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Bill Ackman, founder and CEO of Pershing Square Capital Management, surprisingly expressed his thoughts on Bitcoin.
Known for his sharp business acumen, Ackman presented a thought-provoking scenario that shook up the cryptocurrency world.
Ackman's scenario paints a picture of a spiral cycle in which the rise in Bitcoin's price leads to increased mining activity. This leads to more energy use, increasing the cost of energy. Rising energy costs cause inflation to rise and the dollar to fall, further increasing demand for and mining of Bitcoin.
According to Achkman, in this scenario, this cycle continues, leading to an endless increase in the value of Bitcoin, skyrocketing energy prices and a potential economic collapse.
“Maybe I should buy some Bitcoin,” Ackman concluded.
In response to Ackman's scenario, Michael Saylor, a well-known Bitcoin advocate, suggested that Ackman should indeed invest in Bitcoin, but not for the reasons he stated. Saylor argued that most Bitcoin miners are actually reducing the cost of electricity for other consumers rather than increasing it. He offered to discuss this issue with Ackman in more detail face to face.
*This is not investment advice.