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Billionaire Hedge Funder Bill Ackman Mulls Bitcoin
The activist investor has previously mostly steered clear of any involvement in crypto.
Updated Mar 12, 2024, 5:42 p.m. Published Mar 9, 2024, 10:49 p.m.
Pershing Square Capital Management founder and CEO Bill Ackman turned some of his attention to Bitcoin on Saturday afternoon, cheekily suggesting a scenario in which the price for the world's largest crypto could soar far higher than anyone might imagine.
"Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues," said Ackman in a post on X.
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"Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses," he continued. "Maybe I should buy some Bitcoin."
"The problem of course is that it also works in reverse," he later added.
A scenario:
— Bill Ackman (@BillAckman) March 9, 2024
Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.
Bitcoin… https://t.co/a5LzX69R7q
Unsurprisingly, Ackman's post drew quick response from many in the Bitcoin community, including from MicroStrategy (MSTR) founder and Executive Chairman Michael Saylor, who offered to speak to Ackman directly on the subject.
"You should buy some bitcoin, but not for the reasons cited above," said Saylor. "Most bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss 1 on 1."
Ackman mostly has steered clear of bitcoin and crypto in general, though in 2022 said he was a small investor in some crypto projects and crypto venture funds. "I invest more as a hobbyist trying to learn than as a careful investor," he said at the time.
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