crypto News Billionaire Bill Akman supported the crypto industry and revealed his investments

Billionaire Bill Akman supported the crypto industry and revealed his investments

Billionaire Bill Akman supported the crypto industry and revealed his investments

A billionaire investor and CEO Pershing Square Capital Bill Akman optimistically appreciated the prospects of cryptocurrencies, despite recent events in the industry, including FTX collapse.

“Cryptocurrencies came to stay, and with proper supervision, they can benefit society and develop a world economy. All conscientious ecosystem participants should be highly motivated to expose and eliminate fraudulent projects, as they increase the risk of regulators, ”Akman said.

According to him, he was initially skeptical, because he saw that the phone, Internet and cryptocurrencies have one common line:

“Each of these technologies helps another in terms of improving the possibilities of fraud”.

He also suggested that tokens have no internal value and represent simply a “modern version of tulipanomania”.

After studying “several interesting crypto projects”, Akman came to the conclusion that the technology can help in building “useful enterprises” that could not be created without it.

“The ability to release token to stimulate the participants of the enterprise is a powerful lever in access to global labor resources to promote the project. The problem is that unethical providers can create tokens simply to implement PUMP schemes & DUMP, ”the billionaire noted.

As an example of useful projects, the investor was brought by Helium and Dimo. The first builds a decentralized wireless network based on blockchain, the second uses technology to collect on -board these cars.

In October, Binance delusted several pairs with HNT. Forbes noted that shortly before that, an investigation was published on receipt by the founders of the project “Unreasonable payments for millions of dollars” after launching token. Helium attracted $ 250 million from Andreessen Horowitz, Tiger Global and other investors, but the network income for 2021 amounted to only $ 92,000.

The publication found that applications for the use of the protocol by the manufacturer of Lime electric scooters (Akman mentions this) does not correspond to reality, and access points operate at a loss. At the same time, the cost of equipment is $ 500.

The billionaire clarified that he is a “small investor” in a series of crypto enterprises, including DIMO, Goldfinch Finance, ORIGYN, TAXBIT, TRM Labs, but not Helium. He estimated his investments in the Industry Industry at about 2% of the total assets and called them for the most part “hobby and an attempt to study”.

Recall that in May Akman compared the collapse of the Terra ecosystem with the collapse of the financial pyramid.

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