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Billionaire Hedge Fund Manager Bill Ackman Says Crypto Has No Intrinsic Value

News
Wed, 05/12/2021 - 14:59
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Alex Dovbnya
Bill Ackman wouldn't be comfortable with putting any meaningful amount of money into crypto
Billionaire Hedge Fund Manager Bill Ackman Says Crypto Has No Intrinsic Value
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D

uring The Wall Street Journal's Future of Everything Festival, American billionaire investor Bill Ackman opined that crypto does not have intrinsic value.

However, he did acknowledge that there was "phenomenal tech" behind it:

I think crypto is a phenomenal technology, and I kick myself for not understanding it fully, but it does not have any intrinsic value.

Related
Former Ripple Partner MoneyGram Turns to Bitcoin

Ackman said that Bitcoin was not a place for parking his money, but he regrets missing out on its run:

It's not a place where I would feel comfortable personally putting any meaningful amount of assets, and therefore I wouldn't invest in our firm's assets.

During the virtual event, the founder of Pershing Square Capital also unveiled a six percent stake in pizza chain Domino's, making its shares soar.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.