Billionaire Hedge Fund Manager Bill Ackman Says Crypto Has No Intrinsic Value
During The Wall Street Journal’s Future of Everything Festival, American billionaire investor Bill Ackman opined that crypto didn’t 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.
Ackman said that Bitcoin wasn’t 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.