Hedge fund manager and billionaire investor Bill Ackman recently started supporting digital currencies with his tweets. The billionaire acknowledged that crypto has the potential to transform the global economy.
However, the billionaire’s conviction comes amid the latest FTX bankruptcy. The FTX crisis has cast doubts on people about the crypto industry. However, Ackman notes that the crypto sector needs proper regulations to eliminate “fraudulent actors.”
“I believe cryptocurrency is here to stay. However, crypto needs proper regulations to ensure the global economy and society benefits from it,” the crypto investor stated.
Recently, the American billionaire with vast investments in several crypto projects asked New York to ease its regulations on digital currencies so it can become a crypto hub.
The billionaire believes crypto has a long way to go before it stabilizes. According to him, one issue in the crypto sector is the problem of fraudulent actors.
He added that unscrupulous promoters could quickly develop tokens just for pumping and dumping schemes. Additionally, Ackman argued that most crypto coins might be for fraudulent purposes.
Also read:Only a few are out there to build legitimate businesses. The hedge fund manager called for policymakers to formulate laws to eradicate evil perpetrators.
Ackman Calls For Regulatory Oversight
Ackman said, “All legitimate investors and participants in the crypto industry should watch out for fraudulent actors. Also, they should do well to expose them to save other investors.
He added, “This move ensures that lawmakers are not forced to formulate laws that would impact the sector negatively.” Surprisingly, Ackman noted that he was initially skeptical of the crypto industry.
However, he has understood that crypto opens new business opportunities. Before now, businesses were limited in several areas, especially payments.
But the advent of crypto has solved most of these problems. He stated that token issuance to reward venture participants is a tremendous tool.
It is beneficial for global participants looking to promote a project. However, Ackman continued by saying that “reasonable regulatory oversight” is essential.
According to him, regulatory oversights would help to move the crypto industry forward. In a now-deleted tweet, the billionaire congratulated the former CEO of FTX for admitting responsibility for his failures.
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