Robert Steinadler, 17 days ago
Prices are down, the market is in turmoil but Bill Ackman is believing in crypto. The billionaire made a couple of comments on the recent developments and shared his view on how all these things may play out in the future.
Why is Bill Ackman long-term bullish and what kind of obstacles does crypto have to master on its way to glory?
Bill Ackman is the founder and CEO of Pershing Square Capital Management. The hedge fund has over $18 billion under its management. Of course, with the recent experience the public has made with certain ex-billionaires one is well advised to take Ackmans assessment with a grain of salt.
His opinion on the market and his general view on crypto is nevertheless interesting and should be considered when trying to make up your mind about where we are all heading.
Ackman is not the only person with a considerable following that made statements about crypto and Bitcoin recently. Others like billionaire and Twitter CEO Elon Musk or Edward Snowden also made public statements about their opinions on the matter.
In a series of Tweets, Ackman assessed that every new technology was used to facilitate fraud when it first appeared. He believes that despite these initial obstacles, the technology itself can be used to start successful businesses and develop advanced technologies that will turn out to be even more helpful.
According to Ackman, the biggest problem are unethical promoters that abuse crypto for fraudulent activities. While he did not mention it directly, it appears that he might have had FTX and Alameda in mind when making that statement. He also continued to give examples of what he believes are useful startups that are built with blockchain technology at the core of their business models.
One is well advised not to take Ackmans assessment of these companies as investment advice, but it underlines that he is believing that crypto is here to stay. In his words it needs proper regulation and oversight for the market to thrive. With that being said, the EU might turn out to be ahead of the curve by introducing MiCA regulation as a unified regulatory framework. The US, on the other hand, is still looking on how to regulate crypto even though president Biden already underlined the need to act quickly.
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