Billionaire investor Bill Ackman is still bullish on cryptocurrencies despite the recent collapse of Sam Bankman Fried‘s FTX FTT/USD crypto exchange and the market turmoil that followed.

What happened: On November 20th Twitter Thread told Ackman 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 have a high incentive to detect and eliminate rogue actors as they significantly increase the risk of regulatory intervention that will set back the positive potential impact of crypto for generations,” Ackman tweeted.

See also: Best Crypto Apps

To make New York a crypto hub, Ackman is calling for regulatory barriers to be removed and regulations to be relaxed. He is also directly invested in a number of crypto projects.

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

Highlighting the issue with crypto, Ackman said, “Unethical promoters can create tokens just to facilitate pump-and-dump schemes. In fact, it may be that the vast majority of cryptocoins are used for fraudulent purposes rather than building legitimate businesses.”

The investor noted that although he was initially a crypto skeptic, he believes cryptocurrencies have the potential to benefit society and grow the global economy.

“I was initially a crypto skeptic [but] I have come to believe that crypto can enable the formation of useful businesses and technologies [before now] could not be created,” he added.
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