Cryptocurrencies are no longer just on the agenda of citizens from less developed and developing countries, but also of billionaires. With the introduction of the spot Bitcoin ETF, Bitcoin, now 18 years old, has begun a new era. It has fully left its infancy behind and is now rewarding those who adopted it early. Billionaire Bill is also starting to be convinced about Bitcoin.
Why Should I Buy Bitcoin?
Bill Ackman, founder and CEO of Pershing Square Capital Management, took to Bitcoin this weekend and began to ponder out loud. According to him, Bitcoin prices could potentially reach much higher than anyone could imagine. The billionaire, who had not made such positive statements in the past, pointed out such a scenario.
Bill Ackman said the following;
“The rise in Bitcoin price leads to an increase in mining and higher energy use, which increases energy costs, causes inflation to rise and the dollar to fall, increases demand for Bitcoin and mining, raises energy demand, and the cycle continues. Bitcoin goes on forever, energy prices soar, and the economy collapses.”
Afterward, Ackman said, “Maybe I should buy a bit of Bitcoin.”
Bitcoin and FOMO
At the time this article was prepared, Bitcoin’s price on Sunday mornings was higher than ever before. The price is above $69,000, and the old ATH (all-time high) level now seems much more normalized. While most investors are asleep, the price could suddenly surpass $70,000 and set a new ATH. We’ve gone from mornings of waking up wondering if BTC would drop below $15,000 to days heralding new peaks. Time definitely flies fast.
Returning to the famous billionaire, Ackman’s post quickly found support from many in the Bitcoin community. Even Michael Saylor, a former crypto skeptic turned Bitcoin maximalist of a few years, offered to talk to him on the subject.
“You should buy some bitcoin, but not for the reasons mentioned above. Most bitcoin miners are not increasing electricity costs for other consumers, they are reducing them. Let me know if you want to discuss this one-on-one.”
In 2022, Bill Ackman mentioned for the first time that he made very small investments in crypto, saying at the time;
“I invest as someone trying to learn (as a hobby) rather than as a careful investor.”
