Bill Ackman, a billionaire hedge fund manager from the United States who manages a large amount of money, has acknowledged that Bitcoin and the new BRICS currencies could put the final nail into the coffin of the US Dollar. Bitcoin has reached a record high of $71,175. Investors are now flocking to the crypto market in search of gains. This development puts pressure on the US Dollar as most traders now look to BTC for profits.
You may also like: Will BRICS Change Its Name After Expansion?
Bill Ackman thinks Bitcoin could grow stronger than the US Dollar
Ackman stated that Bitcoin uses more energy in order to be mined, but its skyrocketing price attracts new investors. Ackman said that the price of Bitcoin is increasing and he would consider buying it as well, because the new dynamics in the market are reflected. financial world. The US dollar is under threat from both Bitcoin and the BRICS currencies.
You may also like: 3 US Stocks To Watch This Week For Good Profits
“A scenario: Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues. Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses,” He tweeted.
You may also like: Cryptocurrency: 3 Coins Worth in Cents Are Set To Reach $1
He also added that the billionaire is considering purchasing Bitcoin for all of these reasons. “Maybe I should buy some Bitcoin,” He indicated that he is now a supporter of cryptocurrency. Bitcoin and BRICS want to overthrow the US dollar’s dominance. Read here It is important to understand how the US economy will be impacted if BRICS abandons the US dollar as a trading currency.
The founder of MicroStrategyMichael Saylor was astonished when Ackman asked him to purchase “some Bitcoin”. Ackman replied to his tweet “You should buy some Bitcoin, but not for the reasons cited above. Most bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss 1 on 1,” “He said”
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru