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Dimitar Dzhondzhorov



Articles by Dimitar Dzhondzhorov

Bull Market Signal? Jim Cramer Advises Crypto Investors to Sell

1 day ago

The host of CNBC’s Mad Money show – Jim Cramer – said cryptocurrency investors still have time to sell their “awful” positions.
His previous advice has often been inaccurate, prompting numerous participants to anticipate a market surge after the latest comments.
Cramer’s on the Spotlight Again
During his most recent show, Mad Money’s host urged investors to cash out their cryptocurrency at all costs. He thinks “it’s never too late” to exit the market, hinting the crypto winter is nowhere near its end:
“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”
Cramer believes the most speculative cryptocurrencies that could possibly

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5 Failing Crypto Narratives of Late According to CZ Binance

1 day ago

Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash.
He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time.
CZ’s List
Zhao took it to Twitter to dismiss some suggestions that hovered in the cryptocurrency space lately. He said he doesn’t see himself as the “savior of crypto,” arguing the industry is “fine” and doesn’t need saving.
“It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our best interest,” he added.
CZ also touched upon FTX,

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Standard Chartered Analyst Explains Why BTC Will Suffer Even More in 2023 (Report)

2 days ago

Eric Robertsen – Global Head of Research at Standard Chartered – thinks bitcoin could tumble to $5,000 next year as more cryptocurrency firms might experience liquidity issues.
He believes 2023 could be prosperous for gold, envisioning the yellow metal’s price to surge to $2,250 per ounce.
Next Year’s Potential Trends
As reported by CNBC, Robertson argued that 2023 could bring more pain for the cryptocurrency market, specifically bitcoin. He predicted the asset’s price could crash to $5,000, or a 70% decline compared to the current valuation.
The collapse could come as a result of a future crisis of other cryptocurrency firms and platforms that could find themselves with “insufficient liquidity,” pushing them towards bankruptcy protection. Other negative events like the

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Troubled Crypto Firm Genesis Owes Gemini’s Customers $900 Million (Report)

2 days ago

The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million. 
Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy.
Almost $1 Billion in Debt
The recent collapse of one of the largest cryptocurrency exchanges (FTX) caused a huge disruption of multiple other companies that had even remote affiliations. One such example is Genesis, which had millions in locked funds in an FTX trading account. 
According to a coverage by The Financial Times, the platform, which suspended users’ withdrawals at the end of November, owes $900 million to clients of

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Many More Crypto Firms to Suffer FTX’s Fate, Predicts Palantir Co-Founder

2 days ago

Joe Lonsdale – Co-Founder of the software company Palantir Technologies – thinks multiple cryptocurrency companies will go bankrupt in the future since most function like Ponzi schemes.
However, he believes blockchain technology will remain a key part of the future financial system as it enables a “new and important way” to move money globally.
Expect More Cases Like FTX
According to Lonsdale, the lack of pertinent rules in the cryptocurrency sector and the assumption that most projects in the space operate as Ponzi schemes are prerequisites for future collapses like the FTX one:
“Overall, I think you’re going to have most things crash. This is what you’d expect in any situation where you have stuff that’s not regulated.”
The crypto industry is full of companies that

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How Wide Does FTX Contagion Spread? The Affected Companies So Far

3 days ago

The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers. 
Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away from the agreement. FTX could not find a solution and filed for Chapter 11 bankruptcy protection, while CEO Sam Bankman-Fried resigned from his position.
This sent shockwaves through the entire cryptocurrency market. The prices of most digital assets tumbled, with bitcoin dropping below $16,000. 
Fears of contagion still plague the market. In the following, we take a look at some of the companies that were impacted by FTX’s

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Crypto Scammer Coin Signals Ordered to Pay $2.8 Million to Victims

