Bill Ackman Endorses the Crypto Project Helium and Reveals His Crypto Assets

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Last Updated on November 21, 2022 by Bitfinsider

On Monday, one of TradFi’s most prominent investors announced that he has changed his mind and is now supporting cryptocurrencies, albeit his choice of project may be problematic.


Bill Ackman stated in a series of tweets that he favors Helium, a decentralized Wi-Fi mesh network. Helium has been accused of utilizing bogus endorsements from industry heavyweights such as Salesforce and mobility business Lime to legitimize its network, as well as inflating its relationship with DISH Network, which it said would provide them access to its 5G spectrum.


As for Helium’s tokenomics, Forbes reports that the network has a history of favoring its founders and insiders, as well as exploiting false clients to enhance their token payouts.


In September, the Helium community decided overwhelmingly to replace its blockchain with Solana and to integrate Helium on the SOL phone. Despite Solana’s downward path, the founder of Helium has vowed to continue with the stock.


Ackman tweeted, “Despite crypto’s tendency to allow fraud, with proper regulation and oversight, crypto technology’s potential for beneficial societal impact could eventually rival that of the telephone and internet on the economy and society.”

Ackman stated that, after researching a number of “promising crypto initiatives,” he began to “see how a token may create inherent value over time” and transcend the speculative character of a modern “tulip frenzy.”


“Over time, a two-sided market for HNT (Helium’s currency)will arise in which miners purchase and deploy hotspots around the world in order to earn tokens. Users then acquire HNT tokens in order to access the network. “The greater demand for the network, the greater demand for HNT,” tweeted Ackman.
According to CoinGecko data, HNT has declined by roughly 95% over the past year. The token is currently worth $2.23.
According to HeliumTracker.io, the average daily revenues per hots

pot are currently 0.06 HNT, or 13 cents, and the pricing range for hotspots is $200 to $400.


Another HNT tracker, Helium Board, reveals that the top earners on the network make between 2.4 and 2.6 HNT every day, or less than $6. According to Helium Board, one of the top earners, Eager Orchid Whale, has a network of 155 hotspots that generate his daily revenue of $5.48 HNT ($2.48).

In addition to sponsoring Helium, Ackman disclosed ownership of ORIGYN Foundation, a relatively unknown project whose website makes vague references to NFTs and claims to “connect industry leaders from art, luxury, media, entertainment, and sports with token holders.”


He also stated that he holds an investment in Goldfinch Finance, a lending platform that pays 17% on USDC deposits and has an active loan value of approximately $100 million despite generating only $100,000 in protocol revenue.


The website states, “Goldfinch rates are derived from real-world lending, and investments are collateralized off-chain, which distinguishes them from the very volatile DeFi lending you may be familiar with.”
According to CoinGecko data, the token is now trading for $0.63, down from its all-time high of $32.


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