Bill Ackman, founder of mutual fund Pershing Square Capital, said he has changed his negative outlook on cryptocurrencies.
Ackman, one of TradFi’s well-known investors, said on Twitter that while the choice of project is questionable, he has turned a leaf and now supports crypto.
Bill Ackman: Crypto Can Make Useful Jobs Easier
Bill Ackman, who has invested in several blockchain-related companies, stated that he was initially skeptical of crypto, but changed his mind after examining the projects.
Saying that the phone, internet and crypto industry have in common, Ackman continues to think that crypto is harmful because it opens the door to fraud. However, he believes that cryptocurrencies can enable the creation of useful business and technologies that have not been developed until now.
The telephone, the internet, and crypto share one thing in common. Each technology improves on the next in terms of its ability to facilitate fraud. As such, I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to
— Bill Ackman (@BillAckman) November 20, 2022
Bill Ackman, who changed his mind after reviewing some projects, exemplified the project as follows:
“This project may help explain my exemplary view of how a token can build intrinsic value over time: a global Wi-Fi network used by Helium. It not only monitors Wi-Fi devices globally, but also benefits from usage areas connected to other Wi-Fi networks.”
Ackman added that he has no investment in Helium, but a small investment in DIMO, a project to collect data from cars. He also said that he has investments in several other projects and 7 crypto VC funds, but that their total does not exceed 2 percent in his portfolio.
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