4 days ago

The American authorities ordered Jeremy Spence (a.k.a. “Coin Signals”) to pay over $2.8 million in restitution to victims of his cryptocurrency fraud. 
The US Department of Justice (DOJ) sentenced the criminal to 42 months in prison in May for running a scheme that defrauded investors with more than $5 million.
‘An Illustration of the CFTC’s Best Efforts’
The Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Southern District of New York entered a consent order for a “permanent injunction, restitution, and equitable relief” against Jeremy Spence. The man, popular in the community as “Coin Signals,” operated a crypto Ponzi scheme and drained over $5 million worth of digital assets from conned investors.
The authorities ordered him to

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Blockaded Palestinians in the Gaza Strip Turn to Bitcoin Amid Financial Chaos (Report)

4 days ago

Numerous Palestinians in the blockaded enclave of Gaza have lost their lives due to the Israeli-Palestinian conflict, while others are on the edge of survival.
The total destruction of the area has also negatively affected the local financial network. Trying to preserve their wealth and monetary independence from Israel, an increasing number of Gazans have turned to bitcoin and other digital currencies.
The Israeli-Palestinian War
The clash between the two nations, which started last century, is one of the most enduring global conflicts. The core of the problem is the fact that Israel’s territory is home to both Jews (the predominant population) and Palestinian Arabs. The two groups have claimed the same land, but a compromise has not yet been found.
The first tension

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The Recent Wave of Mysterious Deaths in Crypto

4 days ago

Tiantian Kullander – Co-Founder of the crypto firm Amber Group – unexpectedly passed away in his sleep at the age of 30.
The bear market negatively affected his firm, which had to dismiss around 10% of its staff earlier this year. In addition, Amber Group recently revealed it had been an “active trading participant” on the bankrupt crypto exchange FTX. It remains unknown whether his death has some connection to the aforementioned events.H
However, he’s not the only one with similar faith recently.
The Curious Case of Kullander
The crypto community was recently shocked by the unexpected death of Tiantian Kullander, also known as “TT.” The Hong Kong businessman who previously worked at Morgan Stanley and Goldman Sachs passed away in his sleep, aged just 30.
Sources did not

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FTX Crash Could Affect Every F1 Team, Says Mercedes’ Toto Wolff

5 days ago

Toto Wolff – an Austrian billionaire and CEO of the Mercedes-AMG Petronas F1 Team – thinks the collapse of crypto exchange FTX could harm every Formula 1 organization.
The trading venue served as one of Mercedes’ sponsors while its logo was visible on the cars driven by Lewis Hamilton and George Russel. However, the squad suspended the agreement after FTX’s severe issues came to light in the middle of November.
‘A Huge Damper for the Entire Industry’
FTX’s immense decay that happened last month still resonates loud across various sectors. In a recent interview, Wolff argued that the event could spark troubles in each Formula 1 team since they are all somehow connected to the cryptocurrency industry:
“Every team has sponsors like that, and so does the Formula 1 organization

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Italy to Start Taxing Crypto Trading Gains From 2023 (Report)

6 days ago

The government of Italy is reportedly looking to enforce strict rules on the local crypto space by imposing a 26% tax on profits generated from digital asset trading. 
However, residents who earn less than €2,000 ($2,090) per year from dealing with bitcoin or altcoins will be excluded from the possible upcoming legislation.
Italy’s Next Crypto Step
A recent coverage by Bloomberg informed that the Italian authorities are working on a crypto bill that could be implemented as of January 1, 2023.
The legislation, submitted by Prime Minister Meloni’s cabinet, will require local cryptocurrency investors to pay 26% tax on their digital asset revenue, should it exceed $2,090 per year. 
Consumers who disclose the valuation of their digital asset holdings until the beginning of next

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Telegram to Build a Decentralized Crypto Exchange to Prevent Another FTX Crash, Says CEO

6 days ago

Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to the spectacular collapse.
The Russian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.
The Main Problem is the ‘Excessive Centralization’
Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the

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Korean Prosecutors Seek an Arrest Warrant for Terraform’s Daniel Shin (Report)

