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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Billionaire Bill Ackman Touts Altcoins Helium (HNT) And DIMO – Why?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Helium

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Another billionaire shilling another shitcoin or a good advice on a legitimate crypto project with strong fundamentals? This is the question crypto investors are likely to ask about a recent thread about Helium (HNT) and DIMO by billionaire Bill Ackman.

Ackman is an American billionaire, investor and CEO of Pershing Square Capital Management who has been rather critical of cryptocurrencies in the past. In his new Twitter thread, however, he does an about-face.

“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,” Ackman said, and continued:

I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to believe that crypto can enable the formation of useful businesses and technologies.

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

Helium And DIMO, Not Bitcoin And Ethereum

To support his thesis, however, Ackman did not necessarily pick the most popular and well-known cryptocurrencies. Not Bitcoin or Ethereum, but Helium and DIMO are his dubious picks.

According to him, the two examples show that cryptocurrencies can have “intrinsic value” and are not a version of a “modern version of tulip mania.”

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Helium, Ackam says, is creating a global Wi-Fi network that “will be used by Lime and others to track devices around the world, as well as for other purposes that benefit from access to global Wi-Fi networks.”

Ackman also points out that the Helium network already comprises 974,000 hotspots set up by individuals to mine the HNT token. On the intrinsic value of the HNT token, Ackam writes that it comes from its usage.

Customers of the network need to buy and burn HNT, he says, creating “a two-sided market for HNT” in which miners buy hotspots and deploy them around the world to earn tokens. Users, in turn, buy HNT tokens to use the network.

The more demand for the network, the more demand for HNT. Given HNT’s ultimately finite supply, the balance between supply and demand yields a market price […]. As such, HNT becomes a valued commodity whose price is determined by supply and demand.

The choice of Helium is more than shady, as the crypto project recently flaunted fake partnerships.

Both the partnership with Lime (as cited by Ackman) and a partnership with Salesforce were merely made up by the Helium team, who placed their logos under the partnerships section on its website. Remarkably, that claim has been denied by both companies.

DIMO is an even lesser-known altcoin than Helium’s HNT. Ackman describes the crypto project as a pioneer in the automotive space.

Related Reading

Helium

Billionaire Bill Ackman Touts Altcoins Helium (HNT) And DIMO – Why?

1 year ago

“DIMO collects valuable automotive data from data ports in cars. It allows car owners to mint tokens by collecting data from their own cars. The data is valuable to the car owner as well as car manufacturers, suppliers, insurers, municipalities, etc.,” Ackman wrote.

The billionaire revealed that he is a small investor in DIMO, but not in Helium. Overall, his crypto investments account for less than 2% of his assets.

Bitcoin bull Michael Saylor was quick to question Ackman’s choice and suggested that the killer app for crypto is money as the best engineered network is Bitcoin. Ackman, for his part, has not answered Saylor what he thinks about BTC.

The killer app for crypto is money, and the best engineered crypto network to serve as money is #Bitcoin. It is economically, technically, & ethically superior to everything else, so I suggest you study Satoshi's protocol & Bitcoin's provenance before making major commitments.

— Michael Saylor⚡️ (@saylor) November 20, 2022

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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