Pershing Square Capital Management founder and CEO Bill Ackman recently delved into the realm of Bitcoin (BTC), sparking a conversation about the potential for the crypto’s price to reach unforeseen heights. Ackman humorously outlined a scenario where the escalating price of Bitcoin leads to increased mining activity, subsequently driving up energy consumption and costs. This inflationary effect could weaken the US dollar, further boosting demand for Bitcoin and perpetuating a cycle of growth.
Acknowledging the flip side of this scenario, Ackman mused about the possibility of Bitcoin reaching infinite value, causing energy prices to surge and potentially destabilizing the economy. Despite his jest, Ackman’s comments ignited swift reactions within the Bitcoin community, with Michael Saylor of MicroStrategy offering to engage in a direct discussion with Ackman to provide additional insights.
Saylor emphasized that the majority of Bitcoin miners actually contribute to lowering electricity costs for consumers, contrary to Ackman’s concerns about energy price escalation. He extended an invitation to Ackman for a one-on-one conversation to delve deeper into the intricacies of Bitcoin mining and its impact on energy consumption.
While Ackman has traditionally maintained a distant stance from crypto assets, he disclosed his involvement as a small investor in certain crypto projects and venture funds in 2022. Describing his approach as that of an enthusiast seeking to learn, Ackman’s foray into the crypto space reflects a growing interest among traditional investors to explore the potentials of digital assets.
