Hedge Fund Billionaire Shares His Opinion on Recent Bitcoin Surge
Founder and CEO of Pershing Square Capital Management, Bill Ackman, recently turned his attention towards Bitcoin (BTC), playfully proposing a scenario where the value of the world's leading cryptocurrency could surge to unforeseen heights.
In a post shared on X, Ackman elaborated on a speculative chain of events: “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 goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin.”
Continuing with a tongue-in-cheek tone, Ackman quipped, “Bitcoin’s value skyrockets infinitely, causing an unprecedented surge in energy prices and ultimately resulting in economic collapse. Perhaps I should consider acquiring some Bitcoin.”
However, Ackman acknowledged the inherent duality of this phenomenon, remarking later, that the reverse scenario holds true as well.
READ MORE: Bitcoin Will Soon See a Massive Spike in Institutional Investments
Predictably, Ackman’s commentary elicited swift reactions from various quarters of the Bitcoin community, including a response from Michael Saylor, the founder and Executive Chairman of MicroStrategy (MSTR). Saylor extended an invitation to engage in a direct conversation on the topic, advising Ackman, “While you may indeed consider purchasing Bitcoin, the rationale presented may not be the most compelling. It’s worth discussing one-on-one if you’re interested.”
Ackman has generally maintained a distance from Bitcoin and the broader cryptocurrency sphere. However, in 2022, he disclosed being a minor investor in select crypto projects and venture funds. “My involvement leans more towards an enthusiast seeking knowledge than a cautious investor,” he had remarked at the time.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
