- The founder of hedge fund Pershing Square Capital Management is thinking about buying the first cryptocurrency.
- Bill Ackman believes that the digital asset will continue to grow in value.
- Michael Saylor reacted to the words of the entrepreneur and urged the billionaire to buy bitcoin.
The founder of the hedge fund Pershing Square Capital Management Bill Ackman said that he should probably think about buying the first cryptocurrency. MicroStrategy executive chairman Michael Saylor reacted to his post on social network X (formerly Twitter).
A scenario:
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.
Bitcoin… https://t.co/a5LzX69R7q
- Bill Ackman (@BillAckman) March 9, 2024
According to Ackman, the growth of the digital asset’s exchange rate leads to increased electricity consumption and increased cryptocurrency mining. In turn, this raises electricity prices, increases inflation and weakens the U.S. dollar, the billionaire believes. The cycle ends with the demand for bitcoin increasing and its rate continuing to rise, he summarized.
The entrepreneur believes that he probably needs to pay attention to the first cryptocurrency. According to him, the bitcoin rate “tends to infinity, and electricity prices are skyrocketing.”
A reaction from Michael Saylor, founder of tech giant MicroStrategy, appeared in the comments of the publication. He urged Ackman to buy the asset, but not because of the reasons he listed.
Saylor stated that most miners contribute to lowering the cost of electricity. Therefore, he probably considers the billionaire’s opinion on the matter to be wrong. The entrepreneur suggested that the founder of Pershing Square Capital Management talk one-on-one so that he can tell him more about bitcoin.
Earlier, Saylor announced the beginning of a “gold rush” for the first cryptocurrency. The businessman is confident that this phase will last until 2034. He attributes the current phase of bitcoin to the growing acceptance of the asset among institutionalizers.
Recall, we wrote that the founder of MicroStrategy told about the demand for bitcoin products, which is ten times greater than the supply.
