"What the hell does that mean? Is the reason to buy BTC so wrong?”
Bill Ackman, the legendary short trader and billionaire investor looking to buy Bitcoin (BTC) has highlighted how the rise in the price of the cryptocurrency in the past week has caused miners to consume large amounts of energy.
Presenting the scenario by Ackman, the increase in the price of BTC will lead to an increase in miners then greater energy consumption which in turn drives up energy costs including triggering inflation and a devaluation of the United States (US) dollar.
Not only that, he also stated that the demand for the digital asset will soar and in line with that, the demand for more miners and energy will arise.
It also confirmed the cycle is set to continue and Ackman concluded his view by saying he may have to buy some BTC which has now broken the $71,000 level.
The narrative he presented generated a lot of feedback from industry players who tried to counter the BTC mining analogy, with some respondents stating that traditional banking systems use more energy than BTC.
Additionally, MicroStrategy founder Michael Saylor who holds 193,000 BTC has said that BTC miners help reduce electricity costs for other users and that Ackman should buy BTC not because of his words.
While no guarantees are given at this time, anticipation is growing to see if Saylor will be able to change Ackman's mind the way he is assumed to change Elon Musk in 2021.
