In a move that attracted close attention within the cryptocurrency universe, Bill Ackman, the renowned founder and CEO of Pershing Square Capital Management, recently directed part of his analysis to Bitcoin. In an afternoon of reflection, Ackman proposed a bold theory about how the increase in Bitcoin's price could trigger a virtuous cycle that would take its value “to infinity”. This scenario contemplates an increase in cryptocurrency mining, consequently increasing energy use, which would drive energy costs, inflation and an even greater search for Bitcoin.
Ackman expressed his ideas through a post on Platform X, describing a scenario where “the economy collapses” due to the upward spiral of Bitcoin and energy prices. Interestingly, he pondered the possibility of adding Bitcoins to his investment portfolio, despite recognizing that the phenomenon could also operate in reverse.
The post soon generated heated discussions in the crypto community, attracting the attention of notable figures such as Michael Saylor, founder and executive chairman of MicroStrategy. Saylor promptly offered to discuss the matter further with Ackman, highlighting that Bitcoin mining could actually be contributing to lower electricity costs for other consumers, rather than increasing them.
The scenario:
Bitcoin 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.
Bitcoin… https://t.co/a5LzX69R7q
- Bill Ackman (@BillAckman) March 9, 2024
Historically, Ackman has maintained a cautious stance toward Bitcoin and cryptocurrency market, although in 2022 he revealed that he is a modest investor in some projects and venture funds in the crypto sector. He characterized his investments in the area as more exploratory than cautious, demonstrating a genuine interest in learning about the sector.
Ackman's take on Bitcoin sheds light on the diverse perspectives surrounding the cryptocurrency, highlighting both its disruptive potential and the challenges that accompany its growth and adoption.
At the time of publication, the BTC price it was quoted at US$69.587,89 with an increase of 2% in the last 24 hours.
