Bill Ackman (Bryan Bedder/Getty Images )
Pershing Square Capital Management founder and CEO Bill Ackman turned some of his attention to Bitcoin (BTC) 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.
“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses,” he continued. “Maybe I should buy some Bitcoin.”
“The issue is that this principle also applies in the reverse way,” he further elaborated.
As predicted, Ackman’s remark sparked rapid responses from numerous individuals in the Bitcoin community. Among them was Michael Saylor, the Founder and Executive Chairman of MicroStrategy (MSTR), who proposed a direct conversation with Ackman on the matter.
“You ought to invest in some Bitcoin, but not for the reasons previously mentioned,” Saylor stated. “The majority of Bitcoin miners are reducing electricity prices for other customers, not raising them. Get in touch if you’d like to discuss this privately.”
Ackman has largely avoided Bitcoin and cryptocurrencies in general; however, in 2022, he mentioned that he had made minor investments in certain cryptocurrency projects and cryptocurrency venture funds. “I make investments more as someone keen on learning than as a cautious investor,” he claimed at the time.
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