Billionaire investor and hedge fund manager Bill Ackman says he remains bullish about cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that’s followed it.
In a Nov. 20 Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management said he believes “crypto is here to stay” despite recent challenges, though there’s a need to increase oversight and remove “fraudulent actors” in the space.
Bill Ackman is a billionaire American investor most recently calling for the removal of regulatory barriers and easing regulations in New York in order to make the city a crypto hub. He is also direct investor in a number of crypto projects.
“I think crypto is here to stay and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy,” he said.
However, Ackman said that like the invention of the telephone and the internet, the technology improves on the next in terms of its ability to facilitate fraud:
That being said, Ackman said that with proper oversight from industry leaders, these “fraudulent actors” can be eliminated:
The investor also said while he was initially a “crypto skeptic” he now sees it as having “the potential to greatly benefit society and grow the global economy,” he said, adding:
“The ability to issue a token to incentivize participants in a venture is a powerful lever in accessing a global workforce to advance a project,” he added.
Ackman added that “sensible regulation and oversight” would be crucial in progressing the technology forward.
Related: Blockchain is as revolutionary as electricity: Big Ideas with Jason Potts
The hedge fund manager’s tweet comes in light of theRead more on cointelegraph.com