Cryptocurrency is here to stay, according to billionaire investor Bill Ackman

https://thecryptostar.co/?p=18765

Following the collapse from FTX, a large portion of the community is working to rebuild its faith in the industry. Bill Ackman’s crypto conviction comes at this time.

Despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that followed it, billionaire investor and hedge fund manager Bill Ackman claims he is still positive about cryptocurrencies.

Although there has to be more control and “fraudulent actors” removed from the market, Pershing Square Capital Management’s CEO and founder stated in a Twitter thread on November 20 that he believes “crypto is here to stay” despite recent setbacks.

American investor Bill Ackman, a billionaire, has recently called for New York to become a hub for cryptocurrency by removing regulatory restrictions and loosening rules. In addition, he is a direct investor in several cryptocurrency initiatives.

I believe that cryptocurrencies are here to stay, and I believe that they may substantially advance society and the global economy with the right oversight and regulation.

However, Ackman claimed that the technology advances from the previous in terms of its capacity to support fraud, much as the invention of the telephone and the internet:“The issue with cryptocurrencies is that dishonest promoters can produce tokens purely to support pump and dump operations. In reality, it’s possible that most crypto currencies are utilized for illegal activities rather than establishing trustworthy enterprises.

Having said that, according to Ackman, these “fraudulent actors” can be stopped with the help of industry leaders exercising effective oversight:

Since fraudulent actors considerably increase the likelihood of regulatory interference, which will set back the potential benefits of cryptocurrency for generations, all legitimate participants in the crypto ecosystem should be extremely motivated to uncover and destroy them.
In addition, the investor added that after being a “crypto skeptic” at first, he now believes that it has “the ability to tremendously help society and boost the global economy,” he said, adding:

“Although I was first skeptical of cryptocurrencies, I have since come to feel that they can help build valuable enterprises and technology that [up until now] could not be developed.

In order to promote a project, he continued, “the capacity to issue a token to encourage participation in a venture is a tremendous lever.”

To advance the technology, Ackman continued, “appropriate regulation and oversight” will be essential.

The latest FTX collapse and the hedge fund manager’s tweet are related.

Ackman reportedly tweeted a commendation for Sam Bankman-Fried, the former CEO of FTX, for taking responsibility for his errors, but afterwards removed the message.