David – Cryptocurrency Expert
Even after one of the biggest cryptocurrency exchanges in the world collapsed, billionaire investor and hedge fund manager Bill Ackman is still optimistic about cryptocurrencies.
“I was initially a crypto skeptic, but after studying some of the more interesting crypto projects, I have come to believe that crypto can enable the formation of useful businesses and technologies that heretofore could not be created,” Ackman said Sunday according to his tweet.
Ackman stated that he thinks cryptocurrency “has the potential to greatly benefit society, as long as the industry wipes out bad actors.”
After the cryptocurrency exchange FTX sought bankruptcy protection, he praised the technology. The faltering company, whose once $32 billion valuation, has caused industry-wide concern about contagion.
“I think crypto is here to stay and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy. 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 said.
Ackman cited the blockchain-based network Helium as a success story for cryptocurrencies in his tweet.
"Helium created a global Wi-Fi network used by @limebike and others to track devices globally as well as for other uses which benefit by access to global Wi-Fi networks," Ackman stated.
The billionaire claimed that Lime, a startup that rents out scooters and bikes, is a client of Helium, a claim Lime dispute. Earlier this year, Helium took Lime's branding off its website.
Ackman claims that 2% of his assets are invested in various crypto initiatives, venture capital funds, and businesses that lessen cryptocurrency fraud.
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