Bill Ackman, founder and CEO of Pershing Square Capital Management, says he is turning his attention to Bitcoin.BTC), suggesting a scenario in which the price of the world’s largest cryptocurrency could skyrocket beyond anyone’s imagination.
“An increase in the price of Bitcoin leads to more mining and more energy consumption and thus higher energy costs, increases inflation, and lowers the value of the dollar, and the cycle continues.” Ackman said.In the post on X
“Maybe I Should Buy Bitcoin”
Unsurprisingly, Ackman’s post quickly received a response from many in the Bitcoin community, including from MicroStrategy (MSTR) founder Michael Saylor, who offered to speak directly with Ackman on the matter.
“You should buy Bitcoin, but not for the reasons cited above,” Saylor say “Most Bitcoin miners are reducing electricity costs for other consumers. not increased If you would like to discuss 1-on-1, please contact me.”
Ackman has previously largely avoided Bitcoin and crypto, although in 2022 he said he was an investor in some crypto projects and crypto venture funds.
refer : coindesk.com
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