Billionaire investor Bill Ackman now thinks 'crypto is here to stay,' likes Helium

Bill Ackman, a well-known billionaire investor and hedge fund manager, has taken a U-turn on his bleak views surrounding cryptocurrencies, saying it's "here to stay" despite the recent meltdown of crypto exchange FTX and the subsequent market turmoil. “Despite crypto’s ability to facilitate fraud, with the benefit of sensible regulation and oversight, crypto technology’s potential for beneficent societal impact may eventually compare with the impact of the telephone and internet on the economy and society,” the CEO and founder of Pershing Square Capital Management wrote in a recent series of Twitter posts . Within the cryptoverse, Ackman praised one particular decentralized blockchain: Helium ( HNT-USD ). To put it bluntly, Helium enables wireless devices to send data to one another across its network of nodes. The native HNT coin, though, has dropped over 95% from a year ago in what has been a common downward trend among digital tokens. Ackman said that he started to “understand how a token could build intrinsic value over time” after assessing a number of crypto projects, while noting "the vast majority of crypto coins are used for fraudulent purposes rather than for building legitimate businesses." He also disclosed positions in crypto projects ORIGYN Foundation, which appears to be related with non-fungible tokens, and lending platform Goldfinch Finance. In May 2021, Bill Ackman likened Terra's algorithm to crypto version of a pyramid scheme .