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Billionaire Bill Ackman Considers Bitcoin Investment

Bill Ackman, an American billionaire hedge fund manager and Pershing Square’s founder and chief executive officer is flirting with the idea of taking a position in Bitcoin.

He cites the cryptocurrency’s potential for a meteoric price rise as his rationale.

Hedge Fund Titan Bill Ackman’s Surprising Shift: Contemplating a Bitcoin Bet

In a recent interview, the outspoken hedge fund manager laid out a hypothetical scenario in which an escalating Bitcoin price could spur increased mining activity. This mining boom would drive up energy demand and costs, stoking inflation and weakening the U.S. dollar’s value. Such a feedback loop, Ackman theorized, could perpetuate rising Bitcoin prices through ever-increasing demand.

However, the Pershing Square Capital founder was quick to caveat that the opposite outcome is equally plausible. 

Ackman’s musings mark a surprising pivot from his previous dismissive stance toward the crypto asset class. Last year, the billionaire faced intense backlash after touting the blockchain-based Helium network, which was later revealed to have misled investors about its technological capabilities and financials.

The investor has since withdrawn his endorsement of Helium, claiming his intent was to highlight the broader utility of crypto and tokenization models for businesses rather than promote any specific tokens.

Ackman’s contemplation of a Bitcoin investment has drawn many reactions from the crypto industry’s heavyweights.

Scaramucci, a well-known investor, told Ackman he should learn more about Bitcoin mining. He said miners use cheap energy sources that aren’t being used often, so they don’t have to raise prices and fees for other users.

Michael Saylor told Ackman to back the cryptocurrency for reasons other than what Ackman said he thought. Saylor argued that Bitcoin lowers net energy costs and emissions by speeding up the switch to clean energy sources. He offered to discuss the matter with Ackman further.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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