Billionaire investor and hedge fund manager Bill Ackman says he remains bullish on cryptocurrencies despite the recent collapse of crypto exchange FTX and the market turmoil that followed.
On Twitter on November 20th threadCEO and founder of hedge fund management firm Pershing Square Capital Management needs to step up scrutiny and weed out fraudsters in the space, but despite recent challenges, cryptocurrency will take root.”
Bill Ackman is a billionaire American investor Recently called for removal of regulatory barriers Deregulate New York to make it a cryptocurrency hub. He has also invested directly in many crypto projects.
I think cryptocurrencies have taken hold and, with proper oversight and regulation, have the potential to bring significant benefits to society and grow the global economy, he said.
However, Ackman says, similar to the invention of the telephone and the Internet, this technology outperforms the next in terms of its ability to facilitate fraud.
The problem with cryptocurrencies is that unethical promoters can create tokens simply to facilitate pump-and-dump schemes. It may be used for fraudulent purposes.”
That said, Ackman says that with proper oversight by industry leaders, these “fraudsters” can be eliminated.
Therefore, all legitimate participants in the crypto ecosystem should expose and eliminate fraudsters as they greatly increase the risk of regulatory interventions that would reverse the potential positive impact of generations of crypto. should be strongly encouraged.
The investor also said that he was initially a crypto skeptic but now sees it as having the potential to bring significant benefits to society and grow the global economy, adding: .
I was initially skeptical of cryptocurrencies. [but] I have come to believe that cryptocurrencies can enable the formation of useful businesses and technologies. [before now] could not be created.
The ability to issue tokens that incentivize venture participants is a powerful tool in accessing a global workforce to advance projects, he added.
Ackman added that “smart regulation and oversight” are essential to moving the technology forward.
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The hedge fund manager’s tweets are in light of the recent FTX collapse.
According to reports, Ackman initially praised former FTX CEO Sam Bankman-Fried for admitting his mistake, but later deleted the tweet.