchase hotspots and deploy them worldwide to earn tokens, while users buy such coins to use the network.

“Imagine how difficult it would be to create Helium’s million-node network of global hot spots where each node is placed in a location to optimize the coverage of the network,” he added.

Ackman pointed out that HNT has an “ultimately finite supply” and claimed it could generate intrinsic value in the future.

Bill Ackman
Bill Ackman, Source: CNBC

Despite endorsing the crypto project, Helium was a subject of scrutiny this summer. It claimed that several companies, including Salesforce, used its technology, but the latter denied the statement.

“Some of the users on the network we know about and some we don’t, that’s the nature of having a permissionless network that anyone can use. All of the usage is visible on-chain, but not who or what. We also don’t always know when users stop using the network,” Helium’s Founder Amir Haleem explained the issue at the time.

HNT is also in pretty bad condition. Due to the harsh consequences of the crypto winter, among other reasons, its price has slipped to $2.20 (as of the moment of writing these lines). This represents a whopping 96% decline compared to the all-time high of over $55 hit last November.

Ackman’s View on Crypto

The 56-year-old investor admitted that he was not a fan of the crypto industry in the past, describing it as a “modern-day version of tulip mania.” After examining the field, though, he changed his stance and even invested some of his wealth into it.

Apart from Helium, he owns a stake in ORIGYN Foundation and has a position in Goldfinch Finance. His total exposure to crypto projects equals 2% of his assets, adding that he invests “more as a hobbyist” who wants to learn the specifics of the industry. As such, he warned people not to take any recommendation from him on the matter.

Given his research, he has predicted that “crypto is here to stay.” However, he concluded that it will truly thrive once global regulators impose comprehensive rules and remove criminals who use the asset class in illicit affairs.

An Advice to New York City’s Mayor

New York City’s new mayor – Eric Adams – stepped into office last year and presented himself as a keen supporter of bitcoin. He even received his first paychecks in BTC and vowed to turn the Big Apple into a global crypto hub.

Ackman welcomed those plans and urged Adams to remove barriers in the sector so New Yorkers could stay in their city instead of looking for other more crypto-friendly destinations.

“Let’s remove barriers, create opportunities for growth and innovation, and help our state and city,” he said.

The post Billionaire Bill Ackman Says Crypto is Here to Stay After FTX Implosion appeared first on CryptoPotato.





Source link

RELATED ARTICLES

Bitcoin Miners Feel The Heat, More Selling Pressure Imminent?

Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible...

Bitcoin options data shows bulls aiming for $17K BTC price by Friday’s expiry

Bitcoin (BTC) price crashed to $15,500 on Nov. 21, driving the price to its lowest level in two years. The 2-day-long correction totaled...

10 Best Crypto Under $1 To Buy In 2023 | ZebPay

The most popular crypto tokens on the market today cost thousands of dollars. Bitcoin is trading at over $16,000 while Ethereum is at...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Bitcoin Miners Feel The Heat, More Selling Pressure Imminent?

Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible...

5 best episodes of Yellowstone, ranked | Digital Trends

As one of the most popular shows on TV, Yellowstone definitely has its share of excellent episodes. Over the course of five seasons, the...

National squash championships: Vijay Kumar sends Rahul Baitha packing

Vijay Kumar, left, took out Rahul Baitha in straight games at the 78th National squash championship in Chennai on Wednesday. | Photo Credit: M....

Dave and Buster’s slumps after Q3 beat fails to impress (NASDAQ:PLAY)

JHVEPhoto Dave and Buster’s (NASDAQ:PLAY) shares down 6.3% despite posting earnings beat for the fiscal third quarter. The...

Recent Comments