7 days ago

The Seoul Southern District Prosecutors Office reportedly sought arrest warrants for one of Terraform Labs’ Co-Founders – Shin Hyun-seung (Daniel Shin), claiming he gained illegal profits before the colossal crash of LUNA/UST.
The Korean authorities previously issued an arrest warrant against Terraform’s CEO – Do Kwon. His whereabouts remain unknown, while recent sources hinted he could be in Europe. 
Daniel Shin on the Spotlight, too
The spectacular collapse of Terra’s native token LUNA and its algorithmic stablecoin UST in May still echoes in the cryptocurrency space. The significant investor losses caused South Korea’s authorities to investigate the project’s executives’ actions and determine whether they had something to do with the events.
According to a

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Uniswap Launches NFT Trading, $5 Million Airdrop Available for Claim

7 days ago

The decentralized exchange Uniswap enabled NFT trading on its platform by listing digital collectibles a part of leading marketplaces, such as OpenSea, LooksRare, Sudoswap, and more.
The initiative comes a few months after Uniswap acquired the NFT aggregator Genie.
The DEX revealed that as of today (November 30), its users could trade a variety of non-fungible tokens across major marketplaces.
It also vowed to airdrop $5 million worth of USDC to previous clients of the NFT aggregator Genie and will provide gas discounts to the first 22,000 buyers.

1/ NFTs are officially live on Uniswap!! 🎨🦄
Starting today, you can trade NFTs across major marketplaces to find more listings and better prices.
We’re also airdropping ~$5M USDC to historical Genie users
& offering gas rebates

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Two Criminals Jailed for Stealing From Bitcoin Investors in Dubai (Report)

8 days ago

Two robbers reportedly deceived an Asian investor and his friend with a fake bitcoin scheme and stole nearly $50,000, three phones, and documents from them.
The Criminal Court sent the wrongdoers to jail for three years and ordered their deportation once going out of prison.
Crime in Dubai
According to a recent coverage, the assault happened last July in the Mankhool area of ​​Dubai. Back then, an undisclosed individual and his friend decided to invest in bitcoin and found a dubious promoter to help them.
After calling him, the broker came to one of the investor’s house and requested to see the cash value of the cryptocurrencies the victims wished to purchase. He then promised to return with another person who would sell them BTC within 15 minutes.
The buyers waited in the

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LINE’s Crypto Exchange Bitfront to Shut Down Amid Bear Market

9 days ago

Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023.
The entity asserted that its decision is not related to the recent collapse of FTX.
The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March 2023 as it will halt all services and delete their information after that date. 
It has already suspended new registrations and credit card payments, while trading will continue until the end of 2022.
LINE Corporation – a Japanese internet giant that manages Bitfront – said the closure will allow the company to develop its own blockchain ecosystem.
It also said the shutdown has no relation to “certain exchanges that have been accused of

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El Salvador Launches a National Bitcoin Office (ONBTC)

10 days ago

El Salvador’s government doubled down on its crypto initiatives by creating a National Bitcoin Office (ONBTC) that will oversee all local projects related to the asset.
The new agency will also be able to cooperate with other countries in matters associated with BTC.
Enter ONBTC
Despite the prolonged bear market, El Salvador’s authorities seem determined to advance their bitcoin strategy. According to a recent LinkedIn post, the government created a National Bitcoin Office that will function as a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.”
The agency will have all the freedom to manage and consult domestic bitcoin projects and join forces with other countries’ organizations on initiatives linked to the

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Bear Market Effects: Installation of New Crypto ATMs Slows Down

11 days ago

The latest figures show that the first eleven months of 2022 have seen the installation of 6,100 new crypto automated teller machines (ATMs).
The temps have significantly slowed down due to the ongoing bear market. In comparison, over 20,300 crypto ATMs popped up in 2021 (when bitcoin and many altcoins charted their all-time high prices).
Change of Trends
The skyrocketing prices of most digital assets last year and the huge investor interest have prompted the planting of 20,300 crypto ATMs across the globe during 2021 (according to CoinATMRadar’s data).
Nonetheless, the recent economic turmoil, which started from the mass printing of fiat currency from central banks (due to COVID-19’s outbreak), and was intensified by military conflicts, record inflation, and others, has

