Bill Ackman, a billionaire investor and hedge fund manager, stated about remaining bullish on cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil around it, as reported by Cointelegraph.
According to Cointelegraph, through a November 20, 2022, Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management stated about believing that “crypto is here to stay.” It is believed that Ackman called for the removal of regulatory barriers and easing regulations in New York to make the city a cryptocurrency hub. Reportedly, Ackman is the direct investor for a number of cryptocurrency projects.
“The problem with crypto is that unethical promoters can create tokens simply to facilitate pump and dump schemes. It may in fact be that the vast majority of crypto coins are used for fraudulent purposes rather than for building legitimate businesses,” Ackman said.
On the basis of information by Cointelegraph, Ackman highlighted that proper oversight on the part of industry leaders can help with the elimination of “fraudulent actors.”
“All legitimate participants in the crypto ecosystem should therefore be highly incentivized to expose and eliminate fraudulent actors as they greatly increase the risk of regulatory intervention that will set back the positive potential impact of crypto for generations,” Ackman highlighted.
Moreover, Cointelegraph noted that Ackman emphasised on “sensible regulation and oversight,” and how it would be necessary to ensure the progression of the technology. According to reports, initially, Ackman heaped praise for Sam Bankman-Fried, CEO, FTX, for showing ownership of his mistakes but later removed the tweet.
(With insights from Cointelegraph)