Bill Ackman, a billionaire hedge fund manager, doubts Bitcoin
Previously, the activist investor has largely avoided becoming involved in the cryptocurrency space.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PCW5XDJI3VAFTKDJ4DT5CWL7CE.jpg "Bill Ackman, a billionaire hedge fund manager, doubts Bitcoin")
“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,” Ackman said in an article on X.
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“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses,” he went on to say. “Maybe I should buy some Bitcoin.”
He then said, “Of course, it also works in reverse. That’s the problem.”
As expected, a lot of people in the Bitcoin community responded to Ackman’s statement right once. Michael Saylor, the founder and executive chairman of MicroStrategy (MSTR), even offered to have a private conversation with Ackman about the matter.