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Crypto Firm Spent $600,000 to Create a Half-Elon Musk, Half-Goat Statue

11 days ago

The cryptocurrency company EGT (which stands for Elon GOAT Token) built an interesting monument of Elon Musk. The statue represents a creature with a goat’s body and the entrepreneur’s head stuck on it that is about to shoot into space on a rocket.
The firm plans to deliver the item to Musk’s home in Austin, Texas, on November 26 and invited people to attend the claim of this “historical gift.”
Musk Put on a Pedestal
Twitter’s new owner and the world’s richest man – Elon Musk – is one of the most influential figures of our time, and people often pay attention to his words, even when he talks about crypto.
The digital asset firm – EGT – took that affection to another level by creating a bizarre statue of the South African. His 6-foot-tall head is placed upon a 30-foot-long

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Turkey to Confiscate ‘Suspicious’ Assets Related to FTX: Report

12 days ago

The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. 
The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF).
Going After SBF
The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to confiscate “suspicious” assets related to the platform should the regulators give their approval. 
MASAK is also willing to examine the actions of Bankman-Fried and determine his role in the exchange’s collapse. 
Several reports indicated that the 30-year-old American had spent millions of dollars to pay off

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Users Can Now Verify the Bitcoin They Own on Binance via Merkle Tree

12 days ago

The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves.
The feature will initially show only bitcoin’s holdings, while other coins will follow in the future.
Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash.
In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR) system showing that its on-chain reserve is composed of 582,485.9302 BTC. Customer Net Balance (Equity – Debt) equals 575,742.4228 BTC.
The trading venue vowed to release the PoR for other cryptocurrencies in two weeks. Binance will also hire third-party auditors to check the results.
CEO Changpeng

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Russia Inches Closer to Launching a National Crypto Exchange (Report)

13 days ago

The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.” 
The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the digital asset industry.
Russia’s Potential Crypto Move
According to a recent local report, the State Duma plans to make certain amendments to the existing legislation “On digital financial assets” that could help with the establishment of a “national crypto exchange in Russia.” The lawmakers have already discussed the initiative with market participants in the middle of November. 
Sergey Altuhov – a member of State Duma’s Committee of Economic Policy –

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Crypto Lender Hodlnaut Investigated by Singaporean Authorities (Report)

13 days ago

Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut. 
The police suspect the company’s executives might have cheated users over the years and committed other crimes.
Hodlnaut Takes Another Punch
According to a Bloomberg coverage, Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud offenses. This comes as a result of numerous reports which blamed the firm’s directors for having made “false representations relating to the company’s exposure to a certain digital token.”
“If you have deposited digital tokens with Hodlnaut and believe that you may have been defrauded through, among others, false representations made by Hodlnaut, you may wish to lodge a police

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Cathie Wood Reiterates Her $1 Million Bitcoin Bet

14 days ago

Despite the FTX meltdown and the consecutive decline of the cryptocurrency market, the Founder and CEO of Ark Invest – Cathie Wood – stands by her prediction that bitcoin will skyrocket to $1 million by 2030.
She also seems unfazed by the price crash of Grayscale’s Bitcoin Trust (GBTC) since her company purchased additional 176,945 shares.
BTC Bull Regardless of the Reality
The shocking collapse of the crypto exchange FTX deepened the problems in the crypto sector and vaporized much of the investor interest. Even the most optimistic industry participants believe it will take a long time for the market to get back on its feet, while others don’t see it happening at all.
Ark Invest’s Cathie Wood is not among that club. In a recent interview for Bloomberg, she doubled down on

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Beyond Bitcoin – El Salvador Wants to Create a Legal Framework for All Crypto Assets

14 days ago

The government of El Salvador presented a bill that could set comprehensive rules on the local crypto sector and regulate the operations of all digital asset providers in the country. The ruling body is also one step closer to issuing blockchain bonds that could aid the development of certain BTC endeavors in the Central American nation.
The bear market has not changed the pro-bitcoin stance of President Nayib Bukele. He disclosed last week that El Salvador will purchase one BTC every day.
Focusing on the Entire Crypto Industry
A spokesperson for the presidency released a copy of a lengthy legislation that calls for establishing a crypto commission that could oversee the domestic ecosystem. The first country to make bitcoin legal tender seeks to “create a legal framework

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Two Estonians Arrested for Allegedly Running a $575 Million Crypto Fraud

15 days ago

The Estonian police arrested two individuals in the country’s capital Tallinn for their alleged involvement in a $575 million cryptocurrency scam.
According to the prosecution, Sergei Potapenko and Ivan Turõgin lured hundreds of thousands of victims to interact with a dubious digital asset mining service and to invest in a virtual currency bank. The entities did not pay the promised dividends to the people, while the criminals pocketed the funds.
Another Multi-Million Crypto Fraud
According to US court documents, the wrongdoers urged people to allocate their savings to a crypto mining company called HashFlare and a digital asset bank named Polybius. Potapenko and Turõgin promised considerable returns to those that entered the scheme and even paid some profits to the early

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Dutch Authorities Extended the Prison Sentence of Tornado Cash’s Developer (Report)

15 days ago

Alexey Pertsev – developer of the cryptocurrency mixer Tornado Cash – will reportedly remain in jail until late February 2023.
The Dutch Crime Agency (FIOD) arrested the man in August this year after the US Treasury Department previously sanctioned Tornado Cash for enabling money-laundering procedures.
According to a recent CoinDesk coverage, Pertsev will stay in prison until at least February 20, 2023. The Dutch authorities were supposed to release the Russian software developer by the end of November but extended his sentence since he represents a “flight risk.”
Pertsev’s lawyer Keith Chang was “very disappointed” with the order and suggested that the judges are not “as familiar with the subject matter as they should be.”
“At the moment, the case law regarding criminal

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US Lawmakers ‘Strongly Urge’ Fidelity to Reconsider its Bitcoin 401(k) Initiative

15 days ago

The American senators – Elizabeth Warren, Tina Smith, and Richard Durbin – advised Fidelity Investments to reconsider its decision to allow investors to add bitcoin to their retirement 401(k) plans.
One of the largest mutual fund companies in the US has heavily engaged in the crypto sector in the past few years. It recently considered providing bitcoin trading services to individual investors on its brokerage platform.
A Renewed Warning After FTX’s Fiasco
Fidelity Investments made the headlines in April by enabling investors to add bitcoin to their retirement 401(k) accounts. While the move triggered huge enthusiasm in the crypto community, it also unleashed some criticism.
Senators Warren and Smith were among those who questioned the move and cautioned Fidelity to weigh

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FTX Japan to Enable Customer Withdrawals Before the End of 2022 (Report)

16 days ago

Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end.
The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity issues. FTX filed for bankruptcy a few days later to “develop a process to maximize recoveries.”
FTX Japan With a Solution
The Japanese arm of FTX uses the same system as its parent company, which is why it hasn’t been able to resume customer withdrawals so far.
According to a recent coverage, the subsidiary is currently developing a new infrastructure that will allow such transactions by the end of 2022.
FTX Japan

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Billionaire Bill Ackman Says Crypto is Here to Stay After FTX Implosion

16 days ago

The American billionaire investor and hedge fund manager – Bill Ackman – reiterated his support for crypto, maintaining that the sector is “here to stay.”
He also endorsed the blockchain-based network Helium, saying the project’s token HNT could “build intrinsic value over time.”
Helium’s Merits
In a recent series of tweets, the Founder and CEO of Pershing Square Capital – Bill Ackman – argued that Helium is one of the “interesting crypto projects” with numerous benefits.
For one, it created a global Wi-Fi network employed by other entities to track devices. Ackman also stressed that the valuation of Helium’s native asset – HNT – is determined by supply and demand. Miners purchase hotspots and deploy them worldwide to earn tokens, while users buy such coins to use the

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