Speaking at a virtual event hosted by The Wall Street Journal, called the Future of Everything Festival, the hedge-fund manager, who runs Pershing Square Capital Management, said that crypto is not a place where he would “feel comfortable putting a meaningful amount” of money.
He said one of his big indictments for crypto is the asset has “no intrinsic value,” while at the same time saying that he “admired the creation of investments” that include bitcoin BTCUSD and Ethereum ETHUSD whose Ether coin is trading in record territory.
“I kick myself for not understanding,” crypto Mr. Ackman said.
Asked if he was a gold investor, another asset that can be said to have no intrinsic value, the hedge-fund manager said, “No, I’m not a gold guy.”
Pershing Square (OTC:PSHZF) holds almost 6% of Domino’s Pizza (NYSE:DPZ). Mr. Ackman says Pizza is a durable business.
Bitcoin, the most prominent crypto in the world, has seen its price rise 95% YTD,
Have a healthy day, Keep the Faith!