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The activist investor has previously mostly steered clear of any involvement in crypto.
Bill Ackman, the founder and CEO of Pershing Square Capital Management, turned his attention to Bitcoin (BTC) on Saturday afternoon, playfully proposing a scenario where the price of the world’s largest crypto could surge far beyond expectations.
In a post on X, Ackman outlined a hypothetical sequence where the rise in Bitcoin price leads to increased mining and greater energy consumption. This, in turn, drives up the cost of energy, causing inflation to rise and the dollar to decline. As a result, demand for Bitcoin increases, leading to more mining and further energy demand, thus perpetuating the cycle.
Ackman humorously suggested, “Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin.”
However, he also acknowledged the flip side of the scenario, noting that the process could work in reverse as well.
Ackman’s post quickly drew responses from various members of the Bitcoin community, including Michael Saylor, the founder and Executive Chairman of MicroStrategy (MSTR). Saylor offered to discuss the topic directly with Ackman, emphasizing that bitcoin miners often drive down the cost of electricity for other consumers.
While Bill Ackman has generally avoided bitcoin and crypto involvement, he mentioned in 2022 that he was a small investor in some crypto projects and venture funds. He described his investment approach as more of a hobbyist trying to learn rather than a cautious investor.
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