Bitcoin is trending toward infinity, energy prices are rising, and the economy is collapsing. Maybe I should buy some bitcoins.".
"The problem, of course, is that it works the other way around," he later added.
The scenario is as follows:
Rising #bitcoin prices lead to more #mining and energy consumption, which leads to higher energy costs, inflation and a falling dollar, more demand for bitcoins and mining, more demand for energy, and the cycle continues.
Unsurprisingly, Ackman's statement drew swift reactions from many in the bitcoin community, including Michael Saylor, founder and chairman of #MicroStrategy (MSTR).
We recommend that you.
You should buy bitcoin, but not for the above reasons," said Saylor. "Most bitcoin miners are lowering electricity prices for other consumers, not raising them. If you want to discuss this issue one-on-one, let me know.
Ackman has largely avoided bitcoin and cryptocurrencies in general, but says he invested small amounts in several #cryptocurrency projects and cryptocurrency venture funds in 2022. At the time, he said he invested "more as an amateur trying to learn than as a cautious investor. "
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