One of TradFi’s well-known investors announced that he has turned his direction. He now reports that he supports Bitcoin and altcoin projects. Here are the details…
Bill Ackman drew attention to these altcoin projects
In a thread of tweets, Bill Ackman said he likes Helium, a decentralized Wi-Fi mesh network. Helium has been criticized for using fake endorsements from tech giants like Salesforce and mobility company Lime to give legitimacy to its network. It is also accused of exaggerating its affiliation with DISH Network, which it claims will provide access to 5G spectrum. As for Helium’s token economy, the network has a history of patronizing founders and insiders, as well as using fake clients to boost token payments.
As we reported on cryptokoin.com, in September, the Helium community voted by a large margin to replace Blockchain with Solana. It has promised to integrate Helium into the SOL phone. Despite Solana’s bearish trend, Helium’s founder has promised to stay in Solana. “Despite the ability of cryptocurrencies to facilitate fraud with the advantage of sensible regulation and oversight, the potential for beneficial societal impact of crypto technology is eventually comparable to the impact telephone and internet have on the economy and society,” Ackman said.
What Helium offers and gains with hotspot
After reviewing a number of “interesting crypto projects,” Ackman said he began to “understand how a token can build intrinsic value over time,” leaving the speculative nature of today’s “tulip craze” behind. He also used the following expressions:
Over time, a bilateral market for HNT develops, where miners buy hotspots and place them around the world to earn tokens. Users purchase HNT tokens to use the network. More demand for the network means more demand for HNT.
Helium’s global network of 974k hotspots was crowd created by individuals who purchased and deployed Helium hotspots to mine HNT, its native token. Customers who wish to use the network must purchase HNT and burn it, ie, remove the ‘consumed’ HNT from its total supply of tokens.
— Bill Ackman (@BillAckman) November 20, 2022
Apart from that, HNT has dropped nearly 95 percent last year, according to CoinGecko data. The token is now trading at $2.23. According to HeliumTracker.io, the average daily earnings per hotspot are currently 0.06 HNT, or 13 cents, with prices for hotspots ranging from $200-$400. Another HNT tracker, Helium Board, shows that the top earners on the platform are bringing in 2.4-2.6 HNT or less than $6 per day. Eager Orchid Whale, one of the top earners according to Helium Board, has a network of 155 hotspots that generate daily earnings of HNT 2.48 ($5.48).
Ackman also focused on NFTs
In addition to supporting Helium, Ackman has a stake in the ORIGYN Foundation, a relatively unknown project that makes vague references to NFTs on its site and “connects industry leaders in the arts, luxury, media, entertainment, sports and more with token holders.” said that.
He also said he has a position at Goldfinch Finance, a lending platform that says it pays off 17 percent of its USDC deposits, with an active loan value of nearly $100 million despite protocol revenue of just $100,000. According to the data, the Goldfinch token is currently well below its all-time high of $32. Currently, it is changing hands at $0.63.
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