Bill Ackman says crypto is 'here to stay,' but highlights a curious use case

Quick Take

  • Crypto is here to stay, but the industry should wipe out fraudsters who could harm its positive impact, Bill Ackman says.

  • The billionaire hedge fund manager and investor was initially a crypto skeptic.

  • Less than 2% of Ackman’s investments are in crypto projects and related firms.

Billionaire investor and hedge fund manager Bill Ackman is bullish on cryptocurrency, even after the collapse of one of the world’s largest crypto exchanges.

“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 in a Twitter thread.

Ackman, the founder and CEO of Pershing Square Capital Management, said he believes crypto “has the potential to greatly benefit society, as long as the industry wipes out bad actors.

His praise for the technology comes after crypto exchange FTX filed for bankruptcy protection. The troubled firm was once valued at $32 billion and has sent fears of contagion through the industry.

“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,” Ackman said. “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 highlights Helium

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

In his thread, Ackman pointed to Helium, a blockchain-based network, as a positive example for crypto.

"@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 said in a tweet.

Ackman invests in several crypto projects, venture capital funds and companies that reduce fraud in crypto, which he claims represent less than 2% of his assets.

Update: Story updated to fix typo in headline. 


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Stephanie is a senior reporter covering policy and regulation. She is focused on legislation, regulatory agencies, lobbying and money in politics. Stephanie is based in Washington, D.C.

Editor

To contact the editors of this story:
Jason Shubnell at
[email protected]
Michael McSweeney at
[email protected]