Over the weekend, Pershing Square Capital Management’s founder and CEO, Bill Ackman, shared his intriguing thoughts on Bitcoin (BTC). He playfully suggested a scenario where the price of Bitcoin could skyrocket beyond imagination.
Ackman’s hypothesis goes like this: “Bitcoin’s price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy, and the cycle continues.” He then humorously added, “Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin.”
However, Ackman also acknowledged the flip side, noting that this cycle could also work in reverse. His comments quickly sparked a conversation within the Bitcoin community, with notable figures like MicroStrategy’s founder and Executive Chairman, Michael Saylor, chiming in. Saylor offered to discuss the matter further with Ackman, pointing out that most Bitcoin miners are actually driving down the cost of electricity for other consumers.
While Ackman has mostly kept his distance from Bitcoin and cryptocurrencies, he did reveal in 2022 that he had invested in some crypto projects and venture funds as a hobbyist eager to learn more about the space.
