Ackman Buys Bitcoin, Warning of Economic Risks; Crypto Leaders Dispute Inflation Fears
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American billionaire Bill Ackman outlined a scenario where rising Bitcoin demand could lead to increased energy costs, inflation, a weaker dollar, and economic collapse, prompting him to buy BTC.
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Ackman has had little previous involvement with cryptocurrencies, though he has small investments in some crypto projects and funds.
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Crypto industry figures critiqued Ackman's theory, stating that Bitcoin mining actually drives down energy costs and allows monetization of wasted energy.
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MicroStrategy's Michael Saylor agreed Ackman should buy Bitcoin but disagreed with his rationale around energy costs.
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Multiple crypto experts invited Ackman to further discuss the economics of Bitcoin mining and the limitations on BTC's purchasing power.