According to billionaire Bill Ackman, the rapid growth of Bitcoin could trigger a surge in electricity consumption for mining and, as a result, lead to inflationary pressure and the depreciation of the US dollar.
“Bitcoin is going into infinity, energy prices are rising rapidly, and the economy may collapse. It might be worth buying Bitcoin. The problem is that the BTC rate can go in the opposite direction,” Ackman tweeted on the social network X.
MicroStrategy Chairman Michael Saylor, a strong proponent of investing in Bitcoin, responded by suggesting that Ackman should really consider buying his first cryptocurrency.
“You should buy Bitcoin, but for different reasons. On the contrary, most miners reduce the cost of electricity for other consumers, rather than increase it,” the businessman wrote in the comments.
In November 2022, despite the collapse of the FTX crypto exchange, Bill Ackman said that digital assets will not disappear anywhere, and with proper regulation they can bring great benefits to society, contributing to the development of the global economy. The billionaire believes that the cryptocurrency ecosystem should independently get rid of unscrupulous players in order to reduce the risk of government intervention.
Source: Bits
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