.BillAckman sounded off on the collapse of terra_money
The CEO of Pershing Square Capital Management explains that investors were promised returns of up to 20% backed by the token whose value depends on the number of new buyers.
Once the supply of sellers overwhelmed buyers, the price of the LUNA token crashed to virtually zero, leaving a slew of investors in the dust.While the billionaire acknowledges that blockchain is a promising technology, he warns that Ponzi schemes like Terra pose a threat to the entire cryptocurrency industry.
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