Bill Ackman, the founder of Pershing Square Capital Management, a renowned hedge fund, has previously criticized Bitcoin for having no intrinsic value and stated that he would never invest in it. However, he has changed his tune today and expressed his consideration of purchasing Bitcoin, predicting that its price could skyrocket to unlimited heights.
Bill Ackman is known for his aggressive short-selling activities and is currently worth $4.3 billion, making him the 735th richest person in the world, according to Forbes. The assets under management of Pershing Square Capital Management amount to $16 billion.
In the past, Bill Ackman has expressed strong skepticism towards Bitcoin. In 2021, he stated that Bitcoin has “no intrinsic value” and although he sees potential in cryptocurrencies as a new business opportunity, he would absolutely not invest in them as they are purely speculative assets. He expressed concern for friends who would invest a large portion of their assets in cryptocurrencies.
However, it seems that Bill Ackman has had a change of heart after Bitcoin surged to a new all-time high this week. A user on X platform quoted a recent Bloomberg report stating that Bitcoin miners are consuming energy at a record pace 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 electricity consumption of approximately 3.8 million households in Texas.
Although the report indirectly suggests that Bitcoin is not environmentally friendly, Bill Ackman responded to it in a tweet and envisioned a scenario where Bitcoin could skyrocket to levels beyond anyone’s imagination. He mentioned that he is considering buying some Bitcoin.
However, Bill Ackman later followed up with another tweet, stating that the aforementioned scenario could also reverse.
It is worth noting that Bill Ackman’s statement has sparked intense discussions in the crypto community. Michael Saylor, the co-founder and CEO of MicroStrategy, the leading public company in terms of Bitcoin holdings, even invited Bill Ackman for a one-on-one discussion.
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