Billionaire investor Bill Ackman showed his support of the cryptocurrency sector following the downfall of the FTX exchange, with the hedge fund boss outlining his crypto investment as a “hobbyist.”
Bill Ackman Shows His Support of Cryptos, Says He’s Invested in Many Crypto Firms
The Pershing Square Holdings hedge fund founder shared his observations as the crypto market has been drowning thanks to the contagion fears stemming from the implosion of FTX. The world’s once third-largest crypto exchange founded by Sam Bankman-Friend is seeking bankruptcy protection in the US and could leave up to 1 million creditors exposed to losses.
FTX’s native token FTT slumped earlier this month after rival exchange Binance said it would sell off its holding in FTT. The move followed a CoinDesk report that said much of the balance sheet in Bankman-Fried’s crypto trading firm Alameda was made up of FTT.
[/subscribe_to_unlock_form]
