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American billionaire investor and hedge fund manager Bill Ackman has turned the leaf and is endorsing crypto in a Twitter thread Ackman said he's a fan of helium the decentralized Wi-Fi mesh network has been accused of some fraudulent endorsements from Tech giants like Salesforce and also reportedly exaggerated its relationship with Dish Network we spoke about that on the show months ago h t the native token is down nearly 95 over the past year according to coin gecko data and it seems to me like an odd time for a Trad five figurehead to come out in support of a project with such a checkered past it just feels like not the right moment but uh well I'm gonna pass it to you what did you make of this thread crypto is the great Reaper we have these awesome legendary investors come into the fold and then just get S like whacked I don't even know what happens to them they can't handle it last night we saw Mark Cuban just like unfollow so many different people in crypto last night and why all those coins are down right like he bought the top and that happens with a lot of these investors they come into crypto they think what's going on they think they can imply like their old models to it crypto doesn't work that way crypto is pretty wild and you have to be you have to hold on for dear life I know that's not actually what hoddle means but you do have to hold on for dear life in many situations because no one's used to it right Bitcoin hit 69 000 a year ago and now we touched fifteen thousand dollars last night right and we have like a lot of these lending firms blowing up we have all these projects and tokens everyone thought was going to legitimize the space explode and that is part of what crypto what makes crypto awesome it's also what makes crypto unappealing for so many people out there and it's lastly what makes crypto very hard for investors in traditional space to Value crypto now they seemingly always make the wrong bet and with this instance helium network does have some troubling aspects about it they've exaggerated some claims they've made false claims there seems to be some things that just flat out did not exist and there seems to also be some issues without like the token itself token like it's a cool model but if it's not a buyer for the token then it's sort of just bleeding value all the time and there's a lot of investors who bought helium token or bought the node Network last year and now they're racing to zero along with everybody else so it was odd to see him throw this tweet thread up last night and he got burned on crypto Twitter for doing so Zach throw it up to you all right so full disclosure I've done a little bit of events programming for helium so bear with me I have no hnt bags no Financial stake in this thing but I will say that you guys might be sort of missing the missing Place seeing missing seeing the forest for the trees missing the forest for the trees I always mess that one up but that's what I'm accusing you guys here because the point stands step away from hnt is an example his point is that tokens have a powerful ability to incentivize cooperation across disparate actors and hnt I think has been a poster child of some of the more traditional Finance leaning people in the space I remember this New York Times glowing profile about uh helium being the one true use case that proves crypto utility uh some months ago right so we've seen that in the in the mainstream process sort of a talking point but I think basically what he's trying to say is like tokens work magic right they get people to do things they get people to bootstrap networks they get people to bootstrap liquidity in a way that doesn't exist with existing internet Technologies and that's why he's saying it could be as revolutionary as the internet or the telephone uh after all this craziness shakes out right I think a little bit of this is rich guy talking his own book Because as he mentions later on he's invested in a project that leverages helium right so rich guy talking book to me is the story here rather than beefing with the particulars of helium and the project itself but hey that's just what I'm saying I think the broader point we often discuss it tokens have a way of incentivizing collective activity I don't know what do you guys think I was gonna get there Zach I just want to say I was gonna get there I think of some of what he said in his Twitter thread is true and there was a tweet that control threw up on the screen earlier and his outlook on crypto I think is right and aligned with what we say on the show so often it just feels weird and the current climate for him to be backing or or vocally backing in public on Twitter where everything is unraveling helium and then he promoted two other projects the origin Foundation he said he has a stake in the origin Foundation which it's not really clear what they do and then a position in Goldfinch Finance I don't know it just felt like a weird time but I'll stop rambling and Wendy I'm sorry I cut you off no that's okay I just don't understand why all these really Successful People In traditional Finance are not really able to take a step back and look and see that crypto still does operate in a four-year cycle it's something that's happened for quite some time I don't understand like I am not the smartest person in the room ever or not never do I want to be but I don't understand how I get this and I'm able to make a little bit better um investment decisions in some of these fancy suits it just is absolutely mind-blowing but kudos to them Kudos need last point I want to throw some trade back up is Zach I think the token model is fine right like the token model works but his choice here is like why did you pick hnt versus any other token in the ecosystem that like makes a little bit more sense like h t has like a it does have a track record of exaggerating claims at the very least as detailed on this article and so for him to put this out just seems like he didn't do any due diligence and we've seen what that causes with like FTX and all these other firms blowing up
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