"Crypto is here to stay": Billionaire investor Bill Ackman

21 Nov 2022

Billionaire investor Bill Ackman is still bullish on crypto, despite the collapse of the FTX exchange and the subsequent turmoil.

The CEO of hedge fund management firm Pershing Square Capital Management said on Twitter that he believes "crypto is here to stay", despite the recent issues, yet reinforced the need for an increase in regulation and oversight within the crypto market.

Ackman recently called for regulatory barriers to be removed, and regulations eased in New York, with the aim of making NY a crypto hub, Cointelegraph reports.

Previously, Ackman said he was a "crypto sceptic" at first but now views it as having "the potential to greatly benefit society and grow the global economy."

He went on to add: "I have come to believe that crypto can enable the formation of useful businesses and technologies that [before now] could not be created.

"The ability to issue a token to incentivise participants in a venture is a powerful lever in accessing a global workforce to advance a project," he continued.

The crypto investor said that "sensible regulation and oversight" would be essential in the advancement of the technology.

This was echoed by deVere CEO and founder Nigel Green, who was quoted as saying that "global crypto regulation is widely recognised as 'inevitable' – as opined by the Head of the International Monetary Fund, amongst many others. Regulation would drive certainty and confidence and, therefore, prices."

He added: "It's becoming increasingly clear that cryptocurrencies are the future of money."