Crypto Is Collapsing but Activist Investor Bill Ackman Sees Promise

Cryptocurrencies may be crashing but billionaire Bill Ackman still sees opportunities in the space.

In a series of tweets late Sunday, the activist investor behind hedge fund Pershing Square Capital Management touted the potential of crypto to have an impact on society and business similar to the telephone and internet.

“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 tweeted.