© Provided by Benzinga Billionaire investor Bill Ackman is still bullish on cryptocurrencies, despite the recent collapse of Sam Bankman-Fried's FTX (CRYPTO: FTT) crypto exchange and the market turmoil that followed.
CONSTELLATION BRANDS, INC.What Happened: In a Nov. 20 Twitter thread, Ackman said that he believes "crypto is here to stay." However, there is a need to increase oversight and remove "fraudulent actors" from the space.
"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 tweeted.
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To make New York a crypto hub, Ackman is calling for the removal of regulatory barriers and easing regulations. He is directly invested in a number of crypto projects as well.
The telephone, the internet, and crypto share one thing in common. Each technology improves on the next in terms of its ability to facilitate fraud. As such, I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to
Highlighting the problem with crypto, Ackman said, "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."
The investor noted that he sees cryptocurrency as having the potential to benefit society and grow the global economy, though he was initially a crypto skeptic.
"I was initially a crypto skeptic [but] I have come to believe that crypto can enable the formation of useful businesses and technologies that [before now] could not be created," he added.
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