Billionaire Investor Bill Ackman Playfully Ponders Bitcoin’s Infinite Rise and Potential Impact on Energy and Economy
Pershing Square Capital Management’s founder and CEO, Bill Ackman, recently expressed interest in Bitcoin, suggesting a scenario where Bitcoin’s price surge leads to increased mining and higher energy consumption. He playfully outlined a cycle: rising Bitcoin demand drives up energy costs, causing inflation and a weakened dollar, which, in turn, boosts Bitcoin demand further. Bitcoin […]
Pershing Square Capital Management’s founder and CEO, Bill Ackman, recently expressed interest in Bitcoin, suggesting a scenario where Bitcoin’s price surge leads to increased mining and higher energy consumption. He playfully outlined a cycle: rising Bitcoin demand drives up energy costs, causing inflation and a weakened dollar, which, in turn, boosts Bitcoin demand further.
Bitcoin has demonstrated extraordinary growth over the past decade, boasting a staggering increase of over 9,000,000% between 2010 and 2020.
In a social media post, Ackman humorously speculated about Bitcoin reaching infinite value, leading to skyrocketing energy prices and economic collapse. Despite acknowledging the potential reversal of this cycle, he hinted at considering buying Bitcoin.
This drew responses from the Bitcoin community, including Michael Saylor, the founder of MicroStrategy, who offered to discuss the matter privately. Saylor pointed out that Bitcoin miners often contribute to reducing electricity costs for other consumers.
MicroStrategy has bought 3,000 more #BTC for about $155 million, averaging $51,813 per Bitcoin.
They now hold a total of 193,000 BTC, acquired for around $6.09 billion, averaging $31,544 per BTC as of February 25, 2024.
Ackman, known for mostly avoiding crypto, mentioned in 2022 that he dabbled as a small investor in crypto projects and venture funds, characterizing it more as a hobbyist’s attempt to learn rather than a cautious investment approach.
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