Bill Ackman, founder and CEO of Pershing Square Capital Management, devoted some of his attention to Bitcoin (BTC) on Saturday afternoon, cheekily hinting at a scenario in which the price of the world's largest cryptocurrency could rise far higher than anyone could imagine .
“The rise in Bitcoin prices leads to increased mining and higher energy consumption, which drives up the cost of energy, leads to an increase in inflation and a fall in the dollar, which increases the demand for Bitcoin and increased mining, the demand for energy increases and the cycle continues,” Ackman said in a post on X.
“Bitcoin is going to infinity, energy prices are skyrocketing and the economy is collapsing,” he continued. “Maybe I should buy some Bitcoin.”
“The problem, of course, is that it also works the other way around,” he later added.
Not surprisingly, Ackman's post elicited quick reactions from many in the Bitcoin community, including Michael Saylor, founder and CEO of MicroStrategy (MSTR), who offered to speak directly with Ackman about the topic.
“You should buy some Bitcoin, but not for the reasons mentioned above,” Saylor said. “Most Bitcoin miners drive down the cost of electricity for other consumers, not up. Let me know if you would like to have a personal conversation.”
Ackman has largely stayed away from Bitcoin and crypto in general, although in 2022 he said he was a small investor in some crypto projects and crypto venture funds. “I invest more as a hobbyist who wants to learn something than as a cautious investor,” he said at the time.
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