Billionaire Holds Crypto Investment in Helium- Changed Previous Stance

Billionaire Bill Ackman revealed his investment in crypto projects.

Bill Ackman, a globally popular investor and billionaire, said, “crypto is here to stay.” Even after the FTX exchange collapses and crypto winter, Ackman remains bullish.

Ackman, the founder and Chief Executive Officer of Pershing Square hedge fund management, disclosed that he has a small investment in several crypto projects like Helium, Goldfinch Finance and ORIGYN.

In a long Twitter thread, Bill said, ” I think crypto is here to stay, and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy.”

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

From the posted tweet, it is noted that Helium is one of the major investments of Ackman because several times in his post, he mentioned the same.

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

What is Helium, and When was it established?

Helium(HNT) is a decentralized blockchain-powered network for the Internet of things(IoT) devices; HNT was launched in 2019.

The mainnet of Helium allows low-power wireless devices to contact/Communicate with each other and transmit the data across its network of nodes.

The main motto of Helium is to prepare IoT communication for the future, identifying inadequacies in current infrastructure since it was established in 2013.

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

Bill Ackman highlighted, “As a result, over time, a two-sided market for HNT develops in which miners buy hotspots and deploy them around the globe to earn tokens Users, in turn, purchase HNT tokens to use the network. The more demand for the network, the more demand for HNT.”

What are Helium Miners, and How do they Work?

Helium miners provide the Helium network wireless network coverage using specially designed hardware known as hotspots. By creating a WHIP complaint hotspot and staking a token placed correlated to the fortune of other miners working in that area, users become miners on the Helium network.

Radio waves technology is used in the Helium mining process rather than CPUs or ASICs. Other than that, blockchain technology is utilised to make a wireless network that is much more trustworthy than the network offered by settled wireless service providers.

Helium hotspots or miners offer long-range wireless coverage by a particular device known as LoRaWaN transmitters.

According to CoinMarketCap, while writing this article, the native of Helium(HNT) is trading at $2.16 with a 24-hour trading volume of $ 3,678,864.

On September 17, 2022, TheCoinRepublic reported that Helium was planning to shift to its blockchain, Solana.

The HIP 70 proposal, which was just made public, explains why the core developers of Helium want to transfer the network from their custom chain to Solana, a leading smart contract platform for decentralized apps (dapps), network functions tokens (NFTs) and decentralized finance (DeFi) protocols.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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Source: https://www.thecoinrepublic.com/2022/11/22/billionaire-holds-crypto-investment-in-helium-changed-previous-stance/