Bill Ackman Bullish on Crypto
Following the fall of the FTX exchange and the market instability, Bill Ackman, the hedge fund manager and investor, says he remains optimistic about cryptocurrencies.
In a recent Twitter thread, the founder and CEO of Pershing Square Capital Management stated that, despite current issues, crypto is here for the long run. However, he said there is a need to enhance regulation and eliminate fraudulent individuals from the industry.
Who is Bill Ackman?
Bill Ackman is a billionaire American investor who recently advocated for eliminating regulatory barriers and relaxing laws in New York to turn the city into a crypto centre. He is also an active participant in several cryptocurrency initiatives.
He believes crypto will stay and can benefit society and substantially build the global economy with proper control and regulation. However, he claims that technology needs to improve to combat its capacity to be used to perpetrate fraud.
The issue is that dishonest promoters might generate tokens solely to facilitate pump-and-dump strategies. Some cryptocurrencies are utilised for fraudulent reasons rather than for legal company development.
Bill Ackman is no longer a crypto sceptic
The investor now sees crypto as having "the ability to help society and develop the global economy substantially". He added that it could enable the establishment of essential enterprises and technology that could not previously exist.
It can also incentivise venture participants to gain access to a global workforce to promote a project.
Ackman highlighted that appropriate regulation and oversight would be critical in moving the technology forward.
The hedge fund manager's tweet follows the FTX crash. According to sources, he congratulated former FTX CEO Sam Bankman-Fried for admitting his faults in a tweet but afterward deleted it.
In his post, the investor used Helium, a blockchain-based network, as a favourable example of cryptocurrency.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.