Billionaire Bill Ackman thinks crypto is permanent! According to Bill Ackman, billionaire and CEO of Pershing Square Capital Management, while crypto tokens are used by corrupt promoters to perpetuate fraud, they “can help create profitable businesses.” A former critic of digital assets, Ackman insists that “crypto is here to stay” and society will benefit even more if it is regulated properly.
Crypto a “Powerful Situation to Gain Global Power to Improve Services”
US billionaire hedge fund manager Bill Ackman said (after studying some crypto projects) that he now believes “cryptography can lead to the establishment of valuable companies and technologies that could not be created before” . According to the billionaire, the ability to issue and use crypto tokens “to motivate the participants in the business is a powerful factor for accessing global users to promote further work.”
Even so, Bill Ackman insisted that the month of November 20 Twitter thread that cryptography, like the telephone and the Internet before him, can be a useful tool to support fraud. To support this argument, he pointed out how “those who promote bad behavior can create symbols just to support the process of redemption and disposal.” According to the calculations of the billionaire, “most of the crypto-currency is used for fraud instead of creating legitimate business”.
Billionaire Bill Ackman Also Gave the Project Name
Despite explaining what he sees as flaws in crypto, Ackman, who is the founder and CEO of Pershing Square Capital Management, uses two projects – Helium and DIMO – to explain why he changed his mind. him. He said: “Helium created a global Wi-Fi network used by Limebike and others to track devices globally as well as for other uses which benefit from access to global Wi-Fi networks. Helium’s global network of 974k hotspots was crowd created by individuals who purchased and deployed Helium hotspots to mine HNT, its native token.”
According to Ackman, customers who want to use the network are forced to buy HNT “and burn it”. Demand for the HNT brand is tied to network demand, Ackman added.
Regarding DIMO, a data-driven ecosystem that aims to connect car owners and manufacturers, the billionaire said he also sees “a two-sided market for the DIMO brand growing in time, where data users buy and burn tokens of car owners”. and DIMO data collection tools.
Investing in Crypto as a hobby
Meanwhile, the billionaire continued to admit on Twitter that he is an investor in DIMO. He added that his overall investment in crypto-related projects is less than 2% of his assets. In a warning to his more than 500,000 subscribers, Bill Ackman said: “I invest more as a hobbyist trying to learn than as a careful investor as I minimize the time I spend on non-Pershing Square investments so please don’t rely on my due diligence or take any of the above as an investment recommendation.”
Ackman, who has previously argued that crypto tokens like bitcoin have no intrinsic value, ended the thread by saying that “crypto is here to stay” and can become more valuable when properly regulated.
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