By Billionaire hedge fund manager Bill Ackman takes to social media platform X, teasing, “Maybe I Should Buy Some Bitcoin” – after observing energy prices might skyrocket.
“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,” said Ackman on X.
“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin,” said Ackman.
The problem of course is that it also works in reverse. https://t.co/s1rpdhlpfw
— Bill Ackman (@BillAckman) March 9, 2024
In the early hours Asia time on Monday Bitcoin was trading at around $68,000. As Bitcoin hovered around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.
Ackman Talks Crypto With Lex Fridman
Ackman has previously talked about his investment philosophy in a recent interview and briefly touched on cryptocurrencies. The billionaire hedge fund manager discussed the difference between speculation and investing, noting that the former involves making guesses about the future without solid knowledge, reports Shalini Nagarajan from Cryptonews
While he sees short-term crypto trading more as a speculative move, he believes there might be intrinsic value in the long run, he said.“Speculation is just a bit like trading crypto… well, short-term trading crypto. Maybe in the long run, there’s intrinsic value,” he told podcaster Lex Fridman during an interview in February.
Ackman is well-respected in the investing world, mostly because of his bold investment strategies. He’s also been involved in controversial situations over the years. He gained fame by accurately predicting the crash of the junk bond market in 1989, while working as an analyst for a hedge fund in New York.
Ackman is the founder and CEO of hedge fund Pershing Square Capital Management. But he’s also famous for making smart moves in companies like Chipotle Mexican Grill, Valeant Pharmaceuticals, and Herbalife. These bets paid off, proving Ackman’s knack for spotting good opportunities.
Ackman Breaks Down Investing Vs. Short-Term Gains
Ackman elaborated on his view regarding crypto as a speculative investment. He said that many crypto investors were caught up in a bubble, heading towards an inevitable crash, driven mainly by speculative motives.
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