Billionaire Investor Bill Ackman Predicts Bitcoin Price Could Soar "To Infinity"
As the cryptocurrency market enters a bullish phase with Bitcoin reaching ATH, many billionaires and investment experts are shifting their stance to support BTC.
Most recently, billionaire investor Bill Ackman garnered attention by envisioning a significant rise in BTC price.
On his former Twitter account, Bill Ackman predicted:
"Imagine a scenario:
Bitcoin's price increases leading to heightened mining activity and energy consumption, driving energy costs higher, causing inflation to rise and the dollar to decline. This in turn further fuels demand for Bitcoin and increased mining, escalating energy demand. And the cycle continues.
BTC price rises to infinity, energy costs skyrocket, and the economy collapses."
A scenario:
— Bill Ackman (@BillAckman) March 9, 2024
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
He concluded:
"Maybe I should buy some Bitcoin."
The billionaire further shared:
"Of course, this also holds true for the opposite scenario."
Bill Ackman, known as the "king of hedge funds," is the founder and CEO of Pershing Square Capital Management. Recently, he gained fame by liquidating $50 billion from the Adani Group in less than 360 minutes.
However, Ackman has rarely expressed his views on the cryptocurrency market until now, largely staying away from this new sector.
You should buy some #bitcoin, but not for the reasons cited above. Most bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss 1 on 1.
— Michael Saylor⚡️ (@saylor) March 9, 2024
Therefore, Ackman's endorsement of BTC has come as a surprise to many. Billionaire Michael Saylor of MicroStrategy also chimed in:
"My friend, you should buy some Bitcoin, but not because of the scenario you mentioned above. Most BTC mining companies today are actually helping to reduce energy costs for other industries, not increase them.
We can discuss this 1:1 if you need."
As reported by Coin68, Satoshi predicted Bitcoin's energy consumption issue as early as 2009. However, it wasn't a scenario of skyrocketing energy costs as predicted by Bill Ackman, but according to Satoshi, the electricity used in mining is "far less than the billions of dollars of bank costs."
Meanwhile, Bitcoin has broken its previous November 2021 peak, currently trading around $69,500, up over 50% in the past 30 days.
1H chart of BTC/USDT pair on Binance at 11:50 AM on March 10, 2024
