Investor Bill Ackman named the main problem of cryptocurrencies today

Bill Ackman, a billionaire investor and CEO of Pershing Square Capital Management, shared his opinion on the future of cryptocurrencies and their main challenges. According to Ackman, digital assets are «here to stay,» despite the recent collapse of the FTX exchange and the market turmoil that followed.

The cryptocurrency enthusiast is convinced that they can benefit society and contribute to the development of the global economy. However, this requires time and proper regulation. According to Bill Ackman, similar to the invention of the telephone and the Internet, blockchain technologies contribute to the development of new types of fraud. «The main problem with cryptocurrencies is that attackers can create their own tokens that users invest in, leaving them with nothing. Many digital assets are used for fraudulent purposes rather than to create a legitimate business ,» Ackman emphasized.

According to Ackman, with proper supervision by industry leaders, fraud problems can be eliminated: «If all legitimate participants in the crypto ecosystem expose fraudsters, we will reduce the potential risk of government intervention and protect future generations investing in digital assets.» Perhaps the new Proof-of-Reserves method developed by Ethereum co-founder Vitalik Buterin will help with this.

The collapse of the FTX cryptocurrency exchange affected the entire market. The new chairman of the bankrupt platform, John J. Ray, said that he had never seen anything worse in his career than the current state of affairs at Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Bankman-Fried. In his opinion, the situation at the exchange is «a complete failure of corporate control and a lack of truthful financial information.» The exchange’s liquidity deficit is currently $ 8 billion.