Bill Ackman, the founder of Pershing Square Capital Management, a well-known hedge fund, has previously criticized Bitcoin, stating that it has no intrinsic value and he would never invest in it. However, today he has changed his tune and expressed his consideration of purchasing Bitcoin, predicting that its price could skyrocket to unlimited heights.
Bill Ackman, known for his aggressive short-selling activities, is currently worth $4.3 billion according to Forbes, making him the 735th richest person in the world. The assets under management of Pershing Square Capital Management amount to $16 billion.
In the past, Bill Ackman has been highly skeptical of Bitcoin. In 2021, he strongly criticized it for having “no intrinsic value” and stated that he would “never” invest in such a purely speculative asset. He expressed concern for friends who invested a large amount of their assets in cryptocurrencies.
However, after Bitcoin surged to a new all-time high this week, Bill Ackman seems to have had a change of heart. A Twitter user cited a recent Bloomberg report stating that Bitcoin miners are consuming energy at record-breaking speeds as the price of Bitcoin reaches new highs. Coin Metrics estimates that miners consumed a record-breaking 19.6 terawatt-hours of electricity last month, equivalent to the energy consumption of approximately 3.8 million households in Texas.
Although the report implied that Bitcoin is not environmentally friendly, Bill Ackman responded to it with a tweet, envisioning a scenario where Bitcoin could skyrocket to levels beyond anyone’s imagination. As a result, he is considering buying some Bitcoin.
However, Bill Ackman later tweeted a clarification that the mentioned cycle could also reverse.
It is worth noting that Bill Ackman’s views have sparked lively discussions in the cryptocurrency community. Michael Saylor, the co-founder and CEO of MicroStrategy, the leading publicly traded company with a significant Bitcoin holding, even responded by inviting Bill Ackman for a one-on-one discussion.
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