When cryptos and the metaverse become the hot topic of the news, everyone is looking for ways to get out of the game. Phil Falcone, a former billionaire would like to raise funds for the creation of a crypto television channel. Simple utopia or concrete project ?
Who is Falcone, the man behind the project?
Every day we see new data appear in the crypto and blockchain universe. With the expansion of the metaverse, everyone wants to make the most of the game and take advantage of the interests that the sector offers. While NFT collections occupy more and more minds, some like Phil Falcone push the ambition further. Indeed, he would be looking for funding to create a television channel exclusively dedicated to cryptocurrencies and blockchain.
Phil Falcone is a former hedge fund mogul who rose to fame shorting the housing markets. Thanks to this action, he amassed a fortune of about 2 billion dollars. Sadly, according to reports, he wasted most of his fortune over the past ten years.
However, after the fall, the latter seeks a way to return to center stage. According to reports of New York Post, Falcone would like to take advantage of the crypto boom to get back on their feet financially. And how ? The creation of a crypto TV channel.
To carry out his project, he offers investors his Blockchain TV idea, in the hope of acquiring the necessary funds to support the creation of a television channel entirely dedicated to crypto. And to attract as many investors as possible and sell his concept, the former hedge fund mogul called on Charlie Walk. Together, they have been on the job since January.
Create a TV space entirely dedicated to cryptos
The idea for this concept comes from the fact that cryptos are not present enough on television. So far, major funding bodies, in this case Bloomberg, say very little about digital assets. And when they do, it’s to showcase the prices of large-cap cryptos such as bitcoin.
As a result, the rest of the ecosystem is relegated to the background, and therefore very little known. According to Falcone, the world needs a medium that will cover digital assets around the clock. A television channel exclusively dedicated to Web3, metaverse, NFTs and cryptocurrencies.
Since the only way for supporters of digital assets to stay on top of market movements is to turn to social media, setting up a crypto TV channel could only be a boon. According to the website, which incidentally provides very few details, the channel will be launched in the third quarter of 2022.
Since 2020, the former hedge fund mogul began buying broadcast stations under the name Madison Technologies. Renamed GoTV last year, it reportedly has channels in Houston, Los Angeles and Seattle.
A concept marked by the troubled past of its creator
For many people, starting a crypto TV channel is just a way for Falcone to make more money. According to some statements on Twitter, he would only be a shame because he is completely uninterested in helping people learn about the movements of the crypto industry. The only thing that interests him is to increase his fortune.
Recall that in 2012, the US Financial Assets Regulatory Commission (SEC), accused Harbinger Capital Partners, Falcone’s hedge fund company and himself, of real estate securities fraud. According to the agency, the latter would have used 113 million in fund assets to pay his taxes.
He is also accused of other financial wrongdoings. Indeed, the agency accuses him of having bought equity securities illegally during a public offering after having sold the same security short for a period of time. Added to this is an accusation of once again illegal “short compression”, with the aim of manipulating bond prices.
In addition, the 59-year-old former billionaire is being sued by the State of New York. Indeed, the latter owes a sum of 12 million in back taxes. Between selling off some of his property and assets in recent years, Falcone must find other ways to rebuild his fortune.
Cryptography has many interests. Among other things, an effective way to make money. Raising funds for the creation of a crypto television channel instituted by Phil Falcone could be a good idea. However, the project is tainted by the latter’s troubled past which does not inspire confidence. In addition to being the target of numerous accusations, the community he says he wants to help does not see his project in a good light.
Source : Crypto Potato
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.