Hedge Fund Manager Bill Ackman Says “Maybe I Should Buy Some Bitcoin”

cryptonews.com:

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 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