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Billionaire hedge fund manager Bill Ackman teased on social media platform
Ackman said, “A rise in the price of Bitcoin will lead to more mining and more energy usage, which will drive up energy costs, which will cause higher inflation and a weaker dollar, which will lead to more demand for Bitcoin, more mining, and more energy demand.” , and the cycle continues.” With X.
“Bitcoin will reach infinity, energy prices will skyrocket, and the economy will collapse. You might be better off buying Bitcoin,” Ackman said.
The problem, of course, is that it also works the other way around. https://t.co/s1rpdhlpfw
— Bill Ackman (@BillAckman) March 9, 2024
Early Monday morning Asian time, Bitcoin was trading around $68,000. Bitcoin rose nearly 1.50% on Sunday, hovering around $69,400, a move that is inviting market watchers keen to predict Bitcoin price. This recent surge signals a potential shift in the market and sets the stage for considering Bitcoin’s trajectory within the broader financial landscape.
Ackman talks about cryptocurrencies with Lex Fridman
Ackman previously spoke 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 speculating about the future without solid knowledge, reports Shalini Nagarajan of Crypto News
He said he views short-term cryptocurrency trading as a speculative move, but believes it may have intrinsic value in the long term. “Speculation is a little bit like trading cryptocurrencies…well, short-term trading in cryptocurrencies. There’s probably some intrinsic value in the long run,” he told podcaster Rex Fridman in a February interview. told.
Ackman is highly regarded in the investment community primarily for his bold investment strategies. He has also been involved in controversial situations over the years. He gained fame for accurately predicting the 1989 junk bond market crash while working as an analyst at a hedge fund in New York.
Mr. Ackman is the founder and CEO of Pershing Square Capital Management, a hedge fund. But he’s also known for smart moves at companies like Chipotle Mexican Grill, Valeant Pharmaceuticals, and Herbalife. Those gambles paid off, with Ackman proving his ability to spot opportunities.
Ackman analyzes investment vs. short-term profits
Ackman elaborated on his views on cryptocurrencies as speculative investments. He said that many crypto investors are caught in a bubble and are heading towards an inevitable crash due mainly to speculative motives.
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