Last Updated on 25 mins by cryptoevent

Bill Ackman, one of the leading hedge funds in the United States, has commented on the place of cryptocurrencies in investing and remains bullish on the industry. Despite the turmoil the cryptocurrency has faced over the past month with the crash of FTX and the loss of confidence in exchanges and centralized systems, Ackman believes that cryptocurrencies – like bitcoin and other digital assets – will endure no matter what the current state.

In a Twitter thread, the billionaire investor and CEO of Pershing Square Capital Management noted that he was a crypto skeptic but has now come to believe that cryptocurrency offers the potential to enable the formation of useful business technologies not previously created could become.

The phone, the internet and crypto have one thing in common. Each technology improves upon the next in terms of its ability to facilitate fraud. So I was initially a crypto skeptic but after studying some of the more interesting crypto projects I got into it

— Bill Ackman (@BillAckman) November 20, 2022

Looking at earlier technologies like cell phones and the Internet, Ackman noted that there is initial criticism and resistance, but there is a possible future in the technology. With the recent challenges of the FTX saga, there is a need to increase regulatory oversight to remove rogue actors and malicious entities in space.

In his thread, he noted that the space holds opportunity but requires sensible regulation to realize the potential:

“Despite crypto’s ability to facilitate fraud, with the benefit of sensible regulation and oversight, the potential of crypto technology can ultimately be compared to the impact of phone and internet on business and society.”

According to Ackman, there are currently too many opportunities for rogue companies to create tokens that can act as pump-and-dump assets, hurting both investors and the industry. He further stated that genuine crypto participants should be incentivized to expose fraudulent schemes. Not only would this help move the industry forward, but it would also be a way to protect investors and project owners in the future.

The post Billionaire Bill Ackman: “Crypto is here to stay” first appeared on Coin Insider.